Add another voice to those calling for a second stimulus.  According to Bloomberg, Obama adviser Laura Tyson is claiming that the $787 Billion stimulus package was “a bit too small,” and goes on to argue that we can afford another such package.

So, if it didn’t work once, let’s try it again.  Even though she acknowledges that the deficit is “likely to be worse” than 12% of the 2009 GDP, Tyson believes a second stimulus package is affordable.

She also brushes off fears voiced by China over the notion that the United States will rid itself of debt through massive inflation.  “The concern is that the U.S. will have to inflate away its debt. I do not think that is a valid concern.” 

Oh.  Ok.  Well, that ought to put China’s mind at ease, then.

When the first stimulus was passed, National Economic Council director Larry Summers claimed it would work “almost immediately.”  Joe Biden claims it’s already working.

Tyson’s estimation isn’t so rosy.  “The economy is worse than the forecast on which the stimulus program was based,” Tyson says, “We probably have already 2.5 million more job losses than anticipated.”

After such massive miscalculations in the first stimulus, after seeing the wasteful ways in which much of the money is being spent, are we really stupid enough to let these people do it all again?

-Robert Laurie