Posted on 02/09/2009 9:41:12 PM PST by Ernest_at_the_Beach
Plus: Someone ask Pelosi what the U.S. population is. Krauthammer and more….
The Senate is poised on Tuesday to pass the most monstrous hogzilla spending bill of all time despite overwhelming public disapproval of the bill in it’s current form The latest Rasmussen Reports show 62% of respondents feel that the bill should include more tax cuts and less spending.
Unverified reports describe calls to Senate and House offices running 100 to 1 against the bill yet Obama and his House and Senate colleagues soldier on to ram this monster down the throats of the American people.
Reports like this don’t seem to bother them at all:
CBO: Obama stimulus harmful over long haul
Stephen Dinan
The Washington Times
February 4, 2009
President Obama’s economic recovery package will actually hurt the economy more in the long run than if he were to do nothing, the nonpartisan Congressional Budget Office said Wednesday.CBO, the official scorekeepers for legislation, said the House and Senate bills will help in the short term but result in so much government debt that within a few years they would crowd out private investment, actually leading to a lower Gross Domestic Product over the next 10 years than if the government had done nothing.
(Excerpt) Read more at floppingaces.net ...
It will harm the economy but it will help the Rats. Besides they can blame any negative results on the Republicans or say it didn’t go far enough.
If this was a Republican administration... oh what’s the point.
100:1 against. Don’t expect me to pay for it. Take it out of their pensions. We had no representation.
It’s apparent Obama nor the Democrats in Congress are listening to opposing viewpoints. This monster has made it through the House and may well end up on the President’s desk, and it managed to grow some on the way.
To think the government will use money from the same source (thin air) to stimulate the economy suggests nothing has been learned from the recent past.
Problem is, this thin air cash has to be paid for by taxpayers later on with 'thick air' capital which could have had more productive uses than repaying a loan.
Noticeably missing from the first infusion of phoney money was inflation that could have crippled it's effect. House values went up, for sure, but wages didn't and not until gas became a haven for investors, most other essentials remained fairly stagnant. Homes began to price themselves out of the market while other assets remained anchored in market reality. Thus, the crash (or sudden correction).
Government infusion of thin air capital may not be so lucky. Areas targeted for infusion may be wage sensitive, causing them to rise quickly- creating a spiral in response. And, a wage increase spiral will have a more lasting inflationary effect than say, a housing boom, since there's less elasticity in price.
An inflated home may fall $200,000 in value in one year and people will see a buying opportunity. Inflated wages falling in value by one half to one third in any year simply isn't going to happen (absent a huge influx of workers of like skill, etc.)
Wage inflation (brought about by government infusion or manipulation) will drive up one component of the production function (labor) such that the others (commodities and physical plant) will have to decline in cost in order to justify the added cost for labor, otherwise, massive lay-offs will occur as businesses adjust to the market.
Unfortunately for King Kenyan, Bush II and Clinton I flooded the market with Federal Reserve Notes such that a rising tide ain't gonna rise no more. The pool is full and whatever ships were to be raised have already been raised.
The best the Kenyan King of the US can hope for are marginal improvements and he'd better be praying every night that oil stays below $100 a barrel (not to worry too much, most of the pressure has been let-out and commodities are no exception). He should concentrate on lowering commodity prices (fuel, food, energy (nuclear), etc.) and physical plant costs (taxes, insurance, healthcare, etc.).
The worst thing Mobutu Boy could do is toss a boulder into a small pond. This will have investors driving up the cost of essentials like fuel as they seek to protect their wealth from inflation rather than staying in longer term 'growth' investments. Imagine double digit unemployment and four dollar a gallon gas. Certainly would be "change".
What does this have to do with “economic” stimulus? From my email from Concerned Women for America:
“The U.S. Senate is now considering a stimulus spending package totaling $1.1 trillion and it’s still growing. Along with the alarming financial implications of this measure and the funding of countless liberal pet projects, there is disturbing language in this bill that would promote religious discrimination. Mathew Staver, Founder of the Liberty Counsel and Dean of the Liberty University School of Law, says the bill now before Congress has language that could impact every church across the nation that rents public facilities for their worship services. Contact your Senators today by calling 202-224-3121. “
Yes. Its purpose is to consolidate rat power.
We are so far down the road to serfdom that no one has bothered to challenge its constitutionality.
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