Washington Babylon — January 28, 2009, 8:41 am

Not Just Republicans Questioning Stimulus Package

From the Washington Post:

Republican criticism of the stimulus package that the House will vote on tonight has focused on its soaring price tag, but some Democrats on Capitol Hill and other administration supporters are voicing a separate critique: that the plan may fall short in its broader goal of transforming the American economy over the long term…

In testimony before the House Budget Committee yesterday, Alice M. Rivlin, who was President Bill Clinton’s budget director, suggested splitting the plan, implementing its immediate stimulus components now and taking more time to plan the longer-term transformative spending to make sure it is done right. “Such a long-term investment program should not be put together hastily and lumped in with the anti-recession package. The elements of the investment program must be carefully planned and will not create many jobs right away,” said Rivlin, a fellow at the Brookings Institution. The risk, she said, is that “money will be wasted because the investment elements were not carefully crafted.”

Even though most House Democrats say they will back the plan, many reject the administration’s argument, saying that infrastructure projects could easily be expedited, that the economy will need additional infusions for years to come and that the real reason for shunning infrastructure was to make room for tax cuts. Obama, with a public mandate to do something big, is missing a rare opportunity to rebuild the country, they say.

“Every penny of the $825 billion is borrowed against the future of our kids and grandkids, and so the question is: What benefit are we providing them? What are we doing for the country? It’s the difference between real investment that will serve the nation for 30, 50 years and tax cuts, and that’s a very poor tradeoff,” said Rep. Peter A. DeFazio (D-Ore.). “I go to my district and people say, ‘Yeah, I can use 10 extra bucks a week, but I would rather see more substantial investment.’ We’ve gone through a couple bubbles that were borrowing and consumer-driven. We want a recovery that’s solid and based in investment and productivity, and that points us at building things that will serve us decades to come.”

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More from Ken Silverstein:

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