Robert J. Samuelson uses his latest Newsweek column to discuss an example of political pandering: the “economic stimulus” package. The concluding paragraph attempts to focus attention on a real challenge:
It’s not possible, or desirable, to correct every twist in the business
cycle. A “stimulus package” now would represent the use of government
funds for campaign advertising?to show voters how “caring” their
politicians are. The great danger is that once proposed in a modest
lollipop form, any plan would quickly be expanded to include many other
tax breaks and spending increases, the fiscal equivalents of candy bars
and peppermint sticks. This would bloat its costs and confuse the
public about the long-term budget problem, which is, not surprisingly,
just the opposite: to control the huge spending increases of baby
boomers’ retirement.
