Today, one American client-citizen is a little bit happy: Paul Krugman. The rest are flummoxed.
Because the previous stimulus worked so well, BHO today proposed more: $50 billion (that's $50 thousand million, or about $160 per American client-citizen) of additional "infrastructure" spending. More with the roads and bridges stuff.
Even BHO's foot soldiers admit that this spending won't help anything until 2011. Krugman, we figure, is rejoicing, even while he's hedging his bets with the pronouncement that to be effective the figure would need to be bigger by a couple of orders of magnitude, like $5 trillion.
Two recessions in the SWNIDish lifetime were ended with lasting cuts to marginal tax rates. With business confidence in the cellar, the best way for government to act would be to remove its own contribution to the uncertainty by pledging not to enact a carbon tax, extending the Bush personal income tax rates and capital gains rates indefinitely, and reducing the world-beating corporate tax rate to something. Then announce a plan to phase back federal spending to a baseline before 2008 and we'd have a formula for reducing deficit spending and stimulating business confidence.
None of this will happen with the present administration or Congressional leadership, of course. But we say it now to put the lie to the assertion that no one in opposition to the presently-in-power philosopher-kings has any suggestions.