This might come across as glib, however under some basic analysis, it is far more sound than throwing money into the financial black hole of insolvent banks and attempting the stimulate the reckless consumption that got us in the mess to begin with. Why? America has not invested in new technology for a long time. If we are going to spend like mad, let’s get something for it! Let’s DO something. Let’s develop some stunning new technology and shock the world with our wizardry. Like the development of the internet and other advances resultant from military and NASA spending, it will pay long term dividends to all Americans. It will lay the foundation for long term American economic growth based on American technological supremacy.For those worried about the environment, I’m sure we’ll have to come up some new energy technology to make it out there and back. Regarding our slipping in math and science, I can imagine that the huge number of jobs generated by this initiative will lead to an adjustment of majors away from marketing and philosophy towards the hard sciences. The trickle down from this spending will be immense of long term benefit, and which is more, America needs it.The economic growth under George Bush was of fatty, consumption based sort that left America LESS competitive vis a vis our economic rivals. We built houses we could not afford, guzzled $4 cups of coffee and bought fairly worthless gizmos from China on borrowed money. This is not a virtuous economic cycle. It’s junk food growth. This Wednesday, on his first formal day as President, Barack Obama will convene his team of economic advisors to develop a plan to attack our paralyzed economy. Foremost among the problems they will discuss is the seizure of the credit markets and our broken banks. Putting aside the laudable principal that bankrupt institutions should be allowed to fail, we have “injected” hundreds of billions into our financial institutions so that they might once again lend. THIS HAS NOT WORKED. We’ve already largely spent $700 Billion dollars of money borrowed from China. We have assumed these real liabilities and bought phantasmagorical assets in return. In addition to encouraging this recklessness going forward, we are barreling down a road financial ruin. I am resigned that our government is going to drop us ever more deeply into debt for the moment, and we might need to prime the pump a bit, however we must NOT resign ourselves that this money should be squandered. Let’s go to Mars! It will be a stimulus plan that will keep on giving. At this time when America is under global pressure from every side, we need a new trick. We need some good old American ingenuity and boldness. This found fit the bill. GoAmericaGo!
