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Is the Stimulus Back from the Dead?
August 16, 2011
Like the vampires that have seemingly taken over pop culture, the misguided ideas behind government stimulus are proving hard to kill.
Having sucked the money out of taxpayers wallets,mulus the 2009 stimulus package was an undeniable flop. Despite the $787 billion package unemployment remains high, economic growth remains slow, and hiring continues to be slow.
That such a high-stakes gamble failed so spectacularly should have been the wooden stake in the heart of this money-draining idea. But, this is Washington, where lessons aren't just learned the hard way, they have to be learned repeatedly.
Word comes via the Washington Post that several of President Obama's allies are encouraging him to return to the stimulus trough. "More Democrats are saying it is time for him to scrap his more cautious, conciliatory approach ad advocate bolder programs that would generate jobs and economic growth," writes Karen Tumulty and Peter Wallsten in the Post.
In a bit of irony that seems lost on those in the Administration pushing for a new round of stimulus, the very thing preventing the President from pursuing a new stimulus package is the poor results of the last one. As former Clinton economic adviser Robert Shapiro told the Post, the White House may seem hesitant because new stimulus measures would "tacitly acknowledge that his first-term program didn't deliver the prosperity his economic team promised."
American taxpayers are already bled dry. Piling up future debts on the backs of the next generation to pay for more bad policy for this generation is a lose-lose situation for everyone. But I wouldn't put anything past this Admiistration. So hang up some garlic, gather your crucifixes, and tell Washington to bury this stimulus vampire once and for all.
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