The media and the politicians are telling us that everyone knows we need to spend $1 trillion dollars as stimulus to the economy. Our uninquisitive media never seems to ask for proof and never seeks out other opinions. Such bravery on the part of the media, our watchdogs of democracy!
Maybe someone can explain to me why, if deficit spending is such a great stimulus, we aren’t in an economic boom right now? Our government has spent a staggering amount of money over the last 8 years. Government spending is up to almost 37% of GDP. And that’s only at the federal level and without the stimulus package.
The Congressional Budget Office recently reported that the current stimulus proposal wouldn’t do a whole lot. Someone (I don’t recall who) asked the question how one bridge to nowhere could be an embarrassment but a thousand bridges to nowhere could be stimulus.
Here are a couple related data points to chew on. That’s 12 zeros in the package, by the way.
Stimulus Package: $1,000,000,000,000
Number of 2007 Individual Tax Returns: 127,959,000
Claimed Number of Jobs Created: 4,000,000
Cost per Tax Payer*: $7,815
Cost per Job Created*: $250,000
*Does not include interest payments on the borrowed money.
UPDATE: You can read the entire pork-laden monstrosity at ReadTheStimulus.org.