If early reports of President Obama's job speech are accurate and the choice for reinvigorating the economy is "go big or go home," it's looking like the President has opted to go home. As Paul Krugman pointed out a few days ago, the problem with the initial stimulus package wasn't that it was ineffective, but that it was too small to repair all of the damage caused by the Bush crash. In short, it may have saved us from a depression, but that's about all it was capable of doing.So never let it be said that this administration is capable of ignoring past mistakes. If at first you don't succeed, try again -- fail better. When you need a hoist to lift the economy, get a stepladder and hope for the best. Still, it's not all bad.
Associated Press:
According to people familiar with the White House deliberations, two of the biggest measures in the president's proposals for 2012 are expected to be a one-year extension of a payroll tax cut for workers and an extension of expiring jobless benefits. Together those two would total about $170 billion.
The people spoke on the condition of anonymity because the plan was still being finalized and some proposals could still be subject to change...[CLICK TO READ FULL POST]
