Timely, Temporary, and Targeted?
President Obama has asked for a package that will help “jump start” the economy. House Speaker Pelosi has insisted on the three T’s
timely, temporary and targeted
The problem with the current plan is that it appears to be none of these. It does not rush funds into the economy rapidly enough. It may be difficult to rescind certain aspects of the plan a few years down the line. For example, certain tax cuts and certain health programs for the unemployed. Portions of the package may become ingrained in the “baseline budget”. So it may not be temporary at all. And finally, the incredible scope of the package puts the lie to the idea that it is targeted. As the details of the stimulus package continue to emerge, it is quite clear that this package is simply the biggest pork-barrel giveaway ever conceived. The Wall Street Journal estimates that only about 12 cents of every dollar spent will have the desired growth stimulus effect.
Pelosi has warned
If we heap too much on top of the package, it will then take us deeply into debt.
MISSION ACCOMPLISHED, Nancy.
As the Senate takes up the matter of the economic stimulus package, the coming days will go a long way in revealing the character of the new administration. Whether this is really a post-partisan age or whether it is partisan politics business as usual. Will Obama accede to a plan with no Republican support? We are not likely to find out because recent reports suggest that the House package cannot find sufficient support in the Senate.
On the news, when asked about the current situation, Obama says something to the effect: “The important thing is that we get it passed.” I think that, by “it” Obama means “a stimulus package” as opposed to “the House plan as currently written”. At least that’s what I hope.
Check out Stimulus Watch to learn more about the current package.