I read Calculated Risk (and you should too!) for its aggregation of various economic indicators and trends.
But every once in a while, Bill McBride will write some editorial comments and, well, this one’s short and depressing.
Basically, McBride lays out the terrible options the Obama administration is considering, namely literally nothing (passing things through Congress) or targeted tax incentives for hiring workers:
Tax incentives are the “bigger idea”? It sounds like the debate is between doing nothing and doing very little.
If I arrived on the scene today – with a 9.1% unemployment rate and about 4.6 million homes with seriously delinquent mortgages or REO – I’d be arguing for an aggressive policy response.
Indeed, it’s weird to think about this without the history of the stimulus, but if Obama stepped into office today, instead of in 2008, he would be calling for stimulus. So much for that ship.