Response to Biden: Here's what I would (and would not) have done

Today, in a fit of rightous indignation, Vice President Joe Biden defending (or being defensive as to) the Administration's effrorts on the economy asked its critics "what would you have done?"

1. Involved the Republicans in the drafting of the "stimulus" bill so that most of the more outragous spending items (tunnels for turtles in Florida, studying pig odor in Iowa, a highway to nowhere in West Virgina, etc.) would have been weeded out. The primary beneficiary of this strategy would have been Obama, who would otherwise have more credibility with the American People if he needed to ask them for more money for a second round of stimulus spending.

2. Not made the stimulus package so large that it could not be spent quicky enough. Many Republicans suggested a stimulus package half as big as the one that ultimately passed. Again, preserving the Administration's credibility so that going back to voters for another round was politically feasible.

3. Again, to preserve credibility, not oversell the stimulus as cure for all that ails us. I would not have said that without that package unemployment would not rise above 8 percent. I would also not have told the American people that the projects paid for by the package would be "shovel ready" if the money was not going to be spent until next year. I would have been upfront about transfer payments to state and local governments as not being stimulative, even if I thought they were necessary.

4. Not use the economy and the need for a stimulus as a pretext to play Santa Clause and fill the wish lists of every Democratic legislator or special interest who had a pet project the wanted funded, regardless of how ridiculous it sounded, or whether it would have any real stimulitive effect.

5. Focus stimulus spending to stimulate the private economy, not merely as an excuse to grow government.

6. Keep my focus on the economy, and not try to saddle the American People with an onerous carbon tax during a recession, or seek to pass a public option health care plan that is conservatively estimated to cost as least 1 trillion. Contrary to the Administration's assertions, neither health care reform or cap and trade are presently necessary for the economy to improve (and may in fact be detrimental to the Administration's stimulus efforts).

7. Pledge to the American People that all returned TARP funds would be returned to the taxpayers (e.g., not use the monies repaid to finance new spending).