There’s a CNN article out today that interviews several economists on the likely impact of the jobs stimulus plan that President Obama is going to outline tonight in his speech to a joint session of Congress. It’s probably the most depressing thing I’ve read all week:
But economists say the package won’t be enough to change the struggling economy’s trajectory. “The kick to growth is going to be pretty small. It will add substantially less than 1% to GDP growth in 2012,” said Nigel Gault, the chief U.S. economist at IHS Global Insight.
“If we’re talking about whether the package is big enough to … start making a dent, it’s probably going to fall short of that goal,” said Gary Burtless, a labor economist at the Brookings Institution.
They go on to describe that a much bigger stimulus is needed to make any substantive impact, but that getting such a stimulus through Congress is simply impossible given the political climate and the upcoming 2012 election.