President Obama used his first prime-time news conference at the White House to assert that economists across he board support his fiscal stimulus plan. I wonder who is screening the news for the new leader of the free world. The Cato Institute recently published a letter signed by 200 economists who lambasted the legislation, to name just one example. And recent polls signal doubts among voters who are beginning to question the structure of the stimulus plan.
Mind you, most people are in favor of something big and important to get the United States out of the economic quagmire. But many people are wondering whether the President got it right. Congress is using the bill to stick in every pet project under the sun and slapping on a sticker with the word “stimulus.”
Our house on fire. But Speaker of the House Nancy Pelosi etal have seized the moment to add on rooms to our flame-engorged system. The timing is off. Now is the moment to put out the fire by framing a bill focused on the revival of the economic system. Anything else trivializes the undertaking.