Bush Signs Larded-Up “Stimulus” Package That Discourages Work
President Bush just signed the so-called “stimulus” package. As we explained earlier, it will do nothing to promote economic growth, and it actually contains disincentives to work. Moreover, it gives new power to agencies like Fannie Mae that engaged in Enron-style accounting and contributed to the housing bubble and effectively increases marginal tax rates on some people. But Congressional Democrats, and many Republicans, supported this counterproductive bill that will drive up the deficit. This bad legislation is a classic example of the dangers of “bipartisanship,” which combines the worst features of both political parties.