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« Legislative Watch | Main | UFCW »

He's Here to Stimulate You

It's like that old Saturday Night Live sketch making fun of Collyfornia's current governor, "Hans and Franz." He's Barack Obama, and he's here to stimulate...you!

Never mind that the CEO of Caterpillar doesn't think he'll be stimulated for some time to come.

According to the Wall Street Journal, the compromise bill is, as is often the case with Washington compromises, worse than either bill that went in:

The latest version of the economic-stimulus package is expected to provide less near-term support for the economy and make it less likely that the economy will pull itself out of recession before late this year.

The $789.5 billion deal, reached by House and Senate negotiators Wednesday, indicates the Obama administration was willing to reduce its goal of creating or saving four million jobs. The new plan pares some aid to state and local governments that was aimed at preventing job cuts and reduces tax breaks for workers that were intended to spur quick spending.

Reducing the payroll-tax cut for workers by about 20% -- to $400 per individual or $800 per family -- also diminishes another element that was expected to help the economy in the first half of this year.

Of course, we'll have to take Mr. Reddy's word for it, since the Democrats have already gone back on their promise to make the bill public and available online before they vote on it.

With each iteration, it becomes clearer that this isn't a "stimulus" bill in any meaningful sense, even if such a bill were possible in any meaningful sense. Larger and larger portions of the spending take place in the out years, where they have no stimulative effect. They do, however, manage to achieve through spending many of the Democrats' fondest wishes without serious debate or scrutiny.

Remember that this Big Blue Boulder of a Bill is only possible because our filibuster depends on Arlen Specter, Susan Collins, and Olympia Snowe. And that's only because of the sterling representation of Liddy Dole, Ted Stevens, and John Sununu.

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  booklist

Power, Faith, and Fantasy


Six Days of War


An Army of Davids


Learning to Read Midrash


Size Matters


Deals From Hell


A War Like No Other


Winning


A Civil War


Supreme Command


The (Mis)Behavior of Markets


The Wisdom of Crowds


Inventing Money


When Genius Failed


Blink: The Power of Thinking Without Thinking


Back in Action : An American Soldier's Story of Courage, Faith and Fortitude


How Would You Move Mt. Fuji?


Good to Great


Built to Last


Financial Fine Print


The Day the Universe Changed


Blog


The Multiple Identities of the Middle-East


The Case for Democracy


A Better War: The Unexamined Victories and Final Tragedy of America's Last Years in Vietnam


The Italians


Zakhor: Jewish History and Jewish Memory


Beyond the Verse: Talmudic Readings and Lectures


Reading Levinas/Reading Talmud