President-elect Barack Obama is calling for swift action on a new plan to stimulate the economy. We hope that does not result in a bad case of "here we go again" for Americans.
Obama will not take office for nearly two months. He already has several key economic advisers in place and has begun considering initiatives to create new jobs.
In fairness to him, it needs to be noted that Obama is just beginning to put flesh on the bare bones of an economic stimulus program. Some of his decisions - to avoid even a targeted tax increase, for example - are praiseworthy.
But liberal leaders in Congress already have begun planning a new government spending spree. Some hint that it may dwarf the $700 billion "bailout" program - actually closer to $850 billion - approved this fall.
Recently, Obama called for swift action on the economy. "We do not have a minute to waste," he told reporters, adding that his plan is "going to be costly."
The various "bailout" programs approved by Congress this year probably will cost more than $1 trillion. With hundreds of billions of dollars already spent, it has become clear that serious mistakes are being made. Congress was stampeded into approving the money.
That should not be allowed to happen again. We agree with Obama that decisive, swift action is needed - but not at the cost of putting Americans even more in debt, without addressing the economy's core problems.