Midweek briefing ...
The word "stimulus" has such negative connotations that the Obama administration chose to send a letter late Saturday to Congress urging it to pass a second such program but didn't use the word "stimulus," reports The Washington Times. Instead, the letter used the word "transition." Whatever the word, the premise is the same -- that government can spend us back to prosperity. That, of course, is a shibboleth. ... Former Labor Secretary Robert Reich says the problem with the economy isn't consumers living beyond their means but that their "means didn't keep up with what the growing economy was capable of producing at or near full-employment." Translation: Pay no attention to the growing national and personal debt. Spend! Spend! Spend! Mr. Reich, you're nuts. ... It's pretty astounding that the federal government hasn't driven a stake through the heart of the proposed Pittsburgh-to-Greensburg high-speed magnetic-levitation train, better known as maglev. But this boondoggle, estimated to cost $5.4 billion -- that's billion with a "b" -- now has moved into the "public comment stage." To give you an idea how ludicrous the project is, planners say maglev will attract more than 40,000 riders per day if completed by 2014. It's waaay past time to stop spending money on this nonsense.
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