While the Obama administration has been slow to disburse money from the $787 billion stimulus package, France is diving into its program.
So far, the United States has spent only 10 percent of its stimulus kitty, The Wall Street Journal reported.
While France plans to spend 75 percent of its $37 billion stimulus package this year, the White House doesn’t expect to dole out that large a portion until fall 2010, The New York Times reported.
And many experts doubt that objective will be reached.
It’s ironic that France, a nation known for being slow to adopt efficient economic policy, is charging ahead of the United States, which is famous for its economic flexibility.
“All projects must start in 2009,” Patrick Devedjian, France’s minister in charge of stimulus, told The Times. “We want rapid results.”
He is scornful of the way the United States is spending its stimulus money.
“America is six months behind. It has wasted a lot of time,” Devedjian said.
By the time the United States has actually spent most of its stimulus money, “the crisis could be over,” he said.
Some experts say the United States needs another stimulus package to get the economy moving.
“A second stimulus should be the one they should have done the first time, something that is relatively fast and thoughtful," Phillip Swagel, a Georgetown University business school professor, told The Wall Street Journal.
Nobel laureate economist Paul Krugman wrote in The New York Times that “President Obama and his officials need to ramp up their efforts.”
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