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The fiscal stimulus plan is not yet signed into law and already economic coverage is moving on. ABC's David Muir (no link) previewed the next "dizzying and daunting amount of federal spending" including loans to the automobile industry and intervention in the housing market. By week's end, Muir predicted, President Barack Obama will have committed the government to spending $1tr. CBS' Chip Reid called it a "staggering array of tough decisions on the economy." NBC's Chuck Todd predicted that Obama's plan to spend between $50bn and $70bn to prevent evictions after home mortgage foreclosures will be "detail heavy…in contrast to the vagueness of the bank bailout plan" last week from Treasury Secretary Timothy Geithner.
For ABC's A Closer Look, Betsy Stark filed an economics explainer on the so-called multiplier effect: how one worker's layoff has a ripple effect of contraction throughout the economy. The only silver lining she could think of was that the multiplier "should also kick in when businesses start hiring again. So what is true on the way down should be true on the way up."
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