It wasn't supposed to be like this.
Unfortunately for the Dems, it is like this.
David Brooks just wrote one of the most thoughtful criticisms of the "pork bill" approved by the House Democrats:
"First, the stimulus should be timely. The money should go out “almost immediately.”
Second, it should be targeted. It should help low- and middle-income people.
Third, it should be temporary.
Stimulus measures should not raise the deficits “beyond a short horizon of a year or at most two.” (Cleaner and Faster )
As Mr. Brooks, points out there is nothing timely, targeted or temporary about this "pork bill". And the deficits will be very high relative to GDP for years to come!
Again, back to Mr. Brooks:
"In a fateful decision, Democratic leaders merged the temporary stimulus measure with their permanent domestic agenda — including big increases for Pell Grants, alternative energy subsidies and health and entitlement spending.
The resulting package is part temporary and part permanent, part timely and part untimely, part targeted and part untargeted.
It’s easy to see why Democrats decided to do this.
They could rush through permanent policies they believe in.
Plus, they could pay for them with borrowed money.
By putting a little of everything in the stimulus package, they avoid the pay-as-you-go rules that might otherwise apply to recurring costs."
Arrogant. Stupid. Tone deaf.
I don't know.
However, I do know that it won't fly.
Larry Kudlow is the host of CNBC’s The Kudlow Report and author of the daily web blog, Kudlow’s Money Politic$.
Mr. Kudlow does not like it either:
"GOP economist Martin Feldstein revoked his prior support of a stimulus plan in Wednesday’s Washington Post.
“In its current form,” Feldstein wrote, “[the plan] does too little to raise national spending and employment.
It would be better for the Senate to delay legislation for a month, or even two, if that’s what it takes to produce a much better bill.
We can not afford this because there are huge "items pending", from the auto industry bailout, to states running out cash and banks that may need to recapitalized.
I don't know what this package will look like in a few days. However, I do know that the public is catching up with its contents.
And the public doesn't like what is in this bill!
