November 25, 2008

This is fucking weak...

The President-Elect has apparently decided that change equals more of the same. Or, in the case of his nascent economic recovery plan, change equals not doing much at all.

President-elect Barack Obama announces he has directed his economic team to assemble an Economic Recovery Plan that will save or create 2.5 million more jobs by January of 2011.

WOW. 2.5 million jobs?!?!? That sounds like a lot until you realize that population growth creates more than 150k more workers EVERY MONTH. Which means that while President Obama is busily creating 2.5 million jobs, that will leave 1.1mn more people out of work than right now. So, if he's not interested in actually growing employment, what IS he planning? For one thing, there's a rumor that he's planning to appoint Larry Summers as Fed Chair. Ian rather neatly points out that it's a really, really, REALLY bad decision.

This is disappointing as hell considering how many economists are saying we need some significant stimulus and we need it sooner, rather than later. Geithner was a good start, but more is necessary to foreclose the possibility of disaster.

And yeah, I used 'foreclose' for a reason in that sentence.

Posted by mcblogger at November 25, 2008 09:59 AM

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