Monday, January 05, 2009
Great Plunder Plunges US into Great Depression II
Ever the optimist, Paul Krugman, frets in his column in today's New York Times that Congressional delay in passing the Obama stimulus package will pretty much guarantee that the economy will bottom out in Great Depression II. It's hard to argue with the man on that score. What's appalling, given that scenario, is the blundering of Senate Majority Leader Harry Reid, who 'hopes' to have something before he and his colleagues take a break in mid-February--hopes? You don't need to be a Nobel-prize winning economist to know the economy is in free fall and gathering momentum rapidly enough that the laws of inertia will soon decree that only a direct splat at bottom will arrest it. Forget about a reversal, no matter how much money is thrown into the attempt. Given the situation, how can Congress refuse to take dramaatic action now? Perhaps, House and Senate travel and living allowances should be cut until they take care of business. Or, put another way, why is Harry Reid Senate Majority Leader, if he's not working hard on the Obama's agenda? It's past time for Congress to act.