How could this happen [i.e., the economy being worse than you think] when Washington has thrown trillions of dollars into the pot, including the famous $787 billion in stimulus spending that was supposed to yield $1.50 in growth for every dollar spent? For a start, too much of the money went to transfer payments such as Medicaid, jobless benefits and the like that do nothing for jobs and growth. The spending that creates new jobs is new spending, particularly on infrastructure. It amounts to less than 10% of the stimulus package today.
-Mort Zuckerman today in the WSJ. Zuckerman is the Chairman and CEO of U.S.News & World Report. He is also a frequent panelist on the McLaughlin Group program on NPR, which Carol and I watch often. He usually sits to the right of Mr. McLaughlin, which makes him to the left of the viewer. This is appropriate, because that side of the two sided panel is the pro-Democrat side. He is a wise man, but completely missed the mark on Obama.