The house just approved a $819 some BILLION financial "Stimulus" today. The Senate can block it (but probably won't) but they may cut some of the worst of it.
A friend reminded me of this very appropriate quote from one of the founding fathers, Benjamin Franklin, who also happened to be a genius:
"When the people find that they can vote themselves money, that will herald the end of the republic. "
I'm not thinking that the United States will collapse at any time now, but if this bill passes, we are on the road to Lord-knows-what, but possibly a European style democratic socialism. That would be a stake in the heart of the worlds largest and most dynamic economy. Europe, while not poverty stricken, survives with an unemployment rate
I've heard a lot of analysts saying that a big portion of this money won't become available until well over a year from now, and the recession should be (fingers crossed) over by then.
This is pork-barrel politics at it's worst. A lot of this money will go to trivial things, and the bill is not really designed to "stimulate" the economy. It is political money going to those who are politically connected. If you don't think Acorn is politically biased, watch this, and read this.
I seem to remember a lot of gnashing of teeth and ripping of garments over the cost of the Iraq war (less than $600 Billion, spent over a six year period). We're preparing to spend $819 billion in the flash of an eye. Where are those people now?
9 months ago