President Obama announced today that he'll crank the stimulus amp up to eleven in the next three months, creating or saving 600,000 jobs in the process.
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National parks, youth summer jobs, schools and police department are just some of the beneficiaries of this increase in spending. POLITICO reports that though President Obama is pleased with the economic progress made so far, he feels more can and will be done.
Like the stimulus package itself, this increase in spending does not come without criticism:
"Obama also will face increasing questions not only about the deficit explosion, but uncertainty about the effectiveness of the $787 billion stimulus bill. Republicans say the “save or create” metric for jobs is meaningless, since it’s impossible to prove or disprove. Senate Minority Leader Mitch McConnell (R-Ky.) said in a quote provided to POLITICO: “I’m very skeptical that the spending binge that we’re on is going to produce much good and, even if it does, anytime soon.” "
President Obama responded to his critics thusly:
“Had we done nothing, I think its fair to say that most economists believe that we could have gone into a tailspin.”
What's your take? Will increased spending get the economy back in the right direction? Or will it find new depths for a seemingly bottomless trench?
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