...Of $157.8 billion "made available" under the stimulus, only $56.3 billion has been paid out — or 7% of the total $787 billion. And according to ex-Treasury Department economist Bruce Bartlett, "just 11% of the the discretionary spending on highways, mass transit, energy efficiency and other programs involving direct government purchases will have been spent by the end of this fiscal year."
Based on this, there are only two possible conclusions: One, the stimulus has been the most inept public waste of money in history. Or two, it was a cynical attempt by the Democrats to vastly expand the scope of government during a time of crisis. Or maybe it's both.
After all, how else could a government seize major parts of a once-private economy with nary a peep? How else could it boost spending to record levels, then blame earlier administrations for their fiscal incontinence? And how else could they add $10 trillion to the nation's debt in just 10 years and still claim fiscal prudence?... Full Editorial
Monday, July 6, 2009
IBD Declares Federal "Stimulus" a Failure
From Investors Business Daily: