Monday, November 23, 2009

Remember When It Was Almost A Nightmare Scenario?


In December 2008 Lawrence Summers, soon to become the administration’s highest-ranking economist, called for decisive action. “Many experts,” he warned, “believe that unemployment could reach 10 percent by the end of next year.” In the face of that prospect, he continued, “doing too little poses a greater threat than doing too much.”

Ten months later unemployment reached 10.2 percent, suggesting that despite his warning the administration hadn’t done enough to create jobs. You might have expected, then, a determination to do more.

Big worry is that instead of building lots of stuff, we're going to get the tax cut fairies again, because that always works so well.