Tuesday, July 07, 2009

More Stimulus?

Unbelievable as it sounds, members of Congress are pleading for another deficit-busting stimulus bill.

Apparently they are worried because the ill-designed first $787B bill didn't work. Much of the spending went to transfer payment programs, some went to temporary road-building jobs, and much is planned for out-years.

There were critics of the bill which warned of this result, but Congress passed it so fast there literally was not enough time from the bill's being written, and then voted on, for any one of them to have actually read the bill.

Meanwhile, last week's unemployment rate went to 9.6%. Far higher than the 8% this administration assumed when it pushed for the stimulus bill.

A common definition of insanity is doing the same thing again, but expecting different results. That's where we seem to be with our economy, unemployment and stimulus bills.

Perhaps, if anything were to be done, it would be to shift existing, unspent so-called stimulus funds to direct income tax rebates, in advance.

At least doing this would insure that the money is spent now, by consumers, rather than politicians.

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