Tuesday, January 26, 2010

Why we don't think the stimulus stimulated

A new CNN/Opinion Research Corporation poll found that nearly 3 out of 4 Americans think that at least half of the money spent in the federal stimulus plan has been wasted. (Experts say it actually saved jobs. According to the economists’ median estimate, unemployment would have hit 10.8 percent without Obama’s $787 billion stimulus program, or another 1.2 million jobs lost.) I liked Joel Klein’s (Chancellor of the New York City Dept.of Education) response, in is new piece about how Americans are dumber than they used to be, titled “Too Dumb to Thrive.": “...it’s been wasted on them. This is why your child’s teacher wasn’t laid off ... and why the fire station has remained open, and why you’re not paying even higher state and local taxes to close the local budget hole.”