President Signs Stimulus Bill

President Obama is signing the $789 billion federal stimulus bill into law today. Florida is expecting to receive $12 billion of it. Republicans have rallied in unity against the bill, loudly railing in the press in opposition. But they aren’t making much sense to me.

First, it must be recognized that the Republicans clearly lost last November’s election, losing the presidency and several seats in both the Senate and the House of Representatives. In other words, it is now the Democrats who are appropriately writing the bills and pushing the legislative agenda. Republicans are the opposition party. Still, several amendments were considered for the stimulus package and a few significant Republican proposals were adopted and incorporated into the bill, which only passed after three moderate Republican senators successfully further altered the bill in favor of GOP-endorsed tax cuts instead of spending. Republican Representatives Mica (of Florida) and Young (of Alaska) both are now publicly bragging about how THEIR accepted amendments will help their states. Republican Senators Isakson (Georgia) and Grassley (Iowa) each successfully submitted costly amendments to the package as well. And all four then voted against the bill! But wait, I’m not finished. After these and other GOP amendments were accepted into the package, after those three minority-party senators were able to tweak the bill strongly toward the GOP’s ideology, and after the conference reconciling the House and Senate versions further reduced the total cost of the bill, the Republicans loudly complained that they were shut out of the process!

Well, if this was their response to Obama’s outreach to them for bipartisan support (or at least constructive criticism), then I believe that once Al Franken is (hopefully) finally sworn in as the 59th Democratic senator (including the two Independents caucusing with them), that party needs to just focus on those three cooperative GOP senators (Snow, Collins, and Specter) from now on and just ignore the rest. And the House should totally shut out the GOP, since it pretty much can do anything it wants by simple majority (except for overriding improbable presidential vetoes). The Republicans may think right now that they won a propaganda victory over this stimulus bill, but I think the opposite may be the result. They appear as hypocritical obstructionists, and for a very good reason: they are! And this may well be the last time you see Obama and the Democratic leadership in either house of Congress reach out across the aisle in bipartisan spirit for quite a while, at least to this degree.

All of the above really isn’t about whether or not the stimulus bill itself is the correct remedy for our flagging economy. There seem to be as many opinions about it as there are economists. And I’m certainly no economist. But I do believe that a good part of our woes are psychological in nature, with pessimism about the future only contributing to the problem. And the Republicans are feeding into that pessimism. That doesn’t make them look very patriotic to me, all of their flag-waving and grandstanding notwithstanding.