Ruth Marcus – Whose Stimulus Makes the Grade? – washingtonpost.com<\/p>\n
One of the benefits of an extended presidential campaign is that it presents real-world tests for candidates. Some take the form of pop quizzes assessing contenders’ instincts in a crisis. Others are more like take-home exams — the latest, and perhaps most revealing, being competing plans for an economic stimulus.<\/p>\n
In practical terms, this is irrelevant: The moment for stimulus will be long past by Inauguration Day. But as a way of judging how candidates view government’s role, how they balance politics and policy, and how sound their thinking is on economic policy, the proposals offer a revealing report card.<\/p>\n
My grading starts with President Bush, because he sets the curve.<\/p>\n
George W. Bush: B-minus. …<\/p>\n
Barack Obama: A-minus. I criticized his previous tax plan, but Obama is at the head of the class with an intelligently designed, $120 billion stimulus plan. He would speed a $250 tax credit to most workers, followed by another $250, triggered automatically, if the economy continues on its sour path. Obama would direct a similar rebate to low- and middle-income seniors, who are also apt to spend and could get checks quickly. One demerit: Obama omits any increase in food stamp benefits, which Moody’s estimates would have the greatest bang for the buck, $1.73 for every dollar spent.<\/p>\n
John Edwards: B-minus. …<\/p>\n
Hillary Clinton: C-plus. Clinton, too, raised the issue early, then turned in a faulty first draft with a $70 billion stimulus plan that didn’t provide much immediate stimulation. It included a $25 billion increase in the program to help low-income Americans with heating costs — an excessive amount (the current program is under $3 billion) that probably wouldn’t kick in until next winter. Even worse was her housing plan, including a five-year freeze on subprime mortgage rates that could produce higher interest rates and reduce liquidity.<\/p>\n
Four days later, Clinton said she would immediately implement a $40 billion tax rebate plan she had put in reserve in her first draft. Fine, but overall, the Obama plan devotes a far greater percentage to spending that is more likely to jump-start the economy.<\/p>\n
John McCain: D-plus. …<\/p>\n
Mitt Romney: D. …<\/p>\n
Mike Huckabee: D-minus. …<\/p>\n
Rudy Giuliani: Incomplete. …<\/p>\n
http:\/\/www.washingtonpost.com\/wp-dyn\/content\/article\/2008\/01\/22\/AR2008012202614.html<\/p>\n","protected":false},"excerpt":{"rendered":"
Ruth Marcus – Whose Stimulus Makes the Grade? – washingtonpost.com One of the benefits of an extended presidential campaign is that it presents real-world tests for candidates. Some take the form of pop quizzes assessing contenders’ instincts in a crisis. Others are more like take-home exams — the latest, and perhaps most revealing, being competing … Continue reading Whose Stimulus Makes the Grade?<\/span>