I am beginning to wonder if the US government can really pull this off - at a time when the economy is in total meltdown, politics seems to be trumping good governance. Even if a good stimulus plan were to be passed and signed today, I wonder if the government can really handle spending all that money without a huge amount of waste. I am starting to think our government has become almost totally incompetent. We are on the verge of a deflationary episode that could spark a real depression and our own 'lost decade.' We cannot wait anymore and simply must act now. By the way, if anything the stimulus package is too small, so the latest efforts to trim $50 to $200 billion is a waste of valuable time.
Why is Washington falling into the old partisan routine and letting political concerns overwhelm concern for the welfare of Americans?
I don't know, but I hope it stops. Perhaps the latest unemployment report, due tomorrow at 8:30 am will be a wake-up call.