Stimulus Plan: So Far, Not Much Impact

It was heralded as the end of red tape, the beginning of change, and thr foundation of hope.  Many experts and news sources are asking, “Where’s the impact?”

In the last few days, questions have been hitting the White House about increasing the speed of the money going out, considerations of a second stimulus package, and whether or not the stimulus package is having an impact on joblessness.

Rather than add to the rhetoric, we’ll take a look at how media outlets and economic experts are weighing in and let their opinions speak for themselves.

Where’s the Money?

The picture may not be as grim as it appears. In this video from Business Week, they takes a look at these questions and generally says, “Be patient.”

While this view may be considered overly optimistic based upon projections coming from the White House and congress regarding when the impact would initially be felt, it’s still good to see that, in theory, it isn’t necessarily as bad as it looks.

The article that was published shortly after the video, however, takes a more harsh stance:

President Obama signed the American Recovery & Reinvestment Act into law in February. The President said the resulting stimulus spending on construction, education, and other programs would create jobs and help improve the weakened economy. Critics contend it hasn’t had much of an effect.

Both the White House and media have an interest in making sure that the stimulus package buzz stays as possitive as possible for as long as possible. In a recession, patience is often a virtue scrapped by many.

Warren Buffett: “We’re not in a freefall, but we’re not in a recovery either.”

When it comes to financial understanding from every level, Warren Buffett is widely considered a genius. In this interview with ABC, Buffett tells it like it is.

As Buffett points out without actually coming out and saying it, politicians often have to over-promise to get their plans put into effect.  We may be experiencing that right now, but according to some, it isn’t too late.

Can We Fix It? Should We?

One of the first things that emergency medical professionals learn is that sometimes pulling a knife out of someone’s back may do more harm than leaving it in for now. That may be the case here with the stimulus plan.

David Frum takes a quick, compelling look at the implications of what has transpired so far and the possible courses of actions for both Democrats and Republicans.  The suggestion that may be more beneficial than anything else proposed so far comes in one paragraph:

Why not cancel the wasteful and seemingly useless first stimulus and go directly to the faster-acting and better-designed second stimulus? And why not do it now, rather than wait for unemployment to scrape 11%?

It’s an interesting thought. Would it work? If it could be put together intelligently and with foresight, it probably could.

Then again, that’s asking a lot.

* * *

Read more about what’s happening in the news on this blog network.