New Stimulus, Same as the Old Stimulus?

I haven’t gone through President Obama’s proposed jobs bill in any detail and don’t intend to, but, based on this summary from this Economist story today, it sure looks a lot like the stimulus that was enacted a couple of years ago that, like the homebuyer tax credit and “cash for clunkers”, just delayed the inevitable result.

Bailing out state governments, extending jobless benefits, etc. all seem to presume that, somehow, the U.S. economy is going to return to its pre-2008 growth track and that all we need to do is give it a little help along the way. With each passing month, that seems more unlikely and it might be a good idea to begin adjusting to a more sustainable economy (i.e., one less dependent on credit, finance, and rising asset prices) sooner rather than later.