Harry Davis thinks too much of the stimulus spending is next year.

The Appalachian State University finance professor, who is the economist for the N.C. Bankers Association, said only 30 percent of the $789 billion stimulus package signed by President Obama will be spent this year.

He said that creates several problems:

NOT STIMULATING. Money spent next year will likely be after the economy has start to recover, so it won't be stimulus, by definition.

TOO MUCH DEBT. The additional spending and ongoing federal budget deficits are pushing debt too high, leading to a risk of inflation that could hurt the recovery.

NOT ONGOING. He said the infrastructure spending is necessary, but it ought to be included in the annual budget because it is an ongoing need.

"We need to spend money on infrastructure five years from now, so we need to get this spending in the regular budget, as opposed to this one-time shot in the arm," he said.

More after the jump.

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