Stimulus packages usually fail, while costing the taxpayers a lot in the long run by running up the national debt. Dick Morris, a former advisor to Bill Clinton, explains in The Hill why “Obama’s Stimulus Plan Won’t Stimulate” the economy, despite its price tag of up to a trillion dollars. “The economic stimulus plans unveiled by President-elect Obama over the weekend won’t do much to help the economy. But they will vindicate all the dreams of liberal Democrats for higher government spending,” he notes.
Despite their enormous cost, previous stimulus plans have failed to “stimulate” the economy, like the 1975 stimulus rebates, and the 2008 stimulus rebates that directly preceded the current financial crisis.