The House of Representatives has passed the so-called Economic Stimulus Bill and has sent it to the Senate for their debate and approval. I am puzzled how anyone is persuaded that this liberal wish-list is in any shape, manner of form, the prescription for what ails us.
Taking money out of the private sector for increased government spending is absolutely the wrong answer. No matter how the government procures these funds, whether by raising taxes, borrowing or, heaven forbid, printing more currency, there will be a corresponding decrease in private spending. There can be no other result.
This stimulus, if passed, will cause the deficit to balloon to an astounding 13% of the nation’s Gross Domestic Product; in other words our debt will be 13% of everything produced, manufactured and grown in the United States. If the Chinese government, who is purchasing and financing our debt, says no more, we will be on the verge of total economic collapse.
Even if it was theoretically possible to spend our way out of debt, which it isn’t, we and the members of the Senate need to take a hard look at where this money is to be directed.
Here are some examples:
¨ This bill spends $12.00 on new cars for the government (in addition to the $3 billion per year they already spend) for each $1.00 in small business tax relief,
¨ $50 million for the National Endowment of the Arts,
¨ $400 million for global warming “research”,
¨ $650 million for digital TV conversion coupons,
¨ $83 billion for the Earned Income Tax Credit for people who don’t even pay taxes!
¨ $335 million to fund “programs” to help prevent STD’s,
For a more comprehensive list of these wasteful projects, click here.
This bill will do nothing to “stimulate” the economy; in fact it will do just the opposite and prolong the economic situation in which we currently find ourselves. The Congressional Budget Office has stated that the majority of this money will not hit the economy until 2011.
Just in time for the next presidential election, what a coincidence.
3 Comments
February 7, 2009 at 11:18 pm
If the President and Congress felt compelled to empty the treasury in some sort of ill-advised stimulus plan, I wish they simply would have bought me an Alpine White Dodge Challenger. . .
February 10, 2009 at 11:45 pm
Wilson…I’m with you, pal. I’m thinking maybe a nice F-250!
February 12, 2009 at 7:04 am
Dragon, it looks like we’re on our own with the new vehicles, especially since we’ll get a whopping $13.oo a month of a tax rebate; yayyy!