Despite the criticism from liberal and conservative economists, a consensus has developed in the community of economists at large that the stimulus plan enacted earlier this year saved the economy from falling off the cliff to a total depression.
It is hard to be thrilled when the unemployment rate is over ten percent, and only approximately two thirds of a million jobs have been saved or created. But a broad based group of economists make it clear that the alternative of many conservatives to do nothing would have been far worse.
Many new jobs are slated to be created by the end of 2010, and many jobs will be saved as well, as has been the case with the aid to the states this year which kept many teachers, police officers, firefighters and other important public service workers at work.
Additionally, the third quarter GDP growth of 3.5% is a sign that the economic program of the administration is on its way to success, but of course there is great impatience among the American people. So the answer is to recognize the need for patience in difficult times, and to also enact a massive jobs program to create new jobs with some of the money from the original rescue of the financial and auto industries, which has not yet been spent!
The jobless rate keeps climbing. Printing massive amounts of money (inflation) will only drive up prices in the long run and continue to devalue the dollar. The real answer would have been to lower taxes across the board, shrink the size of government, and stop pumping out more dead beat lawyers. And just step back and let the American people do their magic by producing jobs and creating wealth.