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Editorial: Stimulus needs more time to do its work

Tuesday, July 14, 2009
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We were relieved Saturday to hear President Obama distance himself from Democrats who’ve recently begun agitating for another stimulus package to boost the struggling economy.

Even mild recessions don’t end as quickly as people want them to, and this one has been anything but mild. Indeed, unemployment continues to rise and now sits at the uncomfortably high level of 9.5 percent. But the pace of the monthly job losses has definitely been slowing. At the same time, home prices have started to firm, the inflation of a year ago has eased dramatically, and consumer confidence is on the rise. These are some of the factors analysts have cited in saying the worst of the recession is already over.

The even better news seems to be that most of the $787 billion stimulus package is still stuck in the pipeline — yet to be spent. (According to Republican estimates, less than 10 percent has reached the intended targets thus far, which seems like more of an indictment on government bureaucracy than on the package or politicians responsible for it.) Obviously, as more of that money finds it way into the economy in the coming months, the impact will be increasingly positive.

As Obama noted, the stimulus “wasn’t designed to work in four months ... it was designed to work over two years.” Democrats already clamoring for more money, and Republicans denouncing the amount already spent need to keep that in mind, and show a little more patience.

 
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comments

July 14, 2009
8:49 a.m.
cs2247 says...

100% agree with article. It is far, far too early to judge the effect the stimulus has had against eight years of trauma inflicted by the Bush Administration. Reasonable non-partisan people understand this. It'll work out. 8-)

July 14, 2009
11:25 a.m.
artvandalay says...

Joe Biden had it right. The stimulus has achieved one thing Federal debt now tops $1 Trillion for the first time in US history.

Any stimulus should have been a one time jolt, not a drawn out porkulus spree. It would have been better to give consumers a check.

July 14, 2009
8:02 p.m.
Sunnie57 says...

The reason President Obama asks for patience is because he KNOWS it's not working. The economy is getting WORSE thanks to Obama and Pelosi.

Of course when the economy finally stabilizes, they will take the credit.

btw, the 9.6 unemployment is really higher than that, because some people have just given up and stopped looking for jobs, so are not counted.

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