They call it “stimulus” legislation, but the economic measures racing through Congress would devote tens of billions of dollars to causes that have little to do with jolting the country out of recession.
Yes, there are many billions of dollars in “ready-to-go” job-creating projects in President Barack Obama’s economic stimulus bill. But there are also plenty of items that are just unfinished business for Congress’ old bulls.
According to Congressional Budget Office estimates, a mere $26 billion of the House stimulus bill’s $355 billion in new spending would actually be spent in the current fiscal year, and just $110 billion would be spent by the end of 2010. This is highly embarrassing given that Congress’s justification for passing this bill so urgently is to help the economy right now, if not sooner.