We Want Stimulation...
...and we want it now!
Looking at this Stimulus Bill, several things become apparent.
First, every page of this thing has been written by one rent-seeking special interest or another, a chance for every wish list to become reality. A lot of legislation is like that, of course, but this is a chance to see how it works right out in public. Count me as one proud taxpayer.
Second, you can forget about this being a one-shot deal. Many of the projects that will be funded to this or that "community" or "public interest" will not be the sorts of things you can shut down once they are running. Political reality will not allow it, period. You can write the various scenarios as well as I can, so enough said.
Third, there are the mechanics of how this mountain of money is going to be distributed. The premium is on getting the money out as fast as possible. (Jump start!) The only way to do that is to give officials like the HUD Secretary, and to officials well below him, an enormous amount of disbursement power, or disbursement power in effect. Running back up the chain for approvals and sign-offs would slow things to a crawl. The proposals will be too numerous to vet in any serious way in the time available, so recommendations may often have to be taken at face value. Mistakes will be made. Nature of the beast. We all did our best. Shoulder to the wheel. Yadda, yadda.
In reality, these officials are going to be, in effect, bag men with large bags of ready money to distribute at their discretion. They are being invited to waive this or that statutory restriction in order to get it spent ASAP. The feeding frenzy that this will create is not hard to imagine. Now ask yourself: Has any more perfect invitation (nay, inducement) to waste, fraud, and corruption ever been penned by the hand of man?
It seems perfectly appropriate that this mess should become law under the leadership of Nancy, Harry, and what's-his-name from the Chicago political machine.
Byron
Looking at this Stimulus Bill, several things become apparent.
First, every page of this thing has been written by one rent-seeking special interest or another, a chance for every wish list to become reality. A lot of legislation is like that, of course, but this is a chance to see how it works right out in public. Count me as one proud taxpayer.
Second, you can forget about this being a one-shot deal. Many of the projects that will be funded to this or that "community" or "public interest" will not be the sorts of things you can shut down once they are running. Political reality will not allow it, period. You can write the various scenarios as well as I can, so enough said.
Third, there are the mechanics of how this mountain of money is going to be distributed. The premium is on getting the money out as fast as possible. (Jump start!) The only way to do that is to give officials like the HUD Secretary, and to officials well below him, an enormous amount of disbursement power, or disbursement power in effect. Running back up the chain for approvals and sign-offs would slow things to a crawl. The proposals will be too numerous to vet in any serious way in the time available, so recommendations may often have to be taken at face value. Mistakes will be made. Nature of the beast. We all did our best. Shoulder to the wheel. Yadda, yadda.
In reality, these officials are going to be, in effect, bag men with large bags of ready money to distribute at their discretion. They are being invited to waive this or that statutory restriction in order to get it spent ASAP. The feeding frenzy that this will create is not hard to imagine. Now ask yourself: Has any more perfect invitation (nay, inducement) to waste, fraud, and corruption ever been penned by the hand of man?
It seems perfectly appropriate that this mess should become law under the leadership of Nancy, Harry, and what's-his-name from the Chicago political machine.
Byron
posted by Byron | Wednesday, January 21, 2009
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