Sunday, February 8, 2009
Stimulus now or jobs later?
Many Americans are waiting for the stimulus package to be passed by the senate this week as job losses are starting to show a kind of growth that the economy hopes to gain. In this time of crisis, one would expect a sense of patriotism to reflect the unity to get through the hurdles, or rather the brick walls, that have been laid down. However, the fog is clear now and we can see who is laying those bricks. By no means is this stimulus perfect but we all agree there needs to be one. Most economists will add that the current dollar amount is not nearly enough and more needs to be added. So, it bewilders me that Republicans are interested in denying the passage of the stimulus on account of two percent of the package. When listening to the arguments laid down by these people, it makes you realize the sad state of GOP and their politics...
One senator ridiculed the stimulus by stating that the stacked hundred dollars bills would be 689miles high...or that if we tied the bills end to end, they would go around the earth 39 times...What is this guy selling?
I don't mean to be a smartass but wonder if that's around the equator or around the north/south poles?
Another senator reflected about the stimulus in a manner only a Republican can. Actually I like this one as it is quite prophetic. If you spent a million dollars everyday since the birth of Jesus, we would still have change left...
I would like to counter that with the fact that the bailout passed this summer is about the same amount as the stimulus.
Going back to jobs and the graph on top, we are looking for a prolonged period of job losses the longer we wait. The first blue line dip reflects the 1990 recession when 1.5 millions jobs were lost at trough and it took 32 months to recover. The second red line dip is the 2001 recession which lost over 2.5 million jobs while taking 48 months to return to peak employment. If these two dips are a clue to how long it will take the economy to start gaining jobs on top of the losses we have amassed, we needed a stimulus a long time ago.
Americans have endured and experienced 8 years of stupid and its economy cannot afford anymore Idiocracy. It's time we start selling smart and stop selling stupid. And no, there are no electrolytes in this stimulus!