A Proposed Solution to Obama's Failing Stimulus Package: A Second Stimulus Package?
A previous Texas GOP Vote.com blog The Obama Stimulus: Predictions vs. Reality explained the unfortunate reality that has become of the Stimulus bill. You would think that Obama and the supporters of this bill would have learned their lesson by now. However, instead of remedying the situation with less spending, Obama's advisers propose a different solution- a second stimulus package.
A Bloomberg.com article reports that Laura Tyson, a member of Obama's Economic Recovery Advisory board, thinks that a second stimulus package should be drafted because the current $787 billion package is "a bit too small."
Laura Tyson admits that the stimulus plan has not worked as she and the rest of Obama's advisory board had predicted. “The economy is worse than the forecast on which the stimulus program was based. We probably have already 2.5 million more job losses than anticipated.”
If she is admitting this, then why would she possibly think a second stimulus plan would help? Two wrongs do not make a right. Drafting a new stimulus package because the first one is failing will not help the economy, but only aggravate it even more.
Tyson also explained that the U.S can afford to pay for a second stimulus package. Really? Isn't the U.S. National Debt nearing 12 trillion? How long is the Obama Administration going to stall before actually creating a productive plan instead of trying to cover up one counterproductive plan with another counterproductive plan?