Republican's Bold Stimulus Play Could Backfire
So let’s get this straight…
$87 billion of the $787 billion has already been spent in the past 3.5 months, and the monthly unemployment claims were cut in half last month (when compared to the previous 6 months) and the stimulus isn’t working?
This is in response to Republican lawmakers, specifically Sarah Palin, continuing to push the memes that the stimulus isn’t working and we’re headed towards socialism…the latter of which was “graphically” embarrassed recently.
Listen, I know that this is all positioning for 2010, but do they really think it’s wise to place their bets on this horse? I get that the Obama administration opened themselves up for criticism recently because they estimated that unemployment would top off at 8%, but signs are pointing to a recovery within the year. Because imagine if the monthly unemployment numbers come in at 250,000 next month. And then 150,000 after that. And then 100,000.
What if by the end of the year we’re seeing job growth? What then?
Would they consider the stimulus a failure?
Regardless of economic philosophy, I just think they’re betting it all on red and that could easily turn up a losing hand if they’re not careful.