The $825 billion stimulus program did little economic good at a cost of hundreds of thousands of dollars per job, even based on the administration's own inflated job estimates. Cash for Clunkers cost $3 billion merely to shift car sales forward a few months. The PPIP (Public-Private Investment Program for Legacy Assets) to buy toxic assets from the banks to speed lending generated just 3% of the $1 trillion that the program planners anticipated.
And now? Mr. Obama proposes universal preschool ($25 billion per year), "Fix it First" repairs to roads and bridges, plus an infrastructure bank ($50 billion), "Project Rebuild," refurbishing private properties in cities ($15 billion), endless green-energy subsidies, and a big hike in the minimum wage. The president and Senate Democrats also demand that half the spending cuts under sequestration be replaced with higher taxes.
Michael Boskin: Larger Spending Cuts Would Help the Economy - WSJ.com
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