Friday, February 6, 2009

Economic Stimulus Or Redistribution?

President Obama is adamant about getting the bogus stimulus package approved, and pronto. He and his democratic cohorts claim that time is a-wasting and we must stop debating and "get 'er done", ostensibly for the "good of the people". Others have a much different vision, however, namely the Congressional Budget Office. According to that body we would do well to tolerate a little pain now rather than endure a prolonged suffering down the road.

The CBO projects that the bill would indeed create an immediate and short-term growth burst but the hangover would make these seem like a fun party that we'll not remember. From their report according to the Washington Times:

CBOs basic assumption is that, in the long run, each dollar of additional debt crowds out about a third of a dollars worth of private domestic capital, CBO said in its letter.

CBO said there is no crowding out in the short term, so the plan would succeed in boosting growth in 2009 and 2010.

The agency projected the Senate bill would produce between 1.4 percent and 4.1 percent higher growth in 2009 than if there was no action. For 2010, the plan would boost growth by 1.2 percent to 3.6 percent.

CBO did project the bill would create jobs, though by 2011 the effects would be minuscule.

Surely the president must know this, right? So what's the rush? To quote him, "The time for talk is over. The time for action is now." It sounds like he's saying don't read, don't study, just do what I say immediately. I wonder why?

One of the ideas espoused by this former community organizer was economic justice. He even boldly referred to that as redistribution of wealth. Of course, don't take my word for it, just listen to this sound bite from his early days:

In this clip he actually laments his belief that redistribution will never be achieved through the courts. No problem, we'll just manipulate our way into the White House, gain a super majority in congress and basically seize a trillion dollars of the taxpayer's money to spread around under the guise of "stimulating the economy".

Sounds all too easy, I know, but it's not Barack Obama's single-handed, diabolical scheme; it's been well orchestrated by many hands working in unison. Obama is simply the vehicle used by the much more powerful, and hey, if people can believe that Bush and Cheney planted explosives in both towers of the World Trade Center with an iron-clad cabal where no one tattled, I am entitled to my own conspiracy theory.

It may be the stuff of fantasy novels, but think about it. This economic crisis was brought about by democrats who insisted that bad loans be made to poor people who had no chance to repay. They had a complicit media all too eager to trash President Bush, and they had big money in George Soros and bankrolling the candidacy of a smooth-talking young senator who also happened to appeal to black voters far more than any Clinton ever could.

Of the nearly trillion-dollar plan, only 12 cents per dollar will be for actual stimulus, the kind that creates jobs and helps the economy. The other 88 cents goes toward getting democrats re-elected in their districts and puts hard-earned money into lazy pockets. Here's hoping the republicans in the senate stand strong and trim this thing down by at least 88%.

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