Massive changes are planned by the Administration.
Huge bailout bill was just passed, and then Obama presents a budget with another 8% increase in the budget over just 6 months, or 16% increase in government spending per year.
While understated, Brook's New York Times article hit the nail on the head: this immodesty is making changes too quickly.
Sunday, February 22, 2009
President Obama announced his intention to cut the deficit in half by the end of his four-year term. Of course, given the significant increase in the deficit this year an next, that only means getting back to a deficit of $600B/year. And with a decreasing GDP, this is an even larger percentage of GDP than it would have been in 2007.