I don't disagree with either SteveZ or GMoney on the need to fix some of the problems that underly our economic difficulties. But if we go back to the Econ 101 sequence that was discussed earlier, fixing those problems before injecting the stimulus to start the consumption-demand-jobs sequence seems like it will take too long. How long will it take to fix our immigration problem? Could we quickly agree upon and implement a new trade policy? How long will it take to re-form banking regulations to prevent future recurrences of what we've experienced recently?

All of those issues are important, but they will take years to change. What happens to our economy in the meantime? Economists are saying that unemployment will reach well into two digits by the middle of 2009. Even now, we have enough people unemployed to populate a city the size of metropolitan Chicago. Regardless of the risks of inefficiency, doesn't it appear that the large economic stimulus is needed in the next few months, not several years from now? Even without the stimulus, economists are describing our current situation as the worst recession since WWII. Isn't the stimulus to re-start our economic engine needed now?

If there was anything encouraging coming from President-elect Obama today it was his statement that he didn't presume that his ideas or those of his economic team were the only ways to stimulate the economy. He openly invited those that thought they had better ideas to bring them forth, and if they were better than what was being planned they'd be adopted.

The Obama first term hasn't even begun yet, but he seems to be conducting himself in a way to achieve true consensus--to level far beyond just the simple majority needed to win a Congressional vote. I still have enough cynicism left over from the last 10-15 years of polarized politics not to get my expectations too high in this regard. I sure hope I'm not wrong in feeling just the beginnings of enthusiasm for what appears to be a new style of political leadership. Now if the rest of the old-style gang in the Congress will change their ways, maybe we can not only solve our economic problems, but some of our other domestic and foreign policy problems that have been growing in recent years.