Last week, Our Fearless Leader signed the $787 billion stimulus package (a/k/a The American Recovery and Reinvestment Act) into law. I’m not sure how much good it will do: reports in the news about it seem to emphasize one detail or another, and I have yet to see a coherent description of the entire package. Supposedly, I’ll get some more money in my pocket as withholding rates get tweaked, but I’m not sure if my taxes will actually change.
Together with that, there have been plans for further help to the bank, and Obama has forthrightly been telling us that our problems will take time to resolve. While I dread what form of deficit spending will be inflicted on us next, I appreciate that our leadership recognizes the dimensions of the problem.
So I’m perplexed now when our leadership announced, yesterday, that the deficit will be cut in half by the end of Obama’s first term (i.e. 2013). So is the economy a major, major problem, or something that will blow over in a couple of years?
For almost as long as I can remember, Presidents have promised to cut the deficit by such-and-such a date, and it’s never, ever happened. Is our leadership being open with us, or are they reverting to one of the oldest tricks in the book, after barely a month?