Wednesday, February 18, 2009

Most humbly, a prediction

First, check out today's headlines from CNS news--

Obama’s Stimulus Will Cause 'Lower Wages' for American Workers, Says Congressional Budget Office

Only 23 Percent of Stimulus Will be Spent This Fiscal Year, Congressional Budget Office Finds

Now, to me this bailout doesn't sound like very sound policy for relief that will be noticeable any time soon. It seems that the more effective help will more likely come from (a) last year's bailout distribution for financial institutions and (b) separate bills now being targeted at financers and troubled home owners. So, what, aside from the tax cuts, is the stimulus package for?

My guess: the ambiguity and corruption in that bill signed Tuesday during Mr. Obama's junket to Denver will cause much of the funding to be tied up in litigation and subject to criminal probes for a decade. (Hopefully) some of the folks who stand to gain the most and who voted for it will lose their offices as a result.

Here's a link to the Congressional Budget Office report: CBO analysis.

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