How Stimulating...

The above figure is scary. Very scary.

However, what may be more intimidating is the prospect of adding on to this debt.  The ever increasing "stimulus" plan is approaching 1 trillion dollars.  The full effect of that sentence can only be seen when a trillion dollars is written out, so here we go: $1,000,000,000,000.

With the passing of this "stimulus" our national debt would be increased, overnight, by 10%.

While the need for action on the economy is very apparent, these actions should not bankrupt the future of the United States.  Democrats in the Congress have utilized the "stimulus" mindset to justify every expenditure they have desired for the last 40 years.  Among the worst abuses of the stimulus package thus far: Stop Smoking Programs, Federal funding for controversial art, and the random inclusion of new Whistleblower Protections. While these, in some possible world, might be proper pursuits for government (though I would strongly disagree), they certainly do not qualify as "stimulus".

Some have suggested that any spending will create jobs and, as such, all spending is worthwhile.  This logic suggests, "Someone somewhere must create the Nicotine gum that those trying to quit smoking will use."  The flaw in this argument is that "stimulus" is not about just spending money, it is about spending money well. To spend money well is to take the time, effort and energy to think through the things that will aid you in the future.  In this instance, spending money well means taking the time to think through the tremendous amount of debt we will be adding and asking ourselves, is this worth it?

Is mortgaging our collective future as a nation worth a few pieces of controversial art? I suspect almost everyone would answer "no" to that question.

In fact, history has shown that - in addition to large stimulus packages rarely working as intended - it is important what you spend debt laden dollars on.  The New York Times runs an interesting story today on Japan's attempt to stimulate their economy - pictured through graphs to the right - through government spending.  A key point is that Japan spent billions and billions of dollars on things that were not effective, - see the real estate values to the right -  in part due to poor planning.  Planning takes time, energy, the inclusion of different perspectives and, most of all, comment and reflection.  This is why artificial timelines have been particularly troublesome throughout discussion of this "stimulus" bill. Democrats have set a final deadline of President's Day for the completion of the bill, rushing through this process and declaring anyone who questions anything an "obstructionist".  The claim is that we need to spend money immediately for it to have any effect.  This is similar to the late-night infomercials where the salesman screams: "This opportunity won't last long! Buy now or it will be too late!"  The next day, you see that same salesman, screaming at you again, warning you for a second time that the end is near.  In addition to being foolish, this approach is partisan and short-sighted.  This is what bothers me about President Obama's command to cease discussion yesterday.

Decisive action is necessary and sooner rather than later may well be preferable.  However, the sky is not falling and a week of contemplation will not make a difference. It is not obstruction that guides questioning the size, scope and haste of this stimulus.  It is prudence.

We, as an entire society, need to figure out what we need and how much we are willing to borrow to achieve that (if we want to borrow anything at all).  In order to answer these questions, we need time and information. (It is is amazing that each day brings new tales of expenditures "hidden" in the stimulus bill - for instance the highly questionable "buy american" requirement). Rushing through this process will provide us with neither time nor information and only will lead to further reckless spending and debt.

I urge you to contact your Representative or Senator and request that they make these decisions in a prudent manner.  In addition, you can sign Senator McCain's Country First Petition to vote NO on the current stimulus package.