For these reasons, the bill could be renamed the Madoff Bill. Not because there are any parallels between characters of its authors and the character of Bernard Madoff. There aren’t. But there are parallels between the methods. Madoff took people’s money, promised to give them benefits, while in fact squandering their money -- to the tune of tens of billions of dollars. So, too, the president and the Democrats are taking Americans’ money, squandering most of it -- to the tune of hundreds of billions of dollars, while promising to give them a benefit, a stimulus, when in fact they are spending the money. As Harvard economist Robert Barro told the Atlantic, “It's wasting a tremendous amount of money … I don't think it will expand the economy. … I think it's garbage.”
Even its defenders, now that the bill is passed, do not defend it as a stimulus bill. Typical was New York Times columnist Frank Rich, who devoted his essay to the stimulus plan but only attacked Republicans. He did not devote one of his 1,500 words to defending the bill as a stimulus package.
Even Speaker of the House Nancy Pelosi, D-Calif., described the bill with words having nothing to do with stimulus: “By investing in new jobs, in science and innovation, in energy, in education ... we are investing in the American people, which is the best guarantee of the success of our nation.”
No one should be surprised. Americans voted for a man who said time and time again that he wanted to “transform” America. He and his party are trying to do precisely that.