Dallas-based Reason scribe Jacob Sullum has the most depressing postings I’ve read since…ever?
Biden: We’re Spending As Fast As We Can
It turns out the federal government is not even efficient at wasting our money. The New York Times reports that less than 6 percent of the $787 billion stimulus package approved by Congress in February has been spent so far. The Obama administration has said it wants to spend 70 percent by the summer of 2010, so it will have to pick up the pace. Not to worry, says Vice President Biden:
I think that what you’re going to see happen here is the velocity of this will increase not just arithmetically, but geometrically here. At least, we’ve got to make that happen.
They’d better hurry, before the economy recovers on its own. Both Federal Reserve Chairman Ben Bernanke and Christina Romer, chairwoman of the president’s Council of Economic Advisers, say it looks like the recession will end later this year.
“I think that what you’re going to see happen here is the velocity of this will increase not just arithmetically, but geometrically here.”
We should hope not. This is a recipe for hyperinflation.
“geometrically” What does he mean by this. I’ve heard of exponentially and I can see the arithmetically, but geometrically? It doesn’t compute for me. In geometry you have some geometric sequences, but that still doesn’t seem to apply, or am I being to literal. :unsure: