Wednesday, February 4, 2009

Bad Debt

Sen. Tom Coburn wrote an article in The Wall Street Journal called oh-so appropriately, The Stimulus package is more debt we don't need.

"As a nation, we got into this mess by spending and investing money that didn't exist. We won't get out of it by doing more of the same.

Instead of a New Deal type approach of putting Americans to work on improving our infrastructure and creating jobs that benefit the country, the bill is a hodge ppodge of earmarks.

Coburn says "Less than 10% of the bill could be considered true stimulus, if one assumes tax credits and infrastructure spending will jolt the economy. The other 90% of the bill represents one of the most egregious acts of generational theft in our nation's history..."The bill's selling point is that three million jobs will be created or saved by this package. What's alarming is that each job will cost $286,000 to create or save. Moreover, one in five will be a government job."

Once a government department/job is created, it will have to be paid for FOREVER.

And, this bill contains what is basically a retread of Bush's town twice-tried failed economic stimulus ideas:

"What is not in the bill is as troubling as what is. The package does nothing to clear the toxic assets and bad mortgages that helped trigger the credit crisis. It also contains very little meaningful tax relief to make small businesses and American companies more competitive. Instead, the tax provisions of the stimulus are essentially a modest cash handout that repeats the failed policy of George W. Bush's rebate-check stimulus."

So Cousin Barack wants to send us all a small check, like Uncle George did... Money we don't have, borrowed from China.

China so owns us.

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