Second stimulus is on the way

The stimulus package didn’t work, so let’s do another one! The administration is prepared to use $265 billion in unspent and repaid TARP money to fund a new stimulus package. Even the president’s treasury secretary is against it, but Nancy Pelosi is for it, so I guess that settles it.

Apart from the main point (wasting more money), another thing that is frustrating about this is the way it is being discussed. Secretary Geithner and the GOP favor “[dedicating] much of the unspent TARP money to reduce the national debt”. Yes, in other words, they favor not spending it! But the media seems to talk about it as though “debt reduction” is just another way to spend the money.

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