Drumbeat begins for more stimulus

The stimulus money hasn’t even been spent, but we’re already hearing calls for more:

The stunning pace of job losses raises the possibility that, perhaps as early as this summer, one in 10 Americans will be out of a job even though they are actively looking for work. It also means that the government faces even more pressure to take further action to stabilize the economy and the financial system.

President Obama, speaking in Columbus, Ohio, to police cadets whose jobs were saved with money from the $787 billion stimulus package, called the new unemployment figures “astounding.”

“We have a responsibility to act,” he said, “and that’s what I intend to do.”

The problem is that, as the history of the Great Depression should teach us, government intervention will only make this drag on much longer.

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