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Friday, February 06, 2009

Spending Bill Summary

QandO summarizes in tabular form the currently proposed spending bill. At best, one could argue that $200 billion is "stimulus," but most honest economists would describe even that as wealth transfers/rebate checks rather than tax cuts.

Obama's argument that this needs to be passed for the "sake of the economy" is nonsensical. He also claims that "America spoke" and rejected the tax cut ideas when they voted in November. Hello, Mr. President?? Didn't you campaign on "tax cuts?" We know you never meant it, but those were the words you chose.