Hours before the House was expected to approve his program of well over $800 billion, largely along partisan lines and in the face of heavy criticism, Mr. Obama tried to convey his message far beyond the corridors of the Capitol and into boardrooms and living rooms. The future of the American economy rests less in his hands than it does “with American companies and workers,” Mr. Obama said.Well, if that's the case, why not let the companies and workers decide how the economy will be saved?
“They are the ones whose efforts and ideas will determine our economic destiny, just as they always have,” the president said. “For in the end, it’s businesses, large and small, that generate the jobs, provide the salaries and serve as the foundation on which the American people’s lives and dreams depend.”
As far as I can tell, this recession started with the housing bubble and has spread to the rest of the economy. Economists will tell you that economies are prone to cyclical swings. We've been riding a long upswing for about the past thirty years and most of the bubble came to be based on government intervention in the housing markets. Fannie and Freddie really did a number on the economy, but my faith in the American worker tells me that the economy will do what makes sense once the government quits meddling in it. Leave it alone and it'll adjust. A lot of the volatility in the markets right now is based on not knowing what the government will do in the next two weeks, or two months.
I think our President is wrong on the stimulus, and I think that the reason he wants to push it through so quickly is that the longer the American people look at it, the more it seems like a boondoggle.