“In its current form, [the stimulus plan] does too little to raise national spending and employment. It would be better for the Senate to delay legislation for a month, or even two, if that’s what it takes to produce a much better bill. We cannot afford an $800 billion mistake.” — Economist Martin Feldstein
It’s clear Michelle Malkin agrees, calling Senator Mitch McConnell’s weekend statements on the stimulus, let’s be nice, “inadequate.”
Over the weekend, you see, Sen. McConnell gave the GOP radio address. The subject was the “stimulus.” Generational Theft Act, Crap Sandwich Supreme, Porkulus, Spendulus, Debt Stimulus Plan. Pick your name. It’s all B.S. And Americans know it. Senate debate begins today at 2pm Eastern. On the heels of the House Republicans’ unanimous rejection of the Obama/Democrats’ Big Government package and shifting public opinion against the plan, you might think the Senate GOP minority leader would get a clue:
Big Government = Bad Idea.
From Lawrence Kudlow
The Washington Times
Last Wednesday night’s House tally on the Democratic stimulus package, where not a single Republican voted in favor, was another shot across the bow for this incredibly unmanageable $900 billion behemoth of a program that truly will not stimulate the economy. Sure, the Democrats won on a party-line count. But Team Obama is now regrouping in the face of mounting criticism of this package.
Republican economist Martin Feldstein revoked his prior support of a stimulus plan in The Washington Post last Wednesday. “In its current form,” Mr. Feldstein wrote, “[the plan] does too little to raise national spending and employment. It would be better for the Senate to delay legislation for a month, or even two, if that’s what it takes to produce a much better bill. We cannot afford an $800 billion mistake.”
Clinton economic adviser Alice Rivlin made the same point in testimony before the House Budget Committee. Her message: Divide up the package and slow down the process.
And Sen. Richard Shelby, Alabama Republican, told CNBC that Washington should “shelve the stimulus package” and instead attack the banking and credit problem first – probably with a government-sponsored bad bank that would relieve financial institutions from their toxic-asset problem. Mr. Shelby believes the credit crunch remains the biggest obstacle to economic recovery.
Later in the day when I interviewed Senate Republican leader Mitch McConnell, he agreed with Mr. Shelby that the stimulus plan should be shelved.