I am woefully unimpressed by Obama’s $120 billion economic stimulus plan. It’s primarily tax cuts, the Republican way.

His plan for people who might lose their homes is a subsidy, when a better and far cheaper solution is to allow bankruptcy judges to modify the terms of the loan, as they do for vacation and rental homes. (It also hits the bad lenders where it hurts, which should be a goal).

I do approve extending unemployment benefits though, and the aid to municipalities who are hemorrhaging property tax money.

That being said, e have bridges falling down, and we need massive investment in alternative energy, and his primary thrust is cutting taxes.

A better solution is stepped up infrastructure repair, and money for alternative energy programs. The money these people will earn will be spent more quickly, and it is the velocity of money that causes a recession or a recovery.

I would note that his policy is not surprising given that Obama’s economic advisers are all wingers: (hat tip to Louis Proyect)

• Austan Goolsbee: U. of Chicago neoclassicist and “Sicko” critic (“neoclassicist” means Milton Friedman acolyte)
• David Cutler: Harvard economist who believes that high health costs are good for the economy
• Jeffrey Liebman: another Harvard economist and former Clinton adviser who favors privatizing social security

Considering who Obama is surrounding himself with, I’m beginning to think that his embrace of right wing memes is not a pose, but who he actually is.

Update: I do have to note, however, that Brad Delong likes Obama’s plan, and he is an economist, and I am not.