Sen. Barack Obama's 90 day foreclosure moratorium proposal today is bad enough. His $3000 tax credit for each new job created is a non-starter of a scheme that aspires to be counterproductive.
But his plan to give federal loans to states and cities (whose pre-existing spending problems are much greater issues than any temporary decline in tax revenues) is really bad. Besides, Kentucky has already tried that. This is not a time for more smoke and mirrors.
