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Democratic Washington is consumed by the alleged need to pass a "stimulus bill" that would keep consumption strong in the short run. When the federal government has attempted such fine-tuning of the economy before, it has most often failed. Congress seems likely to throw money at infrastructure without much regard for bang-for-the-buck, since its object is simply to get money out the door (or, more crassly, to reward key Democratic constituencies). Even if you buy President Obama's numbers, the result would be $275,000 of federal spending for each job saved or created. Meanwhile Obama has given no indication that he will lift a finger to stop tax rates from bouncing up in 2011. We are stumbling toward a ...