The Stimulus

I have been struck by some things on the stimulus package. For example,Paul Krugman (who thought his role during the Bush Administration was chief scold has become one of the chief toadies) , in a op-ed today, argues that the true cost per job is not $275,000 per job but only a mere $100,000. Krugman argues that the opposition's analysis of job creation provisions ignores that the jobs will be created over several years, so the cost is lowered. Let's ignore the efficiency loss created by any government program (which Krugman would dismiss as negligible) and wonder whether $100,000 per job is an reasonable cost for something created with debt.

Then there is the polling of the American people. Support for the proposal is over 50%, according to one poll (at 57%) but 41% of the voters are not confident that the proposal will spend money wisely.

Howard Gleckman of TPC (which remember is a Brookings-Urban Institute project) - "My sense is that, at best, the stimulus package will keep things from getting worse. Necessary, as they say, but not sufficient for recovery."

Between Gleckman and Krugman, there should be reason for pause here about the excitement for this massive measure.