Second Stimulus: Laura Tyson, Obama Adviser, Says Economy Needs Boost

bloomberg.com:

July 7 (Bloomberg) -- The U.S. should consider drafting a second stimulus package focusing on infrastructure projects because the $787 billion approved in February was "a bit too small" said Laura Tyson, an adviser to President Barack Obama.

"The current plan will have a positive effect, but the real economy is a sicker patient," Tyson said in a speech in Singapore today. The package will have a more pronounced impact in the third and fourth quarters, she added, stressing that she was speaking for herself and not the administration.

Read the whole story: bloomberg.com

Comments

[retreadite]

Let's hope Obama corrects her tomorrow.

[Pigeon2]

Time to revolt....This President is destroying the great nation....

[pastpartisan]

the whole economy is a scam bult on a house of debt waiting to topple.

any so called 'recovery' is artifical

good articles: http://www.alexandria.lib.va.us/link/redir.pxe?www.iamned.com

[FrozenNorthObserver]

What kind of sc am are they trying to pull off now? They still have 97% percent of the first stimulus bill left unspent (over $700bil) and they need another round ? What possible logic could justify that? Why are they sitting on the 97% to start with if its so needed? Who is being enriched by keeping that money just where it is? Why would O want to take more money and throw it on the as yet unspent pile? It does nothing but add to your massive debt and,,,,ahh, I wonder if O's Gold man Sa chs friends have plugged into the great unspent pile ,that would explain this maddness.

U.S. has only spent 1.2 percent of transportation stimulus
http://www.reuters.com/article/GCA-Economy/idUSTRE55G6D720090617

So far, Washington has laid out only about $28 billion – less than 3 percent – of the outlays authorized by the legislation.
http://features.csmonitor.com/politics/2009/05/13/only-3-percent-of-stimulus-spent-so-far/

[FrozenNorthObserver]

hotwire has a even better reason for why the the money is being sat on. It should make people outraged if thats what plays out.

[Rayme]

Does anyone else feel that bureaucrats in Washington who more than likely never had a real job, let alone started a successful business, should not be in charge of economic policy?

[FogBelter]

Comforting.

[Rule Of Law]

Where does this batch of money come from, where will it go, and who will be watching it?

If they can't answer any one of those questions, fergetaboudit!

[confuseddemocrat]

Well it is obvious that biden's remark were trial balloons.... I think they realize that the original stimulus bill was flawed and inadequate....God help us all...

[delta7777]

.
I am having some difficulty understanding all the attention paid to the percentage
of the 'stimulus" that has been disbursed, without at the same time considering
that the FED has shoved around a trillion bucks or so out through the side door .
http://en.wikipedia.org/wiki/Federal_Reserve_System#Reserve_requirements
http://en.wikipedia.org/wiki/File:Assets_of_Federal_Reserve_Banks_from_1996-2009.jpg

At some time relatively soon, this has to be sucked back in.
.

[cjt1957]

Maybe if more than 15% of the last stimulus were spent, the economy would be getting better. Obama was more concerned with politics than the man in the street. He is hoping with the last stimulus bill coming online in 2010 that the economy will get better then, that might help in the mid term elections. That does not help with jobs now. Of course politics is all thet matter to the President, not you...

[delta7777]

.
Next "stimulus" should be applied to banks with a big club !!
.

[LunaPark]

Robert Mugabe tried stimulus after stimulus after stimulus for Zimbabwe over the course of 10 years. Didn't work. In fact, the massive government spending touched off hyperinflation. Unemployment now stands at 60%+ and the currency was debased to near worthless status that by Jan 2009, $110 Trillion Zim Dollars bought 3 eggs and a loaf of bread. The government ran the printing presses non stop until they broke down and the Germans refused to sell Zimbabwe the parts or the ink to repair them. Japan tried stimulus too in the 1990s. Japan went on a massive public works project spending spree replete with bridges to nowhere and airports built on artifical islands that are sinking. It didn't work. The only thing that changed was that Japan's debt soared. By the way, Japan still keeps its zombie banks afloat coming up on 15 years now.

[satyriasis]

Massive government spending revived our morbid economy in WW2.

Mugabe is a thug who has ruined his country. The Japanese refused to recognize the problems early on and have no domestic consumer market to revive their economy. Both cases are entirely different from the current situation in he US and the world. Every country is attempting a stimulus in some form.

[blimie]

Those good for nothing bankers, federal reserve cronies and political stooges do not deserve anymore taxpayer money.

[hotwire]

Harry Reid says only 10% of first stimulus has been spent. What are they waiting on? Must be holding back the other 90% to buy votes in the 2010 elections.

[sc92705]

The gov't employees are the laziest bunch of slobs you would ever meet. They could care less, these civil servants. Re. the big contracts the system to 100% corrupt. Outright kickbacks, lavish meals, gifts, etc.

[FrozenNorthObserver]

I do believe you have hit the nail on the head. What other reason could there be for sitting on 97% of the last stimulus, (Harry is bsing only 3% has been spent.) So what you have is a bunch of self serving poli ticians putting the country through a meat grinder for their personal poli tical benefit and now trying to bleed the place even more. And if O wanted it any different he would be on his bully pulpit beating them with the "un/antiamerican" stick and sicking the public on all who are getting in the way of the "recovery". So far there has been nothing but cricket sounds and now they have the gall to try and play the sc am again

U.S. has only spent 1.2 percent of transportation stimulus
http://www.reuters.com/article/GCA-Economy/idUSTRE55G6D720090617

So far, Washington has laid out only about $28 billion – less than 3 percent – of the outlays authorized by the legislation.
http://features.csmonitor.com/politics/2009/05/13/only-3-percent-of-stimulus-spent-so-far/

[KataVideo]

Not without massive reregulation. As far as I can tell, all of the same loopholes and hands-off disaster recipes are still in existence.

[solarian]

no but if you want bail them out with your own money go for it