Daniel Indiviglio isn't too impressed by yesterday's consumer confidence numbers:
Like Bush's package, Obama's will likely slow the bleeding for a while. That's what we're beginning to see. After all, if $787 billion can't begin to stimulate the economy, then we are in very, very big trouble. The timing of the package will also help, as its benefit will be spaced out over a few years, instead of a one-time pop. The fact is, however, anytime you throw free money at people, they get happier, or in this case, more confident. The problem is, eventually we have to realize that this money -- as well as the money attached to all of the bailouts -- was not really free.
One notices that the major critique of the Obama stimulus package - that it was strung out for two years - is now seen by some as one of its main virtues.
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