Where Will The Money For Obama’s Economic Stimulus Spending Come From If Not The Economy?

Obama is promising to spend an astounding 5% of our GDP on “economic stimulus.” The Club For Growth wonders where all that money is going to come from if not the economy itself.

Washington – Barack Obama’s $500 billion – $1 trillion stimulus package should be called “the bucket plan” because it is no different than taking money out of one side of a bucket and pouring it into the other side and thinking that will raise the water level.
“When President-Elect Obama proposes a $500 billion – $1 trillion stimulus plan, that money has to come from someplace,” said Club for Growth President Pat Toomey, “and it can only come from one of two places—higher taxes or borrowed money. Either way, the government is simply siphoning money out of the private sector and throwing it back into the other side of the bucket.”

In order for the government to spend any money it must first take some money out of the economy through taxation or fees. Thus, any money the government puts back into the economy is a net loss given that the government rarely spends that money as efficiently as the private sector does.
The only way government spending is beneficial is if, after the spending, the economy is left with something beneficial. Such as a new highway system a la Eisenhower. But Obama’s spending is all about hiring people to put CFL light bulbs in government buildings and refurbishing schools. Thus the impact won’t be the same.
Obama could borrow the money for this massive new increase in spending, but does anyone think that blowing up our already exploded federal debt is really a good idea at this point?