That stimulus package –you know the one– it saved our bacon. E.J. Dionne:
If governments around the world, including our own, had not acted aggressively — and had not spent piles of money — a very bad economic situation would have become a cataclysm.But because the cataclysm was avoided, this is an invisible achievement. Many whose bacon was saved, particularly in the banking and corporate sectors, do not want to admit how important the actions of government were. Anti-government ideologues try to pretend that no serious intervention was required.
So everyone goes back to complaining about high deficits and the shortcomings of government as if nothing had happened.
Au, according to Mark Steyn, contraire:
Meanwhile, in Brazil, India, China, Japan and much of Continental Europe the recession has ended. In the second quarter this year, both the French and German economies grew by 0.3 percent, while the U.S. economy shrank by 1 percent. How can that be? Unlike America, France and Germany had no government stimulus worth speaking of, the Germans declining to go the Obama route on the quaint grounds that they couldn’t afford it. … And yet their recession has gone away. Of the world’s biggest economies, only the U.S., Britain and Italy are still contracting. All three are big stimulators, though Gordon Brown and Silvio Berlusconi can’t compete with Obama’s $800 billion porkapalooza. The president has borrowed more money to spend to less effect than anybody on the planet. Actually, when I say ‘to less effect,’ that’s not strictly true: Due to Obama, one of the least-indebted developed nations is now one of the most indebted — and getting ever more so. We’ve become the third most debt-ridden country, after Japan and Italy.
So, maybe bacon was saved; maybe pork was paloozed. You decide.
Know what I say? Nobody should be eating very much bacon anyway. That’s what.