Get the Stimulus Bill Done Right, Not Just Done Fast...
I admire President Obama for stepping up into the fray to defend and even beat the drum for the Economic Stimulus Bill. But maybe just ramming the Bill through Congress isn't the right way to go at this point... Isn't it more important to get the Bill done right?
Just some things to consider...
1.) The first part of the last stimulus package, some $250-$300 billion dollars, seems to have gone directly to banks, and also seems to have disappeared. It did not free-up bank lending, it did not staunch the blood-letting in the stock market, it did not have much of an effect on the market at all. This is not good.
If I were the Obama administration, I'd be willing to take a bit more time, maybe even just another week, to make sure this Bill has some things in it that will uplift the market and the economy IMMEDIATELY. What's another week? We're already at the point where we expect to hear about layoffs every day, and we expect the stock market to either stay flat or drop, every day. I think we can all handle another weeks worth of this in the sake of getting the stimulus right.
2.) The immediate fate of the Obama administration hinges on this bill. This has undoubtedly been his first real test in office, and it came when his tenure was all of two weeks old. The honey moon is over. This is an early test of how well Obama can foster coopearation, and what kind of a job he does about working on a bi-partisan level, as he has promised.
Granted, the Democrats have a majority in the House and Senate, he still needs to make sure he doesn't overly piss off the Republicans. I say 'overly' because they're going to be pissed off no matter what. By the same token, he needs to NOT piss off the Democrats also, or risk being really left out in the cold. This is no easy task, certainly, but again this would require waiting a bit, having some more discussions, getting the bill RIGHT, not just done.
3.) If the bill, like it's last iteration, still doesn't work out right or help the market, Obama will truly wish he'd let the Republicans have more of a say in it. If they share in the creation of the bill, then they share in the blame if it goes bad. But if it fails to do anything productive for the market, then it gives the Republicans more ammo to resist on the next go-round.
So, while it might be important for President Obama to step up and show he has the influence to get this bill through Congress, it's more important for the future of his administration and the future of the country that he get it done right.
Just some things to consider...
1.) The first part of the last stimulus package, some $250-$300 billion dollars, seems to have gone directly to banks, and also seems to have disappeared. It did not free-up bank lending, it did not staunch the blood-letting in the stock market, it did not have much of an effect on the market at all. This is not good.
If I were the Obama administration, I'd be willing to take a bit more time, maybe even just another week, to make sure this Bill has some things in it that will uplift the market and the economy IMMEDIATELY. What's another week? We're already at the point where we expect to hear about layoffs every day, and we expect the stock market to either stay flat or drop, every day. I think we can all handle another weeks worth of this in the sake of getting the stimulus right.
2.) The immediate fate of the Obama administration hinges on this bill. This has undoubtedly been his first real test in office, and it came when his tenure was all of two weeks old. The honey moon is over. This is an early test of how well Obama can foster coopearation, and what kind of a job he does about working on a bi-partisan level, as he has promised.
Granted, the Democrats have a majority in the House and Senate, he still needs to make sure he doesn't overly piss off the Republicans. I say 'overly' because they're going to be pissed off no matter what. By the same token, he needs to NOT piss off the Democrats also, or risk being really left out in the cold. This is no easy task, certainly, but again this would require waiting a bit, having some more discussions, getting the bill RIGHT, not just done.
3.) If the bill, like it's last iteration, still doesn't work out right or help the market, Obama will truly wish he'd let the Republicans have more of a say in it. If they share in the creation of the bill, then they share in the blame if it goes bad. But if it fails to do anything productive for the market, then it gives the Republicans more ammo to resist on the next go-round.
So, while it might be important for President Obama to step up and show he has the influence to get this bill through Congress, it's more important for the future of his administration and the future of the country that he get it done right.
Comments