Chart of the day – tell me again why we need another “stimulus”?
Because as I read this chart, what is being proposed by the Obama administration is about what remains unspent from “Porkulus I”, er, the first stimulus bill:
We already know this hasn’t worked. That’s the implied reason for the second stimulus (although unstated, of course). So there’s no reason to assume the second stimulus – mostly a smaller repeat of what failed in the previous rendition – is going to do any good either.
Here, I have an idea – go ahead with the $65 billion in remaining tax cuts, combine them with the tax cuts in the new stimulus and cancel all spending left in the first and that proposed in the second.
And watch Paul Krugman melt down. Yeah, that’s the ticket.