Posted by permission of Nicholas Benton, Owner/editor of the Falls Church News Press.
Obama's Stimulus and Alexander Hamilton
by Nicholas Benton
There are two things that most pundits commenting on the parameters of the Obama stimulus package don't seem to get.
First, the package is not aimed at jump-starting an economic recovery. It is designed to mitigate the impact on average Americans of a still-looming prospective, unprecedented global economic meltdown.
Second, it involves a desperately-necessary, profound and fundamental restructuring of the core elements of what constitutes value and wealth in the national economy.
On both counts, simply offering tax cuts, instead of stimulus policies, as many would prefer, is simply way off point. An undifferentiated tax break to all the same components of the present economic miasma will fix nothing. It will provide momentary relief, at best, for many of the same rotten apples that have already contaminated the national and worldwide economic barrel.