It won't work in my view because I don't see how raising the limit on the credit card and going on a shopping spree is going to make the problems go away.
This no different in my mind than Bush going out after 9/11 and telling the country to go shopping.
The only problem now is that the country has wisened up and realized that it has been living beyond it's means. There is NO DEMAND for anything right now. The American consumer living within their means for the first time in ages. We might actually see an increase in personal savings this year.
If it's going to get worse no matter what then why increase the national debt by another 10%. Beyond this 'crisis' we still have Medicare, Medicade, Social Security, Healthcare, etc that we're going to have to start dealing with soon. BORROWING 1.3 TRILLION now (on top of the 300 billion for last years tax rebate, and the 800 billion for TARP 1, and the 800 billion for TARP 2, and whatever else is next when this doesn't work) is going to make it EVEN MORE challenging to deal with the problems we'll face in just 10 years.
I had hoped that Obama meant what he said by fiscal discipline and responsible spending. This isn't it. This isn't what I'd hoped for. This isn't the change I envisioned.
Actually, what's changed? Now we're looking at leaving Iraq in 2 years time, spending is even more out of control, we have tax cheats in cabinet positions, we have lobbyists in cabinet positions, and Obama would commit to allowing reporters to photograph our fallen heros and finally allowing the public to see the cost of the war. Additionally, FISA is still going strong.
Not a good day for me.