RESCIND THE "STIMULUS": THE ASTUTE BLOGGERS SCOOPS KUDLOW BY THREE DAYS

KUDLOW TODAY: Rollback Time: Recall the stimulus, let the de-TARPing begin, and set the Fed free.

With clear signs of economic recovery on the horizon, some are now calling for an end to the unnecessary stimulus package and a de-TARPing across-the-board. Along with a big rise in the money supply, there’s been a rebound in commodities, a stabilization in housing, falling unemployment claims, a booming stock market, narrowing credit spreads, and rising ISM manufacturing reports. All this is telling us that additional stimulus is unnecessary.

Economic blogger Scott Grannis says “recall the stimulus.” Prof. Russell Roberts of George Mason notes that only $36 billion of the stimulus has been spent through May, out of a total $787 billion. And USA Today reports that $209 billion in countercyclical automatic safety-net stabilizers — which is apart from the stimulus package — has already been spent on unemployment insurance, food stamps, Medicaid, and early Social Security retirements.

On the eve of recovery, with all this prior spending, why on Earth do we need more?

TAB SAID THE SAME THING EARLER TODAY AND THREE DAYS AGO.

REGULAR READERS KNOW THIS HAPPENS ALL THE TIME.

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