And another step towards the Socialist Nanny States of America continues. That or someone is fond of the failed idea Keynesian economics.
Zero Republicans voted for the bill, being joined by eleven Democrats in their opposition. So much for President Obama vaunted bi-partisianship for this pork fest special interest pay-off. My only hope is the Senate cut as much of the garbage and pork instilled in this bill by corrupt politicians at the behest lobbyists and neo-socialists.
Remember to Read the Stimulus!
Examples of pork and other assorted unnecessary spending in the bill:
- Billions for the DoD for facilities maintenance and upgrades. This should be part of the normal military budget.
- Billions for broadband internet. Laudable but should be part of the regular budget. For that matter, should the government be in the business of broadband internet?
- Billions for DH&HS. Again should be part of the budget, not an economic stimulus program.
- Millions for STD prevention. Laudable, but having nothing to do with economics, I’m afraid.
- Billions for carbon capture demonstration project. Once again laudable, but should be part of budget not the stimulus bill.
- Billions to states to help “balance their books”. The federal government should not be involved in supporting the fiscally irresponsible state governments.
- A billion dollars for Amtrak. Privatize this elephant already and quit throwing good money after bad.
You know this thing is a failure for the future when only about 12% of the bill will actually have any future stimulative effect on the economy according to the experts.
10 steps (and nothing else) I think would better serve the economy:
- Permanently reduce taxes on personal income.
- Assistance and aid for mortgage debt. Force renegotiation of home values to actual levels rather than the overinflated levels.
- Passing usury laws against credit card companies slashing interests rates to levels in line with the banking industry (i.e. 4-5%) and requiring payments count at least 90% towards principle debt, not interest.
- Extend unemployment benefits.
- Extend and expand business and skills retraining programs.
- Permanently cut corporate tax rates to 15%-20% for in country corporations and make corporate taxes on those who transfer jobs/production facilities overseas 30-35%.
- Temporary tax breaks on businesses for payroll, insurance, et. al., to encourage keeping jobs until economy is better.
- Investment into infrastructure. (Which is in the stimulus bill.)
- Temporary freeze on all government workers pay. Politicians should take a pay cut (if not take any pay at all). Everyone should have to shoulder the burden of the bad economy.
- Pass a balanced budget amendment.
Not a complete solution, of course, but at least it’s a far more reasonable start than the “stimulus bill”. It’s not the role of the government in a capitalist based economy to create jobs, nor is its to support failing companies or political entities hiding as an array of NGOs and non-profits.
And in closing a little humor:
Cry, comrades, cry.
For the time of the socialist is nigh.
Now we may all live well,
But they’re not gonna tell
That our grandkids will live
In financial hell.