Horrors! Two significant entities have recently reached the same conclusion that the economic stimulus package did not work as it was supposed to to, falling far short of its goals and predictions. The first entity is the New York Times, which reviewed the dire economic status of the country two days ago:
– Annual economic growth is only at 1.8%, far below the 3.1% of last year and below a growth rate of a healthy, growing economy.
– Consumer spending is slowing down, a traditional driver of a robust economy.
– Wages are stagnant and higher prices for food and fuel are straining family budgets.
– Falling home equity values are contributing to downward pressure on consumer confidence and when consumers are not confident, they tend to…