THE WORLD BANK STIMULUS.

It's good news that the World Bank is going to offer $55 billion in infrastructure stimulus to developing nations. But maybe it's testament to the times that that number seems pretty low to me: $55 billion just isn't much money given the scale of the problem. And this is a bigger issue for developing nations. A couple years of output gap in America means a couple years of pretty unpleasant outcomes. A couple years of output gap in a developing nation means real misery, and a backslide that many families will not recover from.

Advertisement