A failure of happy talk

A third stimulus plan appears to be in the works:

Commerce Secretary Gary Locke was “imprecise” when he said President Barack Obama’s advisers are considering a second stimulus measure, his spokesman said today. Locke, in an interview with Bloomberg Television, said: “If there is to be another stimulus — and that’s being hotly discussed and very seriously considered within the administration as well as members of Congress — it needs to be very targeted, very specific and we need to be very mindful of the deficit as well.”

It’s amazing how quickly they forget the $145 billion Bush stimulus plan of 2008. And, of course, the mere fact that more stimulus is being discussed despite the loud trumpeting of the “recovery” indicates that it is employment that is the true measure of economic growth rather than GDP.