The Journal & Courier has an editorial that is understandable, but, I think, a little wishy-washy. It concludes:
So the task before Congress and the president is to find revenue that can be diverted to job creation or devise incentives to entice businesses to hire more workers.
Driving taxpayers deeper in debt, however, should be avoided, given the nation’s current financial commitments.
I’ll pretend to be a historian and sociologist for a moment. The received wisdom is that World War II got us out of the Great Depression. I think it did so because the existential threat of the Nazis and the Empire of Japan allowed us to forget our misgivings about deficit spending and let the government spend itself silly. After all, nobody ever wonders whether the good folks of Nanking stiffed their creditors after the Imperial Japanese Army came rolling through.
And, it’s not as if all of our spending during the World War II period was targeted at creating jobs. We were quite literally taking our investment of labor and money, turned into bombs and ammunition, and setting it on fire. But, the war got things moving again. The trick – and it is a trick – is that when the war stopped, we were able to stop spending as much. I think we need to spend in a way that puts as many people to work as possible and puts money in as many pockets as possible (e.g., writing a gazillion dollar check to a couple of bankers isn’t going to trickle down and do much good).
The editorial doesn’t offer any meaningful suggestions as to which government programs are supposed to be cut or reduced in favor of “job creation” spending such that enough money goes in a direction that gets the economy humming. I think this approach would probably fall under the heading “too little, too late.”