I believe this is the second person who has publicly acknowledged that we need a SECOND stimulus. This time it is Laura Tyson, Obama economic advisor.
The U.S. should consider drafting a second stimulus package focusing on infrastructure projects because the $787 billion approved in February was “a bit too small,” said Laura Tyson, an adviser to President Barack Obama.
"A bit too small" WTF? There were plenty of people who were saying that the first stimulus was not enough. But no, in the interest of bipartisanship we settled for something much smaller.
Good luck getting a second stimulus passed now.
Check this great insight:
“The economy is worse than we forecast on which the stimulus program was based,” Tyson, who is a member of Obama’s Economic Recovery Advisory board, told the Nomura Equity Forum. “We probably have already 2.5 million more job losses than anticipated.”
Often time you only have one chance to get it right.
how about the 1st Stimulus
and much of it is really not "Stimulative" I think it's only about $250B and then they did not tie the money to U.S. citizens, U.S. jobs...
So, this is ridiculous and they need to tie the original stimulus to U.S. citizens, U.S. small business and make sure that income is going directly into the pockets of America...
I really find this frightening how little analysis seemingly is coming on just why the 1st Stimulus isn't working..
It's not just "throw money at it or not" here at all, it's that the Stimulus itself, the money isn't being directly correctly.
Could it be that giving money to states
is slowing the process down? Funneling money through state bureaucracies could be slowing it down. States may have certain procurement requirements on top of the requirements attached to the Federal dollars.
RebelCapitalist.com - Financial Information for the Rest of Us.
It's both
First, $250 Billion is certainly ridiculously small to throw at a $625 Trillion hole. Like trying to save the Titanic by sticking a needle in the iceberg hole.
But you're also right that they didn't direct it correctly.
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Maximum jobs, not maximum profits.
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Maximum jobs, not maximum profits.
accuracy of numbers
the global economy is only $50 trillion so throwing out some numbers, like $625 trillion aren't based on any real world data that I am aware of.
The fake economy of derivitives
Was, according to Bloomberg, more than 10x the real economy. Our consumption was based on the fake economy of derivitives- and that's what we've lost.
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Maximum jobs, not maximum profits.
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Maximum jobs, not maximum profits.
"NAFTA" Laura Tyson...
Well...well...well, so is this the very same Laura Tyson who was such an strong supporter of NAFTA? Remember her?
The very same Laura Tyson who signed that Bretton Woods Committee letter (I believe it was dated Feb. 9, 2009) sent to Congress which killed the "buy American" clause in the federal stimulus package?
Now, if that clause was sooo bad, how come the Chinese very own stimulus contained a "buy Chinese" clause? Because it prevented the offshoring of Chinese jobs, and ensured the next wave (or tsunami, as it were) of the offshoring of American jobs, while steering the bulk of the stimulus funds to the multinational corporations.
Geez, I really don't give a rat's tail what Laura Tyson thinks about anything, just wonder why the Obama Administration is so uniformly staffed with offshoring evangelists?
Diana Farrell, formerly of McKinsey Global Institute, number one offshoring evangelist and deputy director of Obama's National Economic Council. (She also signed that Bretton Woods Committee letter to Congress.)
Gary Locke, Sec'y of Commerce, when governor of Washington he offshored state jobs in 49 of 51 state agencies.
Rahm Emanuel, formerly of Wasserstein Perella, private equity firm which strongly encouraged (as do all the private equity firms) the offshoring of American jobs, and Emanuel has been a super supporter for every "free trade" act. The list goes on and on.
Obama opens door for second stimulus at G-8 meeting
G-8 Leaders Spar Over Stimulus:
Pardon my French but this is just f@#king pathetic!
It's not the Stimulus it is how they are distributing the money! Giving money to IBM so they can offshore outsource even more jobs is not Stimulus! Giving money to multinational corporations through some flawed, biased "bidding" process so they can continue their sucking off the government tit, inefficient, wasteful and also....offshore outsource jobs....is not Stimulus!
This is driving me nutso! It's not "Stimulus o no", it is how the Stimulus is implemented. Yet the "debate" is always on the above black and white answer and that is simply not answer at all, except more corporate welfare.