Finding wisdom on the question of economic stimulus may be Washington's most important task in generations — short of major war decisions. President Barack Obama currently is proposing to spend about $850 billion over two years that he asserts is intended to stimulate the economy and thereby add 3-4 million jobs that otherwise would not exist.

It is generally expected that Obama is lowballing it and that after Congress is finished, the level will be closer to $1.2 trillion. Witho ...

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