Why the Obama Stimulus Plan Must Fail | Richard A. Epstein | Cato Institute: Commentary

Why the Obama Stimulus Plan Must Fail | Richard A. Epstein | Cato Institute: Commentary: "Congress passed the President's $787 billion package this past February with no Republican support in the House and only three Republican defections in the Senate. At the time, brave presidential words promised that this package could create some 4 million new jobs, so that the unemployment rate would top at around 8%. Alas, there are 2.6 million fewer jobs today than when the bill passed, with an unemployment rate of 9.5%, which is still inching upward."

"One component of these programs is to funnel cash in the form of one-time rebates or tax cuts to particular individuals. But that money has to come from somewhere else."