The often-insightful Michael Kinsley warns about the dangers of getting carried away with stimulus spending. Yes, Kinsley says, the nation does need a stimulus--but does it need to be so ridiculously big?
Even though amounts this large inevitably seem like toy money, it's a real trillion dollars we are talking about spending. Even if we spend the money wisely (on bridges to somewhere), we or future generations will still have to pay it off, with interest. Or, more likely, we will inflate it away, along with the life savings of those who were foolish enough to save all their lives.
And he's in favor of the stimulus! He thinks it's a good idea! And I have to agree with him. The stimulus package is both a) incredibly wasteful and b) completely essential. Doing nothing would be the worst possible decision.
I just wish our chosen course of action didn't seem like the second-worst decision possible. There's no easy out, is there? I guess that's why they call it a depression.
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