Indisputably. But does it make sense to include in a plan to prepare America for the 21st century borrowing billions from Beijing to mail out in $500 checks to folks who don't pay income taxes, so they can run down to Wal-Mart and buy more goods made in China?

The New York Times reports Monday in a front-page story about California, "A State With a Wish List," "More than two-thirds of the states are facing budget shortfalls this year and next ... and could use the money to help balance budgets, blunt potential cuts in education and shrink Medicaid obligations."

Sure, they could. But is this remaking America? Or is it bailing out the same state and local politicians Barack himself castigated in his inaugural as those responsible for "our collective failure to make hard choices"?

Why would Barack wager his presidency on a gamble that, by handing over hundreds of billions in borrowed federal money, to spare governors and mayors the consequences of their own profligacy, he can remake the America economy and ignite a real recovery?

What are the fundamental objections to the Obama-Pelosi plan?

It is three parts social spending to one part stimulus. It takes too long to work. It represents a permanent not temporary expansion of government.

It is too much LBJ, who bet the ranch on spending and failed, and not enough JFK, who bet on tax reductions that succeeded.

Even Bill Clinton would not have ceded so much to the tax-and-spend wing of his party, which he relied on for votes, not advice.

Has Obama no more imaginative ideas for government's role in reshaping the economy for the 21st century than this? Was it all talk all along, to prepare the way for a return to the days of spend and spend?

Sad, because this is likely to be Obama's last shot at getting this economy on its feet and running by 2010. For Americans are not as patient as they were in the 1930s, when FDR could try one idea, then another, then another for five years, and continue to roll up massive electoral victories.

If Obama gets this one wrong, and all this pork and welfare fail to generate real growth, his party could face a wipeout in 2010, and his opportunity could be lost forever. Does he really want to bet the farm on the nag Nancy Pelosi just trotted out of the House?