09 February,2009 05:53 PM IST | | B F Firos
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The stimulus package and other similar efforts being taken by US president Barack Obama are being viewed with mixed feelings by the bloggers' community. While some of the bloggers find it rationale to rally behind the new president, some others feel he won't be able to revive the ailing economy of the world's super power.
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Here's this bloggeru00a0who is skeptical about Obama's efforts to revive the US economy.
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"There's every reason to think that the economy needs a big jolt to keep it from sputtering to a halt, and needs that jolt as soon as possible. It's probably also politically important for the Obama administration to get some sort of stimulus bill passed quickly--which now looks likely," says this blogger who quotes Paul Krugman's article to buttress his point.
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"The Obama administration's name for it was the American Recovery and Reinvestment Plan, and indeed it would be more accurate and informative to call it the "economic stimulus and public investment package," says the blogger, referring to the "so-called economic stimulus package."
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"We are going down a very dangerous road. The most unsettling economic predictions from some economists now liken the financial collapse in the United States to the financial collapse in Japan in the 1990s," says this blogger.u00a0u00a0
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According to this blogger, the "unprovable hypothesis" of spending more money as the solution to the economic slowdown simply won't work.
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Calling Obama a political pragmatist, blogger MSA4u00a0is sanguine about the new president when he says: "If bipartisanship is not working as a strategy to get the stimulus package through, which Obama deeply believes is necessary for the well-being of the country, his political and philosophical commitments, and temperament, will move him to turn his energies to figuring out what will work."u00a0
The stimulus package will do enormous harm, says this blogger.u00a0u00a0
"The US government has shown repeatedly that as an economic manager it is not to be trusted. What we need most are authorities wise enough to follow the dictum, "First, do no harm."
"America is already drowning in debt. But the measure will also wreak harm in countless other directions by effectively reallocating resources on a grand scale according to political priorities, rather than according to individual preferences and economic rationality. As our history shows, the economy can recover strongly on its own, if only the politicians will stay out of the way," says the blogger.u00a0
This blogger is doubtful of the officials' capacity to revive the economy. "Federal intervention rests on the presumption that officials know how to manage the economy and will use this knowledge effectively. This presumption always had a shaky foundation, and we have recently witnessed even more compelling evidence that the government simply does not know what it's doing."
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This bloggeru00a0is scathing in his attack on Obama's stimulus package when he says that the president's ignorance of economics and business history is stunning only matched by his 'arrogance' in recommending a stimulus package and bailoutsu00a0that will not work and willu00a0within two years lead to inflation rates from 25%-50.
The blogger says that Obama is destined to be a "repeat of the Carter years, only much worse."
"Any Democratic or Republican that votes for the stimulus package and future bailouts of banks, businesses and statesu00a0will rue the day that theyu00a0failed to listen to those warningu00a0them that you do not knowu00a0what you are doingu2013wreckingu00a0the US economy and destroying u00a0jobs."
"The American people will remember in 2010 and 2012 and voteu00a0out of officeu00a0all those Democrats and Republicans that voted for this so-called stimulus package and future bailout bills," warns the blogger.
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