January 29, 2009

Necessary Name Changing

What to do when your "Stimulus" package is revealed to contain precious little economic stimulus?

Rename it the "Recovery" package. (Because of the hope)

Ahhh....spending a trillion dollars we don't have feels so much better now.

UPDATE: Whatever you call it, Ben Stein says it's "A Bleak Day". And it's not even Ben Stein's money. Catch this rather astounding assertion by Stein...

Only ten per cent of the "stimulus" to be spent on 2009.

Close to half goes to entities that sponsor or employ or both members of the Service Employees International Union, federal, state, and municipal employee unions, or other Democrat-controlled unions.

Coupled with the depressing scene shaping up on EFCA front, this is Big Labor's payoff. Rent-seeking is what it's called. Feather-bedding. It's appalling and irresponsible. Will the Democrats continue to lament the influence of "special interests" with a straight face?

And Ed Morrissey says the "Buy American" provisions in both the House and Senate versions of the bill could be devastating. It represents a full frontal attack on global free trade by these self-styled progressives. Do they believe protectionism won't be answered with protectionism? Good post on "Buy American" by Stephen Spruiell.

Larry Kudlow - Support dropping, Obama regrouping. The message is "what's the hurry?"

GOP economist Martin Feldstein revoked his prior support of a stimulus plan in this morning’s Washington Post. “In its current form,” Feldstein wrote, “[the plan] does too little to raise national spending and employment. It would be better for the Senate to delay legislation for a month, or even two, if that’s what it takes to produce a much better bill. We cannot afford an $800 billion mistake.”

Clinton economic adviser Alice Rivlin made the same point yesterday in testimony for the House Budget Committee. Her message: Divide up the package and slow down the process.

Posted by dan at January 29, 2009 2:27 PM