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By Gene Quinn |
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According to the Washington Times, the Congressional Budget Office (CBO) has determined that we would be better off without any stimulus package than either the package passed by the House of Representatives or the one being considered by the US Senate. The Washington Times explained:
CBO, the official scorekeepers for legislation, said the House and Senate bills will help in the short term but result in so much government debt that within a few years they would crowd out private investment, actually leading to a lower Gross Domestic Product over the next 10 years than if the government had done nothing.
According to Rasmussen Reports, fifty percent (50%) of U.S. voters say the final economic recovery plan that emerges from Congress is at least somewhat likely to make things worse rather than better, demonstrating that the majority of the those in the U.S. instinctively know what the CBO has determined to be true.
So why then would our leaders want to pass a such a stimulus package, and why do they have to get it done so quickly and without proper time to consider the legislation, its short term and long term ramifications? That is a good question and one that we are not going to get the answer to I’m afraid. I do, however, have my suspicions.
Everyone expects that the economic conditions in the United States will continue to worsen over the next year, and perhaps even into 2010. The stimulus package that is circulating Washington, DC is full of pork and special interest projects, and the spending on public works projects that could potentially be helpful does not come into effect until 2010, 2011 and beyond. This is because with such projects they need to go out to bid and follow a set course in order to ensure integrity in the process. It is terrible that it has to be that way, but with the way politicians operate on both sides of the isle if we didn’t have transparency in the bidding and constructing of major public works projects everything would wind up like the Big Dig in Boston, and that is just unacceptable. People should go to jail for that type of corruption and running over budget.
In any event, what this means is that the spending that would have the biggest impact on our recession will not occur until after the recession is likely well over, so then why consider it a stimulus? The truth is you cannot consider it a stimulus, and the American people know that and the fact that only 37% of Americans support the stimulus package will hopefully give our leaders some cause for concern and get them to take a step back. You just do not spend $1 trillion on a lark, regardless of what President Obama thinks is the right thing to do.
On that front, President Obama is starting a tour to build support for this ridiculous spending bill. He is saying that without the stimulus package there will be a great catastrophe. As Charles Krauthammer explains, so much for President Obama’s pledge during his inauguration speech to choose hope over fear. And by the way, isn’t that what we heard back in the Fall of 2008? A lot of good that $700 billion did for the economy. For crying out loud, some $78 billion was completely wasted because the government overpaid! With that kind of leadership why would we even consider giving this band of misfits $900 billion to $1 trillion dollars? Unbelievable.
President Obama campaigned on hope and change and since he has been in Washington he has offered no hope, and he is the same old politician we are unfortunately so used to seeing. Did anyone really believe that a Chicago politician who enjoyed a meteoric rise to power would bring change? Apparently so, and now the stark reality is setting in. Obama offers no change at all. His vetting process was a joke, leading to numerous candidates with tax problems, and a nominee for Commerce that is soon to be indicted. He promised no lobbyist in his government, and he has plenty of them in appointed positions, and even the CIA appointment has major conflicts of interest and accepted thousands of dollars from banks for speaking engagements after the banks received federal bailout money. It would be comical if there wasn’t so much at stake.
President Obama is now trying to strike fear into our hearts for no reason. I am not blind, and I of course see the troubles, but the US economy is a consumption based economy. What that means is that this recession will not end until US consumers start to have confidence enough to start buying again. Going around like Chicken Little and telling every microphone in DC that catastrophe will occur without a stimulus plan does nothing other than drive US consumers to be more cautious.
For a very smart man, you are really acting quite stupid Mr. President. Now is not the time to engage in the politics of fear. It is time to stand up and be a leader, and for your first assignment I suggest you call Speaker Pelosi down to your office and give her the scolding that she deserves. You should never have abdicated your right to draft this stimulus bill and given it to her. The American people did not want a President Pelosi, but that is what you have allowed to happen. Stop being her spokesman and start being our President!
Tags: cbo, nancy pelosi, obama, stimulus package
Posted in Congress, Economy, Obama, US Economy | Comments (2)
February 8th, 2009 at 3:08 am
After these bridges and roads or infrastructure are completed most of these jobs will end.This Democratic stimulus plan does not create
sustainable employment.
February 8th, 2009 at 4:58 pm
this bill is step one to socialism/communism. it’s essential to destroy the economy so we will all be dependent on government. get prepared to lose all your freedoms next. he’s already trying to get rid of the 1st amendment. also remember that this stimulus porkfest is only the first of MANY.