I know I must sound like a broken record when I talk about Uncle Sam’s awful fiscal policies. Earlier I mentioned that we ran a deficit during April (tax month) for the first time in a quarter of a century. The deficit is projected to balloon by fourfold this year.
Now the New York Times reports that only 6% of the $787 billion for the economic stimulus plan has been spent. Most of that money has gone to states to cover social services.
The Times reports:
“Now, a federal government that has often been caricatured as profligate has begun trying to spend money as quickly as possible and has become fixated, to use the new Washington catch phrase, with “getting money out the door.”
“The Obama administration has committed to spending 70 percent of the money, or $550.9 billion, within the first two years. By that benchmark, an administration official said, the government is 8 percent toward its goal.”
If you think the economy is bad now, just wait until the government tries to help it out.