Here's another "dog bites man" story out of DC. More folks in DC think that even more government spending will lead us out the recession.
White House economists are discussing whether a second round of stimulus is needed, but a decision isn't expected until at least the fall. "We remain focused on putting thousands of Americans back to work" through implementation of the February stimulus act, an administration official said Sunday. "Any discussion of a second stimulus is premature at this point."
That timetable isn't fast enough for some economists, who say quick action is necessary to avoid a protracted period of joblessness.
So, who are these "White House economists"? Oh, the same ones that were clueless about the nature and depth of the recession in the first place.
Vice President Joe Biden said the Obama administration "misread how bad the economy was" and didn't foresee unemployment levels nearing double digits
Great idea. Let's rely on the same geniuses that "misread" the situation in the first place.
He (Biden) and other White House officials say the administration relied on consensus economic figures in January when they were developing the stimulus package.
By "consensus" they mean: "a coalition of economists who told the central planners what theywanted to hear – that the key to recovery is more government spending and centralized power."
Funny how the ruling class only seems to talk of a "consensus" of experts when those experts say that what is needed is more government control.