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January 28th, 2009

Help Congress Spend Your Money Wisely

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Concern about the sheer size of, as well as wasteful spending in, the $825-billion-and-growing stimulus package is spawning a number of reactions among a public growing uneasy about the exercise.

Read the Stimulus is a new website which invites all comers to pore over the ever-growing bill. Its tagline — “$850 Billion, 1588 pages, and counting… somebody needs to read it!” — sums up its purpose:

We have all heard words of an era of increased transparency. With nearly a trillion dollars under debate in the proposed stimulus package, such transparency would be most useful right now: before we as a nation make irrevocable decisions about how to deal with the economic crisis that we face together.

…The web makes great things possible: if it chose, Congress could easily make fully searchable, web-friendly versions of pending legislation available for citizens to comment upon.

But, it has not. And since nothing official along these lines has been forthcoming for the stimulus bill, this site aims to fill that gap, and make available as much information as possible about this critical legislation. …

Browse through a document of your choice, or use the search function to drill down to the topics that interest you most. And on any page of any document, you can contribute your own comments and thoughts — and read those by fellow citizens.

If you feel motivated to make sure that your hard-earned money will be spent properly, and not, say, $600 million on new cars for federal agencies (do you have the money to buy a new car in 2009?), contribute your fair share of time to this cause.

Another website, called Recovery.gov, is waiting for the bill to pass before it digs in:

Check back after the passage of the American Recovery and Reinvestment Act to see how and where your tax dollars are spent. An oversight board will routinely update this site as part of an unprecedented effort to root out waste, inefficiency, and unnecessary spending in our government.

Anyone out there heard of other grass-roots action for transparency and accountability on this stimulus bill? Let us know.

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2 Responses to “Help Congress Spend Your Money Wisely”

  1. Stevie Nichts Says: January 28th, 2009 at 11:07 pm

    There is a lot of info at Read the Stimulus that is not being reported in the news. The CBO analysis of the “stimulus” package shows that most of the money that this bill will spend won’t even be spent until next year or later. That means most of the money won’t have any effect on the recession. As far as I am concerned, that means it is pork barrel spending.

  2. Tim Manni Says: January 30th, 2009 at 1:12 pm

    That certainly takes the “stimulate” out of stimulus. According to Peggy Noonan of the WSJ, “The Congressional Budget Office says only 25% of the money will even go out in the first year. This newspaper, in its analysis, argues that only 12 cents of every dollar is for something that could plausibly be called stimulus.”

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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