The House has overwhelmingly voted to pass the “stimulus” bill I discussed earlier, which would increase the deficit, provide “rebates” that did nothing in past recessions to revise the economy, and give Fannie Mae, which engaged in Enron-style accounting and helped create the housing bubble, broad new lending powers.

Michelle Malkin points out the the Senate version of the “stimulus” bill is even worse than the version passed by the House, containing a lot of welfare, and that even its less controversial components, like extension of jobless benefits, will discourage work and thus result in lower, rather than higher, economic output — the opposite of a true economic stimulus — as even a liberal economist conceded.