Monday, January 26, 2009

The Stimulus package explained

Yuval Levin at NRO puts it in plain language:

Watching the Sunday political shows today was certainly discouraging. It is perfectly clear that essentially no economic thinking underlies the stimulus bill that will move through the House next week. It’s simply seen by the Democratic leadership as an opportunity to spend a lot of money on various causes they’ve wanted to support for years and to increase the reach of the government into the economy. They offer no sense of just how their solution relates to the problem our economy faces; no reason to think that they will ever pull back from the levels of spending and of intervention they now envision; and no excuses for even the most egregious examples of profligate waste in the plan.


At some point, and possibly soon, some significant chunk of the public will wake up to the essential recklessness of our government’s reaction to this financial crisis, and to the failure of technocratic expertise made evident by both the crisis itself and the response to it. The Democrats could turn out to be sorely mistaken in imagining that what we are seeing is making the public hungry for government management and manipulation of the economy. We might well enter a profoundly populist moment instead.

This really is like watching a train wreck in slow motion. Very slow motion. Are you feeling helpless? Well, this is what we get with a Democrat President and a Democrat Congress. This is the change America voted for. I don't think they are going to like it much in the end.