The Real Jobs Threat
18th October 2009
George Will understands the dialectic.
As Harvard’s president, Larry Summers, economist and former Treasury secretary, was a lion in a den of Daniels. The faculty Daniels, their tender feelings hurt by his occasional testiness, cowered together and declared him a meanie. Facing a faculty vote of no confidence, he resigned.
Now he is Barack Obama’s principal economic adviser. So, weary of John Boehner, leader of House Republicans, dwelling on rising unemployment, Summers sent him a letter. In it he said, as Obama and his minions so consistently do, something that may be the text of this year’s White House Christmas card: At least we are not George Bush, so there.
But one-quarter of Stimulus II will be spent this year. Another quarter will be spent in 2011. Half will be spent in 2010, an election year. Which suggests that Stimulus II is, and Stimulus III would be, primarily designed to save a few dozen jobs — those of Democratic members of the House and Senate.