Are federal stimulus funds going to destroy Oklahoma's economy?

1. Begin with the fact that our state's budget gap (as a percentage of the annual state budget) leads the nation at 18.5%, ahead of California, Michigan and New York. Source: Today's Wall Street Journal.

2. Then consider that most of the federal stimulus funds come with significant strings attached to the states what accept them, mostly by requiring the state to provide matching funds and/or increase state spending. It's a short-term benefit with killer long-term effects that are only in the fine print. Two governors - Mitch Daniels of Indians and Rick Perry of Texas - saw the potential for disaster and turned down the funds. Link: The States and the Stimulus - WSJ.com)

So when today's Daily Oklahoman reported that the state is about to receive $2.6 billion in federal stimulus funds, I wonder: "Can we afford to accept them?" Is anybody at 23rd & Lincoln reading the fine print?