This new bill, like the $1 trillion spent from the previous five or six bills, will only delay economic recovery and job growth. Stimulus bills are deficit spending measures that only “increase short-term aggregate demand,” according to the Congressional Budget Office. This means we add to our ballooning debt without realizing long-term benefits – in effect, kicking the can down the road. Additionally, much of the spending is focused on the same programs of the first major stimulus: infrastructure, unemployment extension (already at 99 weeks), Medicaid payments, and propping up state government employee payrolls. Again, without much benefit.

Continued deficit spending is reckless considering Congress has yet to balance the budget, our credit rating was downgraded by the S&P, and the debt-to-GDP ratio is now over 100 percent.

While Keynesian economists may suggest this bill could reduce unemployment "by a full percentage point", previous experiments with much larger spending bills have been ineffective. In the time since the $787 billion stimulus was passed in 2009, unemployment, which was projected to fall to 7 percent still lingers around 9.1 percent, and some 2+ million jobs have been lost. Additionally, economic growth is near stagnant. Why should anything be different with the passage of this newest spending bill?

Jobs are not created by legislators and presidents; they are created by business people, but only when it is profitable to do so. Therefore, any measure that interferes with this model (via taxes, burdensome regulations, uncertainty, etc.) reduces the incentive for businesses to hire new workers. Even though this latest stimulus package tries to entice job growth by providing cuts in payroll taxes, for example, businesses know they are going to get walloped with new taxes down the road, especially when Obamacare and new EPA regulations take effect.