Huffing and puffing

Krugman debunks some anti-stimulus arguments.

Parts of the stimulus may be a good idea. I'm for the tax cuts of course, and would support a 2 year payroll tax holiday as a way of getting money into people's hands NOW, but gradually (as opposed to a 1-time check) such that they're less likely to just pay off part of a loan and more likely to spend it gradually (which is what the economy needs right now, more spending).

And I think government needs to play a fairly big role in infrastructure spending, because we we've grown to rely on the state for it and don't have the private framework to run transportation and such.

I fear at least 50% of the plan are non-stimulating items that have been on Democrats' wish lists for a long time. But I think that in this undercapitalized economic climate their effect will be closer to neutral than harmful, so if that's the price for the portion of the stimulus that will have some beneficial effects I think I can support it, or at least stay out of the Democrats' way.

Naturally the Republicans in Congress aren't happy to just stand aside and want to score political points for 2010.

Disclaimer: I've never studied economics, much less macroeconomics, so take take my impressions for what they're worth.

Update: Here's a Weekly Standard piece that actually makes some sense

Update II: And here is Jon Henke at TheNextRight.