On the recordNovember 15, 2001
President Bush has asked us to send him an effective, anti-recession stimulus package. In the spirit of bipartisanship and good faith, he proposed a series of provisions that enjoyed both Republican and Democratic support. After much foot-dragging, the Democratic majority has finally produced a bill. Unfortunately, it appears to be nothing more than a collage of special interest wish lists, from livestock assistance to new entitlements-- with very little if anything that will actually stimulate the economy. It is fat on claims but thin on data. It struts around in the light of day as a bipartisan package, but makes deals in the dark of night to secure votes. The bill before us is an embarrassment to the Senate; it is no good for our country, and it is certainly no good for our economy. There may be many good political reasons for Congress to pass an economic stimulus package, but when pet projects trump fiscal prudence, we miss a historic opportunity to help the American people during a time of great need. We must improve the incentives to work, save, and invest--the real catalysts of economic growth--and the Democratic bill fails on all three counts. Instead, Democrats insist that increased Government spending serves as the primary tool for boosting economic activity. But look what they are spending money on--sugar beet disaster programs, rural telecommunications infrastructure, and water-treatment and waste disposal facilities.…
Source
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