I guess enslaving our grandchildren to our debt just isn't enough. Let's enslave our great, great-children, too.
From the article:
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 outside adviser to President Barack Obama.Judging from the intelligence level of that comment I thought for a moment they were quoting Mike Tyson. I guess good help is hard to find even in this economy. Good help is always hard to find if you consistently look in the wrong places.
The package will have a more pronounced impact in the third and fourth quarters, she added, stressing that she was speaking for herself and not the administration.I guess the third and fourth quarters are when inflation will really start to kick in.
Now it gets fun:
Tyson’s comments contrast with remarks made two days ago by Vice PresidentJoe Biden and fellow Obama adviser Austan Goolsbee, who said it was premature to discuss crafting another stimulus because the current measures have yet to fully take effect.Looks to me like the administration doesn't have a clue as to what to do so they are just throwing out every idea they can think of and see which ones poll the best.
Here is a good part:
Tyson, 62, later told reporters that the U.S. can afford to pay for a second package, even as the fiscal deficit soars. She said the budget shortfall is “likely to be worse” than the equivalent of 12 percent of gross domestic product that the administration forecast for 2009 and the 8 percent to 9 percent it projected for next year.I don't know why they bothered to put her age in there. Maybe the writer thought Bill Clinton was looking for a date. At any rate, these people need to put down the crack pipe. I think the statement "fiscal deficit soars" is what they call "an understatement".
The budget shortfall is "likely to be worse" than forecast. That reflects one of my Rules of Government: Everything always costs more that the government says.
Better and better:
So, she is a perfessur!! I wonder what she is a professor of exactly? It must not have anything to do with economics.
The professor at the University of California’s Walter A. Haas School of Business downplayed worries from China and other countries with dollar reserves that the U.S. will let inflation soar as the deficit expands.
“The concern is that the U.S. will have to inflate away its debt. I do not think that is a valid concern,” she said. “The Federal Reserve is not going to let the U.S. government inflate away its debt.”
At least we don't have to worry about the government inflating away the debt. Professor Laura Tyson said it so it must be true. Everyone quit worrying and go back to American Idol.
Her saying we don't have to worry about the dollar being inflated away to nothing is kind of like being on an airplane and seeing a guy with a turban and a box cutter saying "I do not think hijacking is a valid concern." Somehow it just doesn't make me feel better.
This is rich:
The U.S. needs to communicate its determination to reduce the annual shortfall once the economy recovers, she said.No kidding. Let's show our determination by spending more. That should prove something.
LOL at this:
While unemployment is worsening, other data have shown the economy is improving. U.S. manufacturing shrank last month at the slowest rate since AugustImproving by getting worse at a reduced rate. That is sort of like claiming that a decrease in the rate of increase in the budget is a budget cut.
But wait!! There's more!!
Tyson said the U.S. should shift away from its dependence on consumption to grow, and promote expansion through investment and exports.That sentence is the first intelligent quote in the article. The problem is that we have very little to export. Our manufacturing is almost gone. What are we going to export? Maybe illegal aliens?
Everything is fine. Quit worrying.