Yes, there are still some very legitimate issues with a bill that's supposed to be "temporary" and "targeted"—among them, large increases in permanent entitlement spending, and a paucity of tax cuts that will prompt immediate spending. Even so, Obama has allowed Congress to grow embroiled in nitpicking over efficiency when the central debate should be about whether the package is big enough. When you are dealing with a stimulus of this size, there are going to be wasteful expenditures and boondoggles. There's no way anyone can spend $800 to $900 billion quickly without waste and boondoggles.
That is exactly the point when politicians are involved and that is also one of the reasons this should not be done quickly! If they can not act like adults in an emergency (Obama keeps saying that this is one) than in this case it is more prudent to do nothing than do way too much of the wrong thing. The country has been in recessions before (anyone shouting that this is the worst since the Great Depression does not remember the early 80s so well) and if left alone will work its self out of this one. What it does not need is a bunch of politicians using this as an excuse to turn this "crises" into a feeding frenzy, which is exactly what they are doing that will result in an excess of wasteful spending that the country will be paying for for years to come.
Thursday, February 5, 2009
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