WC Varones

Don't lend your hand to raise no flag atop no ship of fools

Obama to propose Porkulus II

WSJ:
President Barack Obama is considering recommending that lawmakers on a deficit committee back new measures to stimulate the lagging economy, people familiar with White House discussions said Tuesday.

[...]

These include extending unemployment-insurance benefits and a payroll-tax cut for employees, which expire at year end and together cost more than $160 billion a year, and an infrastructure bank that could cost as much as $30 billion. The White House is also looking at a payroll-tax cut for employers, worth perhaps as much as roughly $110 billion, and other tax breaks for businesses of as much as $55 billion.

Because Porkulus I, Cash-for-Clunkers, Cash-for-Caulkers, etc., all worked out so well!

How can we afford more stimulus when we are already running deficits of a Greece-beating 10% of GDP? Let's ask President Wimpy!



"I would gladly pay you in 2017 for a re-election-boosting stimulus today!"
Mr. Obama's recommendations could complicate the [deficit] committee's task because the stimulus measures, by increasing government spending and reducing revenue, would worsen the deficit in the short term. But Mr. Obama would recommend ways to offset those effects, and the whole package would still reduce the deficit over 10 years.





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