The drumbeat towards a “second stimulus” is growing louder, as advocates are helped by a deteriorating stock market and the withering of the green shoots.
It really got going after last week’s jobs report, followed up by a Krugman article, and Joe Biden’s comments about misreading the bad economy. Now the AFL-CIO is joining the trend.
We were curious to know more about the AFL-CIO’s stance on stimulus, so we hopped on over to their blog and found this post titled: “Second Stimulus Package Needed Now for America’s Working Families“
…pointing to a five-year high in the unemployment rate and other bleak economic news, AFL-CIO President John Sweeney called on Congress to quickly pass a stimulus package to “spur and stabilise our nation’s entire sinking economy” that includes:
- Fiscal relief for states and cities.
- Extended unemployment benefits.
- Expanded funding for food stamps.
- Job creation by funding for ready-to-go infrastructure projects, including repairing schools, roads and bridges.
Sounds pretty conventional. And then we noticed the date of the post: September 9, 2008.
That’s right! Bush had his own stimulus early in 2008, when it looked like the economy was going into a “rough patch.” So all this talk of a second stimulus is inaccurate. It’s the third stimulus.
And when you get to three, the following phrases apply. It’s either “third times a charm” or “three strikes and you’re out.”
So, dear stimulants, if you do a third one and it doesn’t work, will you promise to try a different tack next time?
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