"...Overall, the stimulus plan would create or save about 3.6 million jobs by the end of 2010, according to projections last month by Christina Romer and Jared Bernstein, economists in the Obama administration, based on early versions of the plan. They say a stimulus bill would mean an unemployment rate of 7% in 2010, versus 8.8% otherwise. The estimate doesn't detail how many jobs are saved, as opposed to created..."
"What the world has now reached instead is a Keynesian dead end. We are told to let Congress continue to spend and borrow until the precise moment when Mr. Summers and Mark Zandi and the other architects of our current policy say it is time to raise taxes to reduce the huge deficits and debt that their spending has produced. Meanwhile, individuals and businesses are supposed to be unaffected by the prospect of future tax increases, higher interest rates, and more government control over nearly every area of the economy. Even the CEOs of the Business Roundtable now see the damage this is doing.
A better economic policy will have to await a new Congress, which we hope at a minimum can prevent punishing tax increases. But for now the good news is that voters and markets are telling politicians to stop doing what hasn't worked."