The original stimulus package, passed by the House, was huge-do you know that a trillion dollars is a million times a million dollars-yet the spending was so scattered and unfocused that it seemed unlikely to be effective anywhere. It didn't target areas of particular need. It didn't target areas with high concentrations of unemployment. It didn't focus on the housing problem. It didn't focus on "shovel ready" infrastructure projects. Huge and expensive as it was in the aggregate, it was too scattered and unfocused to be effective. They were trying to kill a wild hog with a shotgun. ...
Over the week-end, they put a little lipstick on the hog, but not enough. As they say, you can put lipstick on a hog, but it's still a hog.
Tuesday, February 10, 2009
NCPA's economist McTeer makes sensible comments about the stimulus package: