The Stimulus Revisited

by Ramesh Ponnuru

Keith Hennessey summarizes what he learned from recently-released memos:

If Mr. Lizza’s reporting is correct, over the objection of his economic advisors President Obama replaced $60 B of “highly stimulative spending” with a slow-spending but “inspiring” $20 B for high-speed trains and $40 B in pork for his Senate Democratic allies. And this is starting from a point at which he knew that his advisors thought that not more than $225 B of the $826 B total was high-quality, fast-spending, efficient stimulus (emphasis in original).