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Portfolio > Economy & Markets

A head-smacking moment

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The simple wisdom contained in a letter to the editor in today’s Wall Street Journal is probably the clearest argument against the use of stimulus packages. Not that pain and hardship wouldn’t exist without governement intervention. But to say any of what Congress is doing will lessen the impact and not prolong what’s happening (when a mountain of evidence exists to the contrary) is simlpy kidding ouselves. According to the reader:

“Congress wants to ‘inject’ money into the economy. So first it takes money out through taxes and borrowing, then injects it back through spending. If they left money alone in the first place and stopped creating so much uncertainty, we would emerge from the recession much more quickly than we would from any ‘stimulus’ package.”

When Nancy Pelosi is making a straight-faced argument that access to government-funded contraceptive programs is a critical part of short-term ecomomic recovery, we’ve gone off the rails. This is not to make an argument pro or con on government-funded contraceptive programs. But I think even the most reasonable person would admit one has little to do with the other, and pork-ladden legislation is a big part of what got us into this in the first place.


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