The Hill says to expect an economic stimulus package after the inauguration.
Two quick thoughts. One: it won’t work. Any money the government injects into the economy must first be taken out of it. Congress can’t “stimulate” anything, no matter how hard they try. They simply can’t create new wealth. All they can do is redistribute wealth that already exists.
Two: media coverage. When President Bush tried a Keynesian stimulus package, it was widely panned. Left and Right came together to say that Bush was wrong. And he was.
Today, a different man wants to do the same thing. He is just as wrong now as Bush was then. But unlike last time, the media isn’t calling out Obama’s mistake. They’re cheering for him. It seems the only people expressing skepticism are economists and right-wing partisans.
The partisans can — and should — be dismissed. But I’m beginning to think some of them may have a point when they grumble about the media’s kid-glove treatment of President Obama. Politicians are to be treated with skepticism; President Bush’s approval ratings are a good thing.
The country will eventually find out that President Obama is a politician like any other. My fear is that we will learn the hard way. Here’s to hoping the Obama honeymoon is a short one.
Inertia Wins! 