It seems a bipartisan effort to ensure that there is some sort of stimulus bill, and only a few politicians think there should be no package at all. Many economists have warned in the past, and continue to do so now, that stimulus packages like the one currently waiting final approval, do not work. Let’s take a moment and examine the arguments as to why they don’t work.
President Obama ran on a platform of Hope and Change. From the details of the National Bankrupt the Nation Act of 2009, sometimes called a “stimulus” bill, we can now see who gets the change:
“Q: What are some of the tax breaks in the bill?
A: It includes Obama’s signature “Making Work Pay” tax credit for 95 percent of workers, though negotiators agreed to trim the credit to $400 a year instead of $500 — or $800 for married couples, cut from Obama’s original proposal of $1,000. It would begin showing up in most workers’ paychecks in June as an extra $13 a week in take-home pay, falling to about $8 a week next January.”
Thanks a heap!
A month into the Obama administration, who could it be that left-wing firebrand economist and New York Times columnist Paul Krugman is denouncing? Is it the dividers? Is is the extremists? Is it the old way of politics?
Has anyone ever wondered if it is possible that one can land in a financial crisis when one has a steady income, no debts, and a large reserve of money in case of emergencies? Certainly, I suppose, if something devastating comes around, like an accident that requires weeks in the ICU, surgeries, and a long rehabilitation, that could bankrupt a person. Yet such accidents, on a whole, are rare, and most people who live a financially responsible life never have to plead for a bailout.
When we look at our current financial crisis nationwide, I can’t help but wonder what people are thinking. President Obama has promised us trillion dollar deficits for years to come in an effort to restore our economy. Like most right-leaning folk, I’m under the impression that our current crisis has come from overspending, living beyond our means, and not being prepared for when we hit bumpy times in the economy (like $4/gallon gas, which drives prices up all around). Perhaps, if this view is incorrect, someone will be willing to explain to me why it is so. But my impression has been that first, people individually are consumed with buying, buying, buying, even when they don’t have the money to buy. I have friends who, though they grossed over $60,000 a year, were still living paycheck to paycheck because of their deficit spending. I’ve seen people who, upon receiving their government money, have gone and blown it on new cell phones (that are shut down after two delinquent months), on fancy steack dinners, and so on, instead of buying necessities or saving up what they can. I’ve seen people struggling with hundreds of thousands of dollars of accumulated debt that came from student loans, house loans, car loans, credit cards, and so on. This is just what I’ve seen. What I’ve heard–word of mouth, or in the news, or on blogs–is even worse.
There are many good reasons to oppose the “stimulus” bill, more accurately known as the Bankrupt the Nation Act of 2009, in addition to the basic objection that it is an act of fiscal insanity. Now we can add one more: religious bigotry.
The Bankrupt the Nation Act of 2009, sometimes called the “Stimulus” bill, looks like it might pass the Senate. The amount of money we are about to saddle upon our grandchildren, if not our great-grandchildren, to attempt to pay back, may be as little as $780,000,000,000. For the sake of comparison, here is a list of how much other monumental undertakings in our nation’s history cost, adjusted for inflation. Between the Bankrupt the Nation Act of 2009 and the Great Bailout Swindle of 2008, our government will be allocating funds in less than six months that represent one-third the inflation adjusted cost of the US expenditures in WW2 over three years and eight months. This is fiscal lunacy on a cosmic scale and future generations will wonder at our abysmal folly.
I decided to find out for myself what is in the Stimulus Package being debated. The version I’ve looked at is the version the House passed, and I can’t image the Senate version looks much better. Here is the results of Division A (the first 250 pages or so).
Things this package will not be used for: casinos and other gambling establishments, aquariums, zoos, golf courses, or swimming pools; any public work (airports, bridges, canals, dams, dikes, pipelines, railroads, mass transit, roads, etc) that does not purchase all iron and steel from within the U.S. (unless there simply isn’t enough iron available, or buying locally increases cost by 25% or more, or it is “in the best interest of the public” to buy abroad).