Nice to see you back peddling the ineffective, tired old Keynesial economics of the Thirties.
Yawwwwwnnnn.
Chinese Stimulus
"a RMB¥ 4 trillion (US$ 586 billion) stimulus package announced by the central government of the People's Republic of China on 9 November 2008..."
"...On June 2009, the World Bank raised its growth forecast in China for 2009 from 6.5% to 7.2% amid signs that the economy is doing better than expected, which has been helped by the stimulus package. ..."
Oh, that's right. I forgot. Government can't create jobs. So I guess everybody being in a tizzy about China taking over is just a liberal hoax.
Let's see...the U.S. economy is
roughly 2 1/2 times the size of China's so if we'd been serious about a stimulus we'd have spent...a little over $1.4 trillion. (Just to make you squeal, I'm not sure even that would have been enough. I'd have gone for at least $2 trillion.) Keep in mind that's *spending* -- not tax cuts.
What we did -- only $787 billion with a bunch wasted on tax breaks, thanks to Republicans -- is kind of like being cheap and taking half a shot of penicillin for the clap. You wind up still having the clap and not enough medicine left to cure it.
Always fun, Galaxy. But don't get your hopes up. I'll have to go back to writing for Monday soon.
Don Brown
Get the Flick
P.S. I don't have time to look up where we recently borrowed $3 trillion and the interest on a 10-year T-bill actually went down to around 3%. I thought that was low and now it's what? 2.4? 2.5%? That's cheap money. It's somewhere on Krugman's blog. But never mind the facts.