Mr. Williams cites historical precedent in that the proposed 'stimulus' plan will in fact, have decidedly the opposite effect:
In 1929 came an economic downturn, most notably featured by the stock market collapse, after which came massive government intervention — you might call it the nation's first stimulus package.
President Hoover and Congress responded to what might have been a two- or three-year sharp downturn with many of the policies President Obama and Congress are urging today. They raised tariffs, propped up wage rates, bailed out farmers, banks and other businesses, and financed state relief efforts.
When Franklin Roosevelt came to office, he became even more interventionist than Hoover and presided over protracted depression where the economy didn't fully recover until 1946.
Never let a little thing like 'historical precedent' get in the way of a good spending orgy, right paT?
Not to be left out of the parade, Stephen Spruiell and Kevin Williamson of National Review Online chime in with their '50 De-Stimulating Facts'. Of note, a large chunk of your tax dollars appropriated to one of paT's favorite punching bags, the Army Corps of Engineers -
The problem with trying to spend $1 trillion quickly is that you end up wasting a lot of it. Take, for instance, the proposed $4.5 billion addition to the U.S. Army Corps of Engineers budget. Not only does this effectively double the Corps’ budget overnight, but it adds to the Corps’ $3.2 billion unobligated balance—money that has been appropriated, but that the Corps has not yet figured out how to spend. Keep in mind, this is an agency that is often criticized for wasting taxpayers’ money. “They cannot spend that money wisely,” says Steve Ellis of Taxpayers for Common Sense. “I don’t even think they can spend that much money unwisely.”
Folks, this bill is bad news for everyone remotely involved. If this is the first spending salvo from this, hopefully blessedly short administration, what's next?