Consensus is quickly congealing around President Obama’s reported $50 billion infrastructure proposal: the left says it’s a good idea, but a paltry sum relative to the size of the hole we’re in. The right, having successfully framed Obama as a profligate liberal, is pouncing on “more big spending.”
What happens when over a hundred billion dollars in borrowed cash gets plunged into infrastructure spending and it fails to kick-start the economy? According to this administration, spend another $50 billion on the same failed policy. Barack Obama will unveil his new economic stimulus plan in Wisconsin today, while Russ Feingold looks for a place to hide…
President Obama will announce an additional $50 billion in infrastructure spending. Yeah, that’s what voters have been waiting for — more spending. Should be a good sell on the campaign trail.
It comes as something of a relief, then, that infrastructure and public works remain a top White House priority. Bang for the buck, these is the kind of investments that make a real difference. … Because this is an excellent idea that would improve the economy, it’s very likely to be killed by Congress. But (a) I’m glad President Obama is stepping up and doing the right thing anyway; and (b) it’s good to have lawmakers put on the spot before the election, taking a position on sensible, effective economic proposals like this one. I’d like to see a bigger, more ambitious package, but it’s a step in the right direction.
This is all perfectly sensible. At the same time, if it’s offset by other items in the budget it probably won’t have any net stimulative effect. Essentially, we’ve given in to the deficit hawk brigade without even a fight. Not that it matters, I suppose. It’s too small to be more than a pinprick, and Republicans will probably filibuster to the death the right of our nation’s oil and gas companies to their federal subsidies anyway. But I’m sure it will give Fox News something to roar about for the next month.