From The Wall Street Journal:

SHANGHAI – China’s government announced a two-year stimulus exceeding a half-trillion dollars to offset the impact of slowing global growth and unlock the spending power of its vast population.

Premier Wen Jiabao’s cabinet set plans for 4 trillion yuan, or $586 billion, in spending and stimulus measures through the end of 2010 aimed specifically to target people’s livelihood, the official Xinhua News Agency said Sunday night.

It was unclear how much the plan, which will target 10 areas from rural infrastructure to low-cost housing, represents new spending and how quickly it can stimulate domestic demand.

The government also will adopt an "active" fiscal policy — meaning it will spend money and cut taxes — while the central bank will set a "moderately easy" tone that appears to signal further interest rate cuts and efforts to make banks boost lending, Xinhua said.

China’s economy grew at the slowest rate in five years in the third quarter, slipping to 9% from the year before.

 The point: China’s economy slipped do a growth rate of "only" 9 percent–and the government has acted with a massive stimulus plan.

 So, why are we arguing over a $100 billion stimulus? Absurd.