From Reason mag’s original analysis by Veronique de Rugy:
There are many more bad policies and spending decisions in the Senate stimulus bill, but even a cursory glance at the parts outlined above give a good sense of the overall legislationand what is likely to be signed into law by President Obama.
And here is one more thing to consider: There is absolutely no evidence that any stimulus package in the past 80 years has goosed economic activitynot FDRs during the Great Depression, not Japans during the 1990s, and not George W. Bushs in 2001 and 2008. If anything, the economic evidence suggests that such spending packages actually intensified and prolonged misery.
Instead of rushing through legislation that will likely have no short-term effect on the economy, is guaranteed to have negative long term ones, and that serves the traditional interest groups that politicians are always busy catering to, the Senate should have cut spending like Ireland is now doing and cut marginal tax rates across the board. That would not only have stimulated the economy, it would have been fiscally responsible considering the massive entitlement crisis that is coming our way. But such legislation, alas, will have to wait for another day. Or another crisis.
Her analysis on the final bill is here, appropriately subtitled “The final stimulus package is the final insult to taxpayers.”