Wednesday, February 11, 2009

800 Billion Reasons to Be Worried

From Reason:

How bad is the stimulus bill just passed by the Senate? Well, at least as bad as the one passed last week by the House of Representatives, but probably not as bad as the final bill that will land on President Barack Obama's desk, possibly as soon as the end of this week.

Don't take my word for it. In a report to Sen. Judd Gregg (R-N.H.), the nonpartisan Congressional Budget Office (CBO) laid out in plain English—well, economic language—that the Senate bill would eventually cause not a stimulus but a recession in "the longer run." 

Full story.

This bill isn't so much a stimulus as a crapload of pork projects designed to reward Democrat constituencies.  Worse, it encourages people to invest in government backed securites (i.e. bonds) rather than investing in private companies, which are where jobs are actually created.

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