Spent (Update; Update II)

It's been a hell of a week, hence no posting. Maybe this weekend.

The president gave a speech. He's good at that. I haven't had the energy to go through the whole text -- I missed the speech itself, being in transit while he was talking -- but from what I've seen of excerpts, he's getting ready to continue the assault on Social Security, screw up Medicare and Medicaid, and in general -- well, given his record so far, I'm not expecting much. The "details" are to come out next week -- probably Friday night about six o'clock.

I'm going to the Zoo.

Update: Krugman likes it. Sort of. With some of my same reservations.

It calls for about $200 billion in new spending — much of it on things we need in any case, like school repair, transportation networks, and avoiding teacher layoffs — and $240 billion in tax cuts. That may sound like a lot, but it actually isn’t. The lingering effects of the housing bust and the overhang of household debt from the bubble years are creating a roughly $1 trillion per year hole in the U.S. economy, and this plan — which wouldn’t deliver all its benefits in the first year — would fill only part of that hole. And it’s unclear, in particular, how effective the tax cuts would be at boosting spending.

Still, the plan would be a lot better than nothing, and some of its measures, which are specifically aimed at providing incentives for hiring, might produce relatively a large employment bang for the buck. As I said, it’s much bolder and better than I expected. President Obama’s hair may not be on fire, but it’s definitely smoking; clearly and gratifyingly, he does grasp how desperate the jobs situation is.

But his plan isn’t likely to become law, thanks to Republican opposition. And it’s worth noting just how much that opposition has hardened over time, even as the plight of the unemployed has worsened.

I don't think Obama is going to be twisting arms on this -- he doesn't have the stomach for it, from all indications.

And, cynic that I am, I don't think this is motivated by the "plight of the unemployed." I think it's motivated by the 2012 election.

Update II:

Here's the White House's fact sheet on the plan. Pity none of it will get through Congress.

Here's Barney Frank on the prospects: