First they hired disgraced stock analyst/Internet bubble inflater Henry Blodget to write about Wall Street stuff. Then they hired disgraced skank banger/governor Eliot Spitzer to write about whatever he wants.
But I’m all in favor of giving people the benefit of the doubt. So let’s see what Spitzer — widely regarded as a brilliant man troubled by personal demons — has to say in his latest installment, in which he argues against the details of President-elect Obama’s economic stimulus package:
The incoming Obama administration and Congress are planning a huge fiscal stimulus package. They hope that such a stimulus will catalyze an economic turnaround and be a cornerstone of a “New New Deal.” If the early reports are reliable, the stimulus will include a huge tax cut and will fund projects like road-building and bridge repair, laying the infrastructure foundation for the economy of the future.
Yet two huge problems with this approach must be confronted. First, the capacity of even the U.S. government to affect the overall global economy is limited. Suppose the package is $800 billion over two years: $400 billion is less than 1 percent of the global economy and a mere 3 percent of the U.S. economy. In relative terms, $400 billion isn’t all that much more than the $152 billion spent on the 2008 stimulus, which had nary an impact on the economy.
Hmmm. Interesting premise, and assuming those numbers bear out I’m guessing there will be other ramifications, including… OH WHO ARE WE KIDDING? REMEMBER THAT TIME YOU BANGED THAT WHORE AND GOT CAUGHT BY EVERYONE? HERE, LET’S REFRESH THAT MEMORY OF YOURS:
YOU REMEMBER HER, RIGHT?
Wow. So much for benefit of the doubt, I guess.
Robots, Not Roads [Slate]