Sen. Charles Schumer and the rest of Congress are making a painfully slow but purposeful rush to save the economy from recession. It is a shame the the actions will come at least quarter too late. "I’m optimistic we can get a package done, signed and ready to go by March first," Schumer told "Fox News Sunday."
Schumer will have a job once the package makes it to the President’s desk. There will be hundreds of thousands of Americans who won’t, their employment mauled by Federal government activity which can’t deliver the goods until the economy is in full recession.
Even a $150 billion stimulation package for the US economy is not likely to have any effect before the Spring. That is if there is no fighting that delays the approval of the necessary regulations. At that point the avalanche of home foreclosures and lost jobs may already have picked up too much speed to be stopped until well into 2009. Tax incentives mean little to people who are out of work and low interest rates can’t help those who have no money to make purchases.
Another factor in any new package is likely to be a set of incentives to get business to increase hiring. During a deep recession companies will get by on minimum staff no matter how good offers from the government are to add new heads.
You can’t raise the dead.
Douglas A. McIntyre
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