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The squandered stimulus

   On the second Opinion page of today's Buffalo News, Washington Post economic columnist Robert Samuelson says the problem with President Obama's economic stimulus package wasn't that it was too small or too big, but that it was too unfocused.
   - The squandered stimulus
   Spending increases and tax cuts are sprinkled in too many places and, all too often, are too delayed toAdamwaterbill do much good now. Nor do they concentrate on reviving the economy’s most depressed sectors: state and local governments, the housing and auto industries. None of this means the stimulus won’t help or precludes a recovery, but the help will be weaker than necessary.

Related commentary:
- The St. Louis Post-Dispatch
     Within 37 days of FDR's inauguration, he had proposed and Congress had enacted the CCC. On the 38th day, the corps began handing out shovels to hundreds of thousands of young men who worked for $30 a month planting trees, building fire roads and fire towers, digging irrigation ditches, restoring what the Dust Bowl had torn asunder.
   In today's world, we might get hearings in 37 days, but we wouldn't get a bill. The American shovel industry would have to be satisfied; foreign-made shovels might be allowed, but only if a reciprocal trade agreement were hammered out.
 The Memphis Commercial-Appeal 
   No one predicted instant success, but you wouldn't know that from the intensity of the criticism
The Detroit News
   Obama's stimulus plan is not working
The Schenectady Daily Gazette 
   Stimulus needs more time to do its work
The Philadelphia Inquirer 
   2nd stimulus? Not yet
The Arizona Daily Star 
   It's too soon to pull plug on federal stimulus

Related news:
- Stocks zigzag as Bernanke says Fed has game plan from The Buffalo News/AP 
Highway spending isn't the stimulus it was envisioned to be from The Los Angeles Times.
Pace of Decline Seems to Have Slowed, Fed Chief Says from The New York Times

-- George Pyle/The Buffalo News


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