If you go looking for S. 3689 you will discover it was introduced by Senator Harry Reid with the innocuous title, "National Park Centennial Fund Act." It has one co-sponsor, Senator Robert Byrd. Whenever these two come up with a piece of legislation it is a good idea to grab your wallet, because you know their bill will. Since it was just introduced on 17 Nov 2008, even Thomas.gov does not yet have the text of the legislation.

But the Congressional Budget Office knows and reports it contains $89.3 billion in budget authority and result in outlays of $50.4 billion in 2009 and $88.3 billion during the 2009-2018 period. One section of the bill could not be priced yet (title VI).

After a while it just all runs together doesn't it? Hearing about the new bill, I wondered, "Whose pockets are getting lined this time?" It is almost funny that the majority party, long a foe of capitalism has used "stimulating the economy" as the excuse to pay off banks, financial institutions, unions and automakers. It is pure Keynes and as most first year economic students know, doomed to fail. It shows how little Congress understands what they do. So far what they have accomplished is mimic what other nations in past history have done to destroy its economy, businesses, and ultimately its freedoms.

Of course the bill doesn't say that. But you can see how special interests get taken care of in this legislation and how the stage is set for more gutting of taxpayer's wealth. It is spendthrift actions like this that will necessitate a huge tax increase, even after the Bush Tax cuts expire. Remember that tax cut they promised? It has gone the way of "read my lips" and other campaign promises candidates make to get elected.

The bill begins with "Title I - Infrastructure, Energy, and Economic Recovery." It has funding for highways and other transportation, energy programs, school renovation, clean water, and a variety of other federal programs, and would provide budget authority totaling $37.4 billion in 2009 and $39.8 billion over 10 years. The CBO estimates that outlays from that funding would total about $10.6 billion in 2009 and about $39.0 billion over the 2009-2018 period. The biggest portion in Title I is $10 billion for highway construction. It omits the usual requirement that states match the funding and ends up being a bill that will be rife with earmarks as legislators bring home the bacon for their states.

Title II is "Nutrition Programs for Economic Stimulus." It kicks up, by 10%, the funding for the "Supplemental Nutrition Assistance Program" (SNAP) for Puerto Rico and American Samoa. Oh yeah, there is another $50 million for the states to fund administration. And yes, we used to call this "food stamps." But not since passing the Farm Bill, it is now SNAP!

Title III is "State Fiscal Relief." It provides "federal assistance" to states in the amount of $38.9 billion over 2009-2010. It temporarily increasing federal medical assistance percentages (FMAPs) in the Medicaid program and by temporarily reinstating the authority to provide federal matching payments for state spending on child support incentive payments.

Does your head hurt yet? It outta.

Let's not forget the $5.7 billion in Title IV - "Unemployment Compensation." Title IV would increase the amount of extended unemployment compensation available to individuals who exhaust their regular unemployment benefits. Public Law 105-252 provided up to 13 weeks of benefits to individuals who exhaust their regular benefits (usually up to 26 weeks) through March 31, 2009. Title IV would increase the emergency benefits by up to 7 weeks (for a total of 20 weeks). In addition, the title would create an additional tier of benefits, providing up to 13 more weeks of benefits to individuals who exhaust the 20 weeks of emergency unemployment compensation if their state has an unemployment rate of 6 percent or higher (or an insured unemployment rate above 4 percent).

Title V, National Park Centennial Fund Act, the original bill title establishes a "fund." It would be used by the Secretary of the Interior for "park initiatives on education, diversity, environmental leadership, and other activities." Amazingly, the cost for this is only $15 million in 2009 and $500 million during the 2009-2018 period. Compared to the costs in the preceding sections, the taxpayers almost don't notice the wallet lightening effect of this part of the bill.

Title VI - Automotive Industry Assistance was not priced out by the CBO. It provides $25 billion in direct loans to automobile manufacturers and component suppliers. The CBO suggests it will be managed under the Troubled Assets Relief Program (TARP), which was established by Public Law 110-343 and authorizes the Secretary to purchase, insure, hold, and sell up to $700 billion in troubled financial instruments. Of course we already know what this money is really for. It buys off the autoworkers unions. Nothing fundamentally changes in the industry. One can expect this to be a annual commitment until taxpayers demand it ends.

Title VII - Its called "Auto Sales Tax Deductions." This is how the Congress plans to incentivize consumers to purchase automobiles they otherwise would never consider. It will allow as a deduction from taxable income any sales and excise taxes paid upon purchase of certain types of motor vehicles after November 12, 2008, and before January 1, 2010. Additionally, the bill would allow such purchasers to deduct any interest paid or accrued on the first $24,750 ($49,500 for taxpayers filing joint returns) of indebtedness incurred before January 1, 2010, in connection with the vehicle purchase. You "rich folks" can't play though. The deductions for interest and for the sales and excise taxes would be phased out for taxpayers earning over $125,000 ($250,000 for taxpayers filing joint returns). In the bizarre financial definitions of Congress this doesn't cost us, it simple represents a "revenue loss of $11.0 billion" during the 2009-2018 time frame.

Now I can hear you thinking ... does any of this really help the economy? Of course it doesn't. So far everything the federal government has done to "help" has simply made the economic downturn sharper and no doubt longer. This bill is no different from the rest, except is shows most clearly how to piss away tax dollars you and I worked hard to get for them. What arrogance these members of Congress have to think this will make any difference.