Forget America's Stimulus

So, it looks like we've got a stimulus package, though the $827 billion Senate proposal must still be reconciled with the House of Representatives' $820 billion blueprint. However, both versions spend only about $46 billion on infrastructure like roads and bridges, the kind of projects that quickly create jobs. Meanwhile, the stimulus plan announced by China last November budgets a massive $586 billion, overwhelmingly for infrastructure and new housing, which will create jobs in China but also for foreign companies that produce goods and services that can be used in all that building. Not only would America do well to emulate the Chinese package, it should concentrate on positioning itself to take advantage of the next wave of stimulus-led global economic growth. It's not as strange as it sounds. Both the Senate and House versions contain provisions for around $140 billion in tax credits, with working couples getting back $1,000 in savings in the second half of 2009 while single individuals ... (link)