Last time I looked at a proposal to spend $50 billion on infrastructure to stimulate the economy, I thought it was a great idea. This time, I think it’s scarcely worth the bother. Why have I changed my mind?
Last time was in February 2009, and the proposal was made by the Rudd government for Australia (population 20 million, GDP (about) 1 trillion, stimulus about 5 per cent of GDP).
This time, its the Obama administration in the US (population 300 million, GDP (about) 15 trillion, stimulus about 0.3 per cent of GDP).