Americans begin to lose confidence in stimulus
A Washington Post-ABC News poll of 1,001 Americans conducted between Thursday and Friday shows that "Overall, 52 percent now say the stimulus package has or will succeed in restoring the economy, down from 59 percent two months ago."
Only an idiot would be surprised by the results. The drop in approval of the stimulus is not along party lines, although it is worse in the states which have been hardest hit by the economy.
There is precious little evidence that the stimulus package even exists despite its enormity at $787 billion. The huge majority of the money has not reached sectors of the economy where it would immediately increase hiring. Vice President Joe Biden recently said that 150,000 of the 3.5 million jobs that are supposed to be saved or created under the program are in place. Most Americans would look at that amount as slim pickings.
The Administration has been pushing the notion that the rate at of economic free-fall is slowing. It is clear to almost every economist worth his salt that joblessness will move above 10% and could stay there for some time.
People do not believe what they can't see. And, they can't see many signs of a recovery, no matter how much the media writes about "green sprouts".
Douglas A. McIntyre is an editor at 24/7 Wall St.