The Diminishment

clipped from www.powerlineblog.com So then you get the argument, well, this is not a stimulus bill, this is a spending bill. What do you think a stimulus is? (Laughter and applause.) That's the whole point. No, seriously. (Laughter.) That's the point. Under this "logic," any bill that contains spending should be enacted because, by definition, it provides "stimulus." It doesn't matter how much stimulus is provided or when the stimulus will occur. This is quite possibly the most irresponsible position ever taken by a president on an economic issue. Just a few weeks ago, in his inauguation speech, Obama said that his touchstone for governmental action is how well it will work. Now the touchstone is whether it constitutes spending. The problem is that given enough time, every spending program in that plan will have to be paid for by taking money out of the economy. The result of taking money out of the economy is the opposite of stimulus.