Jobs Schmobs

From Mankiw:

One thing all economists agree on: If there are public investment projects that pay a high rate of return, those are worth paying for, even if it means more borrowing. But that is always true. Even if we were at full employment and there were no possible employment effects of fiscal stimulus, we should undertake public investments that pass a cost-benefit test.

Comments

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He continues:

In this regard, two observations come to mind. First, since most infrastructure is used locally, the proper level of spending is best determined by state and local governments rather than by the federal government. Earlier, I suggested that fiscal stimulus could be decentralized. Each state governor could be allowed to determine whether to take federal money as state aid or have it paid directly to his or her state's citizens as tax relief. I still think that makes sense.

Do states without the projects need the stimulus?

If "Jobs Schmobs" surely "give-away shmiv-away"

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(To even call it "tax relief" with ten-plus trillion dollar debts hanging over us ... sometimes Mankiw is such a party hack.

Either this is desperately needed stimulus, and not Grover Norquist era "tax relief", or it is a give-away at the expense of future generations.)