Wednesday, January 28, 2009

WSJ: Beam me up, Scottie! This stimulus sucks!

The Wall Street Journal is on the warpath today against the non-stimulus stimulus bill. The article lists a litany of spending that appear to have absolutely nothing to do with stimulating economic activity. Scratch that. It's not that it doesn't 'appear to,' it's that it simply does not. In any case, read the whole thing, but here's the wrap up of that article that should make the hair on the back of your neck stand straight up:

The larger fiscal issue here is whether this spending bonanza will become part of the annual "budget baseline" that Congress uses as the new floor when calculating how much to increase spending the following year, and into the future. Democrats insist that it will not. But it's hard -- no, impossible -- to believe that Congress will cut spending next year on any of these programs from their new, higher levels. The likelihood is that this allegedly emergency spending will become a permanent addition to federal outlays -- increasing pressure for tax increases in the bargain. Any Blue Dog Democrat who votes for this ought to turn in his "deficit hawk" credentials.

This is supposed to be a new era of bipartisanship, but this bill was written based on the wish list of every living -- or dead -- Democratic interest group. As Speaker Nancy Pelosi put it, "We won the election. We wrote the bill." So they did. Republicans should let them take all of the credit.


Yikes!