Opposition to the Obama stimulus

Barack Obama's economic stimulus package has now passed both houses of Congress across the Atlantic.

The US governement is to pump $825 into the economy which includes

about $275 billion in tax cuts, including a credit worth $500 dollars for each worker and $1,000 for couples. But most of the package concentrates on new infrastructure spending, including over $60 billion for new power grids and to government buildings energy efficient.

(Source Telegraph)

However not everyone is happy with it including 200 top economists who placed a full page and to mad in the New York Times(Ht-Three Line whip)

They argue that government spending did not pull America out of the 1930's recession and to improve the economic performance the Obama administration

should focus on reforms that remove impediments to work,savings,investments and production

Not quite perhaps on the scale of the famous letter to the Times during the 1980's Thatcher restructuring but nevertheless this is a opposite view to the current interventionist economic policies