• The bulk of the spending comes not right away when the economy needs a boost, but in future years. This is typical. Legislative attempts to rescue the economy have been late in the last eight recessions going back to October 1949, when Congress passed an anti-recession bill just as the country was emerging from a 12-month downturn.
• By releasing $800 billion in new welfare spending over the next decade and undermining current work requirements, it will largely undo the successful 1996 welfare reform. Once again, Washington will be paying bonuses to states that expand their welfare rolls. In what world is increasing dependency on government a stimulus for the private economy?
• States that have spent recklessly for years will get bailouts when they should instead suffer the consequences of their actions. The compromise bill includes $54 billion to hand out to state and local governments, a perverse reward for elected officials who can't control their spending.
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