Recession Is Kaput; Now for the 'Smart Economy'

By Drew Nelles,  Newser Staff
Posted Jul 26, 2009 4:23 PM CDT
Recession Is Kaput; Now for the 'Smart Economy'
A ChevronTexaco employee walks between solar panals at Solarmine, the first solar photovoltaic facility in California to help power oil field operations, on July 8, 2003 near Taft, Calif.   (Getty Images)

(Newser) – The Great Recession is cooling off, but Americans will feel the heat for a while—because recovery is tricky this time, Daniel Gross writes in Newsweek. Another economic bubble inflated by consumption would be a mere Band-Aid. That's why President Obama is trying to create a four-sided "smart economy" based on health care, broadband, infrastructure, and green energy. But gauging short-term success is difficult.

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The feds have pumped billions of dollars into much-needed alternative energy, admittedly not a quick unemployment fix (consider the staff size on a wind farm). Health reform will save money through negotiating power and efficiencies, but could cost $1 trillion over 10 years. So let's think long-term, Gross urges. "Declaring the stimulus a failure five months after its passage is a little like calling the results of a marathon at the second-mile marker."
(Read more recession stories.)

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