The Stimulus Bill Was Messed Up
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- It was too small. It should have been at least a trillion. (Stimulus: Make It A Trillion, Stimulus: Size Matters)
- One third of the stimulus going to tax cuts was a huge mistake. That was like appeasing the Republicans, not one of who voted for the bill anyways. When the world appeased Hitler, World War II happened. When Obama appeased the Republicans, the Tea Party happened, and he lost the House.
- That one third should have been spent on jobs programs where you train people for a week and you send them out to work for $10 per hour, $20 per hour. (Three Million Jobs)
- The number one goal of the stimulus bill should have been to take every American to one gigabit per second kind of internet access. But most of the focus stayed on physical construction. That was the equivalent of FDR putting all his stimulus money into farm jobs. No, he focused on industries, and the jobs of tomorrow.
- There was not enough global focus. There were too many Great Depression lessons that were applied to the Great Recession. The number one aspect of this Great Recession is its global component. A new global financial architecture has to be built. That is policy level work.