Seems like the 787 billion dollar American Recovery and Reinvestment Act of 2009 stimulus package Congress has passed and sent to the President’s desk is just good enough. Though notable for its size, it doesn’t advance bold initiatives that could define Obama’s presidency, nor does it grapple with big, confounding issues like universal health care. It’s incremental rather than transformational. But it’s good enough to mind-shift us into a more optimistic view of the short term economy and to offer real help to many hurt by the downturn.
(If you want a quick look at how we’re going to spend 787 billion, see this chart. That sounds like “real money“, but it’s amazing how quickly it goes when you break it down–well, incrementally. For a more detailed summary, the Center for Law and Social Policy provides descriptions and tables with estimated state-by-state impacts of key provisions. Read that full report here.)
Though many economists say the package isn’t big enough, and feminists wonder whether it does enough to build the human infrastructure, Republicans are predictably squealing it’s too big and too diffuse. This despite all the effort Obama went to to engage and appease his Republican colleagues. I thought by now he would have learned the hooker principle (get paid first) and not have expended so much political capital trying to win over those who want only to create campaign issues with which to wrest back Congressional seats in 2010 and take the White House away from him in 2012. (Remember Newt and the Contract on America in 1994?)Read More