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Wednesday, November 18, 2009

Second Stimulus

More evidence today that Congressional Democrats plan to push another massive stimulus bill as they start pulling out all the stops ahead of next year's elections.

As the first $787 billion continues to fail to stimulate job growth, all while generating pages of negative press for the Administration and supportive Democrats, this today from the AP:
House Democrats are looking at swelling deficits further, at least temporarily, on a jobs-producing bill in response to double-digit unemployment and a sense within their ranks that the party needs to do more to put people back to work.

But many of the ideas on the table so far are extensions of last February's $787 billion economic stimulus package — such as unemployment benefits and subsidies to help the jobless pay for health insurance. They maintain the social safety net for the 15.7 million Americans out of work but they don't directly create new jobs.

Aware that the February stimulus bill has not prevented unemployment from reaching 10.2 percent and of public opinion polls showing the free spending measure is losing popularity with voters, Democrats are wary of putting a stimulus label on their new package."

I wouldn't characterize it as a second stimulus," House Majority Leader Steny Hoyer said Tuesday. "I don't want to be as broad as that, I want it to be very targeted on jobs."
Interesting argument there from the Majority Leader. If this second stimulus is supposed to targeted on jobs, what was the first trillion dollars targeted on? You know, the one the was supposed to keep unemployment below 10%?

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