Now that President Obama is proposing yet another economic stimulus program – this one a $50 billion “infrastructure bank” to build roads and bridges using nothing but high-priced union labor – Rep. Jeb Hensarling, R-Tx, is circulating a draft Dear Colleague letter that will go to House Speaker Nancy Pelosi when Congress returns from the August recess next week.

Hensarling’s letter makes clear why Obama’s latest stimulus scheme won’t work any better than that last stimulus scheme, the $862 billion boondoggle approved by Congress in 2009. That was the one that Obama promised would keep unemployment below 8 percent. It’s now 9.6 percent, and has been as high as 10 percent.

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