The Looming Depression Cannot be Countered with "Pork" Spendingby: IrregardlessNHTue Jan 27, 2009 at 08:31:20 AM EST |
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VP Biden stated this weekend that the Stimulus Bill projected creating "up to" 4M jobs. At a cost of nearly $1T, that would mean we'd be spending nearly $250K per $35K (1-year) job created, or 250K per $70K (2-year) job.
By contrast, if the funds were spent strictly on creating jobs, it would create 25M jobs! This is another substantially "pork-laden, pet-project" bill, that will have little real effect on consumer confidence or turn around the looming Depression. Swift, decisive government intervention in the financial and middle class sectors might have had a chance of averting disaster. But the TARP initiative was never capable of achieving its stated objective, now or ever, and neither is the pending Stimulus Bill. We are about to walk over the ledge and into the abyss while the hyenas feed. |