It is half the size of the original stimulus bill, which was too small in size in the first place. Tax cuts don't cut it.
A stimulus is like an electric shock to the heart. It is only appropriate for extreme circumstances. And logic for normal times does not apply. Too much of political debate in America has been about trying to apply normal time logic to abnormal times.
When you see the threat of a Great Depression, you go into massive deficit spending. But there is no budget for it is no argument. FDR was not given a World War II budget. He spent massively anyway.
Right now it feels like America is in terminal decline.
This great economic crisis is a time to rearchitect America in a massive way. This crisis is a grand opportunity. Tax cuts to make cry baby Republicans happy, extending unemployment benefits, keeping teachers and firefighters on payroll, those are all wonderful goals, but none of them are to do with the jobs, companies and industries of tomorrow.
Europe and America are now suffering from what Japan has been suffering from for close to two decades now. Band aid solutions don't work in these situations.
Bold, Drastic Action Necessary
Japan, Europe, America: Three Trillion Dollars
The three old economies should cough up some money and put a big chunk of it into connecting every human being to broadband internet. Down the line this infrastructure can be sold off to the private sector. The costs incurred now will be recouped.
Finance: A New World Order
The dollar's special place in the world has to come to an end. It is that special status that gives rise to fiscal irresponsibility on Capitol Hill.
A Total Spread Of Democracy
Total internet access will bring about a total spread of democracy. The people will rise on their own. They will help themselves. They will talk to each other and build the institutions of democracy.
Rule Of Law Between Nations
National armies are hangovers from the era of the nation state. Globalization taken to its logical end asks for rule of law between nations.
The Education Bubble
Peter Thiel is right. The education bubble is way bigger and way more dangerous than the housing bubble. Universal broadband has to be brought to the service of lifelong education for everyone on the planet. Traditional schools and colleges are simply not delivering. Their reaches are way too small.
