AP reports the WH economist Christine Romer says the first stimulus package has pretty much shot its wad and will top out in effectiveness in early 2010.
Kind of funny that so little of it has been spent and yet 49 of 50 states report rising unemployment.
Word is....a lot of that left over stimulus money is going to end up in campaign coffers to re-elect the geniuses that came up with the idea.
I'm trying to locate the exact story so JDogger won't pee down his leg over not sourcing the comments.
Here it is:
Romer: Impact of stimulus will level off
By JIM KUHNHENN (AP) – 4 hours ago
WASHINGTON — A top White House economist says spending from the $787 billion economic stimulus has already had its biggest impact on economic growth and will likely not contribute to significant expansion next year.
Christina Romer, the chair of President Barack Obama's Council of Economic Advisers, said Thursday that the $194 billion already spent gave a jolt to the economy that contributed to growth in the second and third quarters of the year. She told a congressional panel that by the middle of next year, the impact of the stimulus will level off. Romer said spending so far has saved or created 600,000 to 1.5 million jobs but warned that unemployment will remain high, above 9.5 percent, through the end of 2010.
Now I ask you, sincerely......is this a good thing? And, where the hell is the remaining $593 billion???????
You know darn well if the other major party was in the WH.....there would be blood all over the place.