Today’s Wall Street Journal has the information on what is in the current stimulus bill.  I also found information at the Republicans House Budget Committee Website. 

This is what I found in the Wall Street Journal.  There is $1 billion for Amtrak, $2 billion for child-care subsidies, $ 50 million for the National Endowment for the Arts, $ 400 million for global warming research, $ 2.4 billion for carbon-capture demonstration projects and $ 650 million to pay for digital TV conversion coupons.  Less than 5% of the bill (about $ 30 billion) is for fixing bridges or highway projects.  There is also $ 40 billion for broadband and electric grid development.  There is $20 for business tax cuts.  According to Wall Street Journal estimates only about $ 90 billion out of the $ 825 billion (about 12 cents out of every dollar) is for something that could possibly be considered growth stimulus.

There is also a considerable amount of money for “transfer payments”.  These are benefits given to individuals who are doing nothing to help the economy.  Some of these may be a good idea to help people in need, but they are not stimulus.  These benefits include an $ 83 billion earned income credit for people who don’t pay income tax.  We are reaching a point where it will pay not to work in America. 

There is also $66 billion for education–$ 6 billion for university building projects.  Written into this part is the stipulation that none of the money shall go to provide financial assistance to students attending private elementary or secondary schools.  The Democrats have never liked voucher programs, but how many of them send their children to public school?

According the the Republican Caucus Committee on the Budget  (these figures are based on the Congressional Budget Office (CBO) analysis of the bill) only 7 per cent of this money will be spent in 2009 ($ 26 billion), and less than half–38 per cent–will be spent in the first 2 years.  The plan spends about $ 54 billion on 19 programs that the Office of Management and Budget (OMB) has analyzed and described as “ineffective” or “results not demonstrated”.

This bill is going to create massive debt and little or no positive results.  The President can get this passed without the Republicans.  Let the Democrats pass it and take the credit for it.  If it succeeds (which will happen right after pigs fly), they can bask in their glory.  If it fails miserably (about a 99.9 per cent possibility), the Republicans may be able to pass something that might actually do some good.