Wednesday, January 28, 2009

'Stimulus' priorities

Peter Ferrara examines the grab bag of goodies in the proposed "stimulus" bill:
For example, the "stimulus" package includes $50 million for the National Endowment of the Arts to help "the arts community throughout the United States." Wouldn't want our economy to get behind in the international arts competition. The government is going to borrow $50 million out of the private economy to spend on this, which will result in a net loss of economic output rather than a net gain.
Another $2.1 billion is for Head Start, another program not previously known for stimulating the economy. A further $2 billion is to be spent on Child Care Development Block Grants, which provide day care. We are going to revive economic growth through the federal government spending billions on babysitting, rather than tax cuts for capital investment. A similar initiative involves $120 million to finance part-time work for seniors in community service agencies.
Then there is $500 million to speed the processing of applications for Social Security disability claims. This has already created one net new job in the employment of a person within the Obama Administration assigned to figure out what this has to do with stimulating the economy.
Arts, babysitting, disability claims -- yes, these are the key industry sectors for reviving the economy!

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