Obama Stimulus Package Pros and Cons

"The U.S. should consider drafting a second stimulus package focusing on infrastructure projects because the $787 billion approved in February was 'a bit too small'," according to respected economist and Obama advisor Laura Tyson, per Bloomberg News.

Other pragmatic Democrats, including Pennsylvania Governor Ed Rendell and and Sen. Sheldon Whitehouse (D-RI) believe likewise. Even moderate, level-headed House Majority Leader Steny Hoyer feels that "We need to be open to whether or not we need further action."

But does a second stimulus make sense when President Obama's first stimulus package obviously didn't stem unemployment or jumpstart the U.S. economy out of its doldrums, as promised?

Or was the first stimulus package inadequate for the task, as Nobel Laureate economist Paul Krugman when he warned the White House early this year that an at least $2 trillion.effective stimulus must be

Was Obama's stimulus package doomed to fail, a victim of political compromise in Obama's naive search for bipartisan support that ultimately yielded votes from no House Republicans and only three Senate Republicans?

Or are we being impatient, given that, due to Obama administration foot-dragging, far less than 10% of stimulus package funds have been spent?

Is the public will there for a second stimulus package? Will centrist Democrats, such as Senate Budget Chair Kent Conrad (D-ND), support a second bill after their tepid support for Obama's first stimulus package?

At my quick-reading Pros and Cons of Obama's Stimulus Package, I explain and simplify this complex issue for you.

And I attempt to answer the timely, burning questions, including "Would Congress really pass a viable second stimulus package in 2009 or 2010?"

One thing I know for sure: the 2012 fate of President Obama's political fortunes may rest on the success of his stimulus package to lift the economy for middle-class Americans.

As Labor Secretary Hilda Solis commented yesterday about the economy, "Nobody is happy, and the president and I feel very strongly that we have to do everything we can to create jobs."

Related Reading

• Profile of Sen. Sheldon Whitehouse of Rhode Island
• Profile of Sen. Kent Conrad of North Dakota

(Photo taken on April 13, 2009 as President Obama and Vice President Biden delivered remarks highlighting the transportation projects and infrastructure jobs created by Obama's economic stimulus plan, at the Department of Transportation in Washington, DC: Michael Reynolds/Getty Images)