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February 13, 2009 – Comments (10)

 

Investor's Business Daily published an interesting editorial today that agrees with my stance that the government stimulus package which is about to pass will not be effective in reviving our slowing economy.

'Historic' Stimulus Is Egregious Waste

The article provides a quote from the influential Harvard economist Robert Barro who called the stimulus package "probably the worst bill that has been put forward since the 1930s."

We are in a time of crisis here people and yet the politicians in Washington are up to their old tricks of slipping all sorts of unnecessary garbage into bills.  We are spending money that we don't have.  Any penny that will not serve as an immediate, effective way to stimulate economic activity should be eliminated.  If you want to pass some of your pet projects, fine but do it on their own merit, not by taking advantage of the citizens of America by trying to slip it past them in this emergency measure.

The current version of the bill is a lot better than the original iteration that was created by Congress, but it still contains a lot of pork.  Here is a sampling of some of it:

- $30 million to restore wetlands and save the endangered salt marsh harvest mouse in the San Francisco Bay Area

- $1 billion for a Prevention and Wellness Fund for education programs on sexually transmitted diseases

- $2 billion to ACORN, an community group that's been involved in numerous instances of voter registration fraud

Only a mere 1% of the total spending in the bill is dedicated to small-business tax relief despite the fact that small businesses do most of the hiring...and firing of workers in the U.S.

In fact, the Congressional Budget Office estimates that this $789 billion bill could end up costing taxpayers $3.27 trillion by the time things are all said and done once one adds in the $744 billion in interest that will have to be paid on this money and the $2.527 trillion in additional spending that will occur if the bill's 20 most popular programs are permanently extended (which is a very likely occurrence in the world of Washington).

This bill we probably be passed by Monday or Tuesday and I can stop talking about it for a while.  My wife and I work just like you do, so believe me I certainly hope the package helps pull us out of this recession...but don't count on it.  The only think that will fix the mess that we are in is likely time and lots of it.  At some point in 2010 housing will stabilize and the slow recovery process can begin.

Deej

10 Comments – Post Your Own

#1) On February 13, 2009 at 12:19 PM, kdakota630 (29.64) wrote:

Any penny that will not serve as an immediate, effective way to stimulate economic activity should be eliminated.  If you want to pass some of your pet projects, fine but do it on their own merit, not by taking advantage of the citizens of America by trying to slip it past them in this emergency measure.

That should be told to congress over and over until it sinks in.

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#2) On February 13, 2009 at 1:08 PM, blake303 (29.33) wrote:

I don't like the bill either, but you need to get your story straight, Deej.

- $30 million to restore wetlands and save the endangered salt marsh harvest mouse in the San Francisco Bay Area

This is a fabrication. Please read socialconcious' most recent blog.

- $1 billion for a Prevention and Wellness Fund for education programs on sexually transmitted diseases

Are AIDS and Hepatitis considered STDs? If so, $1 billion towards prevention is money well spent.

- $2 billion to ACORN, an community group that's been involved in numerous instances of voter registration fraud

Also a fabrication - ACORN is not mentioned in the bill.

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#3) On February 13, 2009 at 1:15 PM, kdakota630 (29.64) wrote:

I heard that the ACORN money was a fabrication as well.

The AIDS and Hepatitus thing I believe goes to Deej's point that these are NOT stimulus (stimuli?) and shouldn't be part of the stimuls bill.

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#4) On February 13, 2009 at 1:35 PM, blake303 (29.33) wrote:

It's certainly more important that we not to misconstrue the word "stimulus" than to prevent teenagers from contracting easily preventable diseases until the economy recovers. We have already ruined the the terms "socialism", "elitism", and "communism", so why not change the meaning of "stimulus" to suit our demonization needs. Is paying health care workers to educate others on diseases that are cheap to prevent, but insanely expensive to treat considered stimulus? I believe it is.

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#5) On February 13, 2009 at 2:10 PM, Gemini846 (46.67) wrote:

Does the fact that we don't know whats in the bill exactly (since we're having a discussion over it and can't read it for ourselves) bother anyone?

Beuler Beuler?

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#6) On February 13, 2009 at 2:40 PM, Gemini846 (46.67) wrote:

Blake I hope you don't read the huffington post on a regular basis to find truth. I've never seen more liberal reporting or more commies in the comments than I've seen there. There is nothing objective about that paper.

I'm not saing Fox is any better since it just comes from the other side, but the readership obviously doesn't want to seperate small government individuals who are mostly republicans from the borrow and spend Big government right wing groups from the Bush camp.

The historic truth is that the market will do what the market will do no matter how much "stimulating" the government borrows to make it happen. Roosevelt proved that for us, but quickly we have forgotten. The bad part is that last year during the fall economists said the country would recover in 2010. If it does (on its own merits) then the liberals will charge forward with more spending since it obviously worked even though it did nothing but give us more debt.

If it doesn't work the conservatives will regain the house and Obama will be sucking air for the last 2 years of his first and likely only term.

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#7) On February 13, 2009 at 3:39 PM, blake303 (29.33) wrote:

Gemini - If you looked at the article I linked to, there is a FOX News video clip included within it, which supports my point as both sides say the same thing. I get my news from a variety of sources and can differentiate between slanted and non-partisan media, but nearly all sources have some bias. Deej posted several incorrect rumors, but I'm the bad guy for exposing right wing hatchet jobs. 

Here is the full text of the stimulus bill - courtesy of the Huffington Post. I guess sharing documents online is a form of communism right? I will leave that for professional wikipedia philosophers and economists like you to decide.

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#8) On February 13, 2009 at 3:55 PM, Option1307 (30.06) wrote:

blake303

Your link just takes me back to this page, what's the deal? Wanna relink it so we can all take a look...

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#9) On February 13, 2009 at 4:15 PM, blake303 (29.33) wrote:

Hmmmm. Try this instead. Links to a PDF (13MB / 496 Pages).

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#10) On February 13, 2009 at 4:58 PM, blake303 (29.33) wrote:

Damn. That was only part A. Just go here:

http://www.readthestimulus.org/

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