When it comes to their pocketbooks, “most people have been hurting for quite a while,” writes David Sirota for In These Times' online edition. Yet, it’s only recently that Washington’s line has switched from “Nothing to see here. The economy is fabulous. Move along,” to one more reminiscent of the shrieking at a 1964 Beatles concert.
“Stimulus” has become the Beltway buzzword of the new year, and earlier this month a $168 billion spending package steamrolled through Congress at breakneck speed to land on Bush’s desk this week. The reason for the sudden reversal? The downturn has started preying higher on the economic food chain:
Before, it was just commoners complaining—regular homeowners, wage earners, troops coming home from Iraq, you know, the 99 percent of us who can’t afford the thousand-dollar-a-plate political fundraisers. But now Wall Street is panicking.
For bonus reading, scroll through the number of thoughtful comments that follow Sirota’s article.