At Commentary, Jennifer Rubin writes:
Democrats are in a bit of a jam on the stimulus, as many reporters have noticed: “Democrats are all over the map on the stimulus and the possibility of a sequel, and it’s not hard to see why: When it comes to a second stimulus, they may be damned if they do and damned if they don’t.” But there is nothing they would have done differently, right? That phrase may prove to be this administration’s “Mission Accomplished” banner.
The current excuse — that somehow the administration didn’t understand how severe the crisis was — isn’t going over so well. In fact, it’s so easily disproved by rolling back the tapes of all the gloom-and-doom talk that permeated the president’s remarks in the early days of his term, that his critics are having a field day. House Minority Leader John Boehner, for example, isn’t buying any excuses:
I found it … interesting over the last couple of days to hear Vice President Biden and the president mention the fact that they didn’t realize how difficult an economic circumstance we were in. . . Now this is the greatest fabrication I have seen since I’ve been in Congress. I’ve sat in meetings in the White House with the vice president and the president. There’s not one person that sat in those rooms that didn’t understand how serious our economic crisis was.
Well he does have a point; the president kept calling it the worst economic crisis since the Great Depression.
The simple truth is the stimulus was ill-conceived and poorly executed. Sooner or later, the president and his advisers will need to acknowledge that deferring to Nancy Pelosi to devise a grab-bag of goodies for liberal interest groups wasn’t smart politics or smart policy.
Naturally, since the first attempt failed so predictably, Paul Krugman wants a bigger, faster, stronger, more powerful and (of course) more expensive stimulus.
Update: Roger L. Simon adds, “Media lemmings jumping? Reporters have 401Ks too.”










Why Spending Stimulus Plans Fail
The money isn’t free. It is taken from the people who plan and invest in productive organizations. This destroys jobs and lowers income. The money is then given to government agencies who increase budgets or fix potholes. This is a form of government consumption. Investment is turned into consumption, and job expansion is killed.
A Tested Stimulus Plan
The economic crisis is the result of a giant six year stimulus provided by housing loans. As you can tell, it worked for a while and ended in disaster. What will the current so called stimulus plans produce when the money runs out? We know the answer: an economy like the current one, but somewhat worse.
Stimulus Does Not Cure a Recession
Jobs change when people change what they want to buy or can afford. It is possible to keep people at their money-losing jobs for a bit longer, only by wasting the savings that should be financing a real recovery.