The talk now is about “green shoots” and a “light at the end of the tunnel.“ Markets have rallied, housing prices have stopped falling, banks are profitable again, and it seems like we have been able to save several industrial giants that were on the ropes, like General Motors. But we must never forget that the light at the end of the tunnel can be an approaching train.

With so much bad legislation snaking through Washington these days, it’s tough to keep track of it all. It’s almost as if the president and the Democratic Congress want to pass bills before anyone else knows what’s knows what’s in them. Aided by a supine press corps, this tactic worked for the stimulus package, and it allowed the House to pass—by a polar bear’s whisker—cap-and-tax legislation.

The biggest news in Wednesday’s veto session occurred when the House of Delegates rejected federal funds to expand unemployment programs. One Democrat joined 52 Republicans in saying no to Gov. Tim Kaine’s proposal to tap the Obama administration’s stimulus package for that purpose. The House made a call that was difficult but right. The jobless benefits portion of the stimulus would have imposed significant costs on Virginia businesses, which would have been left with the tab after the federal money ran out. Additional burdens on businesses would make it more difficult for the private sector to create and sustain the jobs essential to recovery.

Some people can’t understand why some Virginia legislators are urging the state to turn down millions of dollars in economic stimulus money to help the unemployed. But what critics don’t get is that the stimulus money has strings attached—strings that I believe would end up restraining our economy rather than helping it.

My support of the Obama administration’s efforts notwithstanding, the recently passed economic stimulus package will create as many as 2 million fewer jobs than expected because its projections have been based on models that no longer reflect consumer and business behaviors. The stimulus will also take twice as long to fully percolate through the economy—and may require additional action.

Va. to get energy-project funds Stimulus package includes $164 million for efficiency programs, weatherization Virginia’s $4.8 billion share of the federal economic-stimulus package includes more than $164 million in grants for weatherization and energy-efficiency programs, White House officials announced yesterday. About $94 million will go toward the commonwealth’s Weatherization Assistance Program, while $70 million will be applied to the State Energy Program.

Virginia public transit systems will receive $116.1 million from the federal stimulus package, the U.S. Department of Transportation said yesterday. “This funding will go a long way toward advancing transit in Virginia,“ said Jennifer Pickett with the Virginia Department of Rail and Public Transportation. “All the regions and localities are looking forward to submitting project applications for federal funding.“

The week before last, the House of Delegates passed its amendment to the biennial budget, but was missing two key pieces of information: how January revenue numbers would impact the budget shortfall and how much money Virginia would gain as a result of the federal stimulus bill. Some of that information has now come to light, and it contains both good and bad news.

Thousand-Dollar Candy Bars: Obama’s Dangerous and Deceptive Economic Policy For those of us pondering whether President Barack Obama is—in his heart of hearts—driven mainly by extreme ambition, like most highly successful politicians, or instead by a deep devotion to extreme liberalism, we have received a surprisingly quick and definitive an swer. He is driven by both.

We hear about millions, billions, and trillions of tax dollars tossed around by the government like they were pennies at a wishing well. It’s time to pause before we toss! Remember that a trillion is a million million, and a billion is a thousand million! That is a huge pile of pennies! President Obama noted that “everybody is an economist!“ If that is the case, here is my view as one of those citizen economists:

It’s an hour of hope. Yet you don’t seem especially hopeful about the grim gray economic scene or the ability of the new administration—and the stimulus package—to give it color. Good observation. Though hope never dies, a large hunk of hope went out with the lights. But there’s a rarefied ethical atmosphere in Washington now, and surely the trillion-dollar package Congress is bestowing will make everything economically right. A new day is coming. I can see it now . . .