Stimulus delayed is just government spending

To paraphrase Jim Lowell: Washington, we have a problem.

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With the economy floundering in January 2009, many people are following Keynesian model asking the government to spend money to jump start the economy. The $700 billion TARP plan didn’t work, so President Obama has been pushing for a new plan during his transition.

His Democratic cohorts in Congress have put together a plan: $825 billion more.

But there is a snag: it seems most of the money, the portion designed for infrastructure improvement, will not take effect for years. YEARS.
According to the Associated Press, the Congressional Budget Office has issued a non-partisan report:

Less than half of the $30 billion in highway construction funds detailed by House Democrats would be released into the economy over the next four years, concludes the analysis by the Congressional Budget Office. Less than $4 billion in highway construction money would reach the economy by September 2010.

Overall, only $26 billion out of $274 billion in infrastructure spending would be delivered into the economy by the Sept. 30 end of the budget year, just 7 percent. Just one in seven dollars of a huge $18.5 billion investment in energy efficiency and renewable energy programs would be spent within a year and a half.

Most economists expect the economy to rebound in the latter half of 2009. So that means 93% of the money will be “stimulating” an economy already turning around on its own.

Now, the other $550 billion in tax cuts and assistance to states is not included in the CBO report. Those funds will have a more direct effect this year.

However, liberals should really learn from this: they cannot spend their way out of a recession. The best way to create a greater supply of money in the economy is to take less of it out of our paychecks: cut taxes and the economy can rebound.

About Jim Johnson

Editor and publisher of The State of Sunshine.
This entry was posted in Congress, Economy, Misc. Issues, National. Bookmark the permalink.

One Response to Stimulus delayed is just government spending

  1. Jim, this post reads like an audition for David Brooks’ NY Times column. I look forward to your post on Red Lobster.

    Side note: the bailout is not a stimulus. The stimulus was to keep lending institutions from going under. Stimulus is $200 million for new sod for the National Mall. David Brooks wouldn’t have made that factual error.

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