The Obama administration has credited its $862 billion stimulus program with pulling the economy out of the worst recession since the Great Depression. But a new report by two Republican senators argues the stimulus is riddled with wasteful projects that do not create jobs.
The report, released by Sens. Tom Coburn, R-Okla., and John McCain, R-Ariz., highlights 100 stimulus projects that they say have "questionable goals," are "being mismanaged or were poorly planned" and are even "costing jobs and hurting small businesses."
The Coburn-McCain report takes issue with stimulus spending on projects like one that entailed research on how cocaine affects monkeys. The Wake Forest University Baptist Medical Center was awarded $71,623 to study what the report calls, "Monkeys Getting High for Science."...
If they wanted to spend $862B, why didn't they just pay off people's underwater house mortgages? That would have been the most effective way to stabilize the economy and create wealth. Plus the high jobless rate would be easier to bear if you had a stable house. You could pay off well over 3 million home loans with that amount of money. Sure, the people like me who faithfully honored my mortgage contract and didn't get underwater would have been ready to revolt, but then again blowing $862B on nothing isn't any better. At least if they'd paid off houses, there would be something to show for it. If this isn't proof that the world's system doesn't work, I don't know what is.