Writing in Politico, Rep. Darrell Issa of California, the ranking Republican on the House Committee on Oversight and Government Reform, reveals that only 7% of the so-called American Recovery and Reinvestment Act will be “injected into the economy by the end of fiscal year 2009. More than $200 billion of “stimulus” funds will be spent between fiscal year 2010 and fiscal year 2019 — long after the recession is projected to be over.”
“Instead of injecting new life into the economy, we’re seeing a massive expansion of government. The bill by Speaker Nancy Pelosi and Appropriations Committee Chairman Dave Obey contains $137 billion for the creation of 32 new programs — that’s 38 percent of all spending in the current bill. Seventeen of these new programs have never been authorized by the Congress. This is on top of the $76 billion being spent to expand 60 existing government programs — 19 of which have been described as ‘ineffective’ or ‘results not demonstrated’ by the Office of Management and Budget. It’s just another example of good money after bad.
The proposed Pelosi-Obey $825 billion economic stimulus is nothing more than an $825 billion earmark that will do little but expand the federal government at the expense of America’s long-term economic health.”