my prediction is even scarier; that the economy will recover very well, and he will get the credit for it. and then, the socialist legislation will follow.
The economy won't recover with his plan. Nothing in it will stimulate the economy, and it hasn't every other time it's been tried. The Great Depression got deeper after 4 years of FDR than it was in 1929, or even 1932, even though Hoover bungled it horribly. If his plan would have stimulated the economy, the first bailout would have been successful.
My feeling is that he'll lay out 1 trillion dollars and get very little, if any, bounce out of it. At that point, those who DO produce will see the writing on the wall and the economy will tank worse. O is already on the the path to a one-term presidency (which is too bad, because should the "first black president" be an abject failure, when will there be a second one?), and a GOP controlled Congress for half of that.