. . . The real problem with the stimulus bill is not that it is too big (although it is too big) nor its various objectionable ingredients (although many are objectionable), but rather that it is based on a false economic theory.Please read the whole thing.
"The American people…did not vote for the false theories of the past," Obama assured his listeners Thursday. Yet the "economic recovery plan" pushed by Pelosi and other Democrats is nothing but Keynesian theory in postmodern drag, elegantly costumed by the Orator-in-Chief with a lot of glittering generalities about "modernizing our health care system…21st century classrooms…and end[ing] the tyranny of oil in our time."
This plan is not a Change We Can Believe In and, as I wrote two months ago, before Obama was inaugurated, it won't work. . . .
UPDATE: Glenn Reynolds: "They won't tell you what they're doing with the money you already gave them until they make sure Congress is giving them still more." As a freelance writer, I've got the envy the rate paid by the U.S. taxapyer: $1 billion per page. (Via Memeorandum.)
Nowadays, everybody's saying "it won't work," and here's a video of Peter Schiff saying it: UPDATE II: Ron Paul says it's "unfortunate that three Republicans caved in" to support the stimulus in the Senate. UPDATE III: In honor of Sens. Specter, Snowe and Collins, Michelle Malkin dubs it the "Sellout Amendment."
UPDATE IV: Via Hot Air, here's new RNC chairman Michael Steele on the stimulus: UPDATE V: One economist calls the bill "a seismic shift in the role of government in our society." Via Donald Douglas, who has more reflections on the big-government aspect of the Mother Of All Boondoggles.
UPDATE VI: Stephen Gordon links at The Next Right.
UPDATE VII: Jennifer Rubin: "Yeah, but the Senate moderates are cheap dates, so they fell for it."
UPDATE VIII: Linked by Vocal Minority.