Parallel Universes

clipped from www.qando.net While the President-elect trots out his New New Deal, which smacks more of Soviet style planning than free market recovery, Communist China is taking an alternate course: CHINA may soon cut business tax as part of its efforts to prop up the slowing economy amid the global financial crisis, state media reported on Tuesday. As for the great public works that Obama plans, even his new budget chief knows it isn't going to do what Obama thinks it will do. When Peter Orszag ran the Congressional Budget Office, he had this to say about Obama-like programs: "Practically speaking, however, public works involve long start-up lags. Large-scale construction projects of any type require years of planning and preparation. Even those that are "on the shelf" generally cannot be undertaken quickly enough to provide timely stimulus to the economy.