CLEVELAND, OH (WOIO) - An economic advisor to President Obama, Laura Tyson, said this week that the United States ought to consider approving a second economic stimulus plan - that the $787 billion dollars approved back in February was too little. Well, that astonishing comment comes on the heels of news that the gummed-up machinery that is our federal bureaucracy can't even spend the money that's already been approved.
You know, the idea behind the stimulus package was to get money flowing through the system to jump-start economic activity and create jobs.But so far, the money isn't flowing, its sort of trickling in. Estimates now say only about a 150 of the nearly $800 billion dollars will be made available this year. The Transportation Department - as of mid-June - had only spent about 2% of its available funds for those so called shovel-ready projects repairing roads, bridges and the like. With unemployment at 10% and climbing, it's clear that the stimulus package hasn't worked - not because it's too small but because Congress and the federal government - usually so adept at spending other people's money - suddenly can't get its act together.