There have been many others here that have given their take on the so-called Economic Stimulus package. I say so-called because literally 93% has absolutely nothing to do with the economy. This legislation is loaded with pork-barrel spending, also known as earmarks. Remember earmarks during the President Obama's campaign? Here's a video of one of the debates between Senator McCain and President Obama, where Obama is highly critical of out-of-control spending.
Now, President Obama has done a complete turnaround. Kevin, who writes THE BLACK SPHERE, has done several posts on the economic stimulus plan. Please visit Kevin. His journal is an excellent read. The first I would like to reference is a post entitled OBAMA'S BAILOUT PLAN: PORK A PALOOZA. Kevin shows only a partial list of the pork barrel spending that comprises the majority of this bill. There's much, much, more. The small part that is actually going to infrastructure, which again IS ONLY ABOUT 7% OF THE TOTAL PACKAGE, will be doled out on a highly discriminatory basis if President Obama's Economic Advisor, Robert Reich, has his way. Here is another video clip, where Mr. Reich says it himself:
For those who need a transcript of this video, Tom, who writes TOMS JOURNAL, posted what Mr. Reich said. Click HERE. Be sure and visit Tom's journal, too. He's a Christian and war veteran and writes on a variety of subjects.
Every economist I've seen or heard so far has said they do not think Obama's plan will do anything to improve the economy. What's more, even CNN is questioning it. I saw a newscast this week that pointed out some of the pork in this plan. The news anchor raised some eyebrows. It's apparent that many Americans are doing more than raising their eyebrows. On January 8, 2009, a Gallup Poll showed that 53% of Americans favored the $775 billion plan with 36% opposing it. (MAJORITY OF AMERICANS FAVOR $775 BILLION ECONOMIC STIMULUS). As of January 28, 2009, the approval of the now $800 billion plan has slipped to 52% of Americans favoring it with 37% now opposing it (IN U.S., SLIM MAJORITY SUPPORTS ECONOMIC STIMULUS PLAN). Not a huge percentage, but one percent is a significant number of people. Another way of looking at it is that just barely over half of us favor it. Not exactly overwhelming support. I think the approval numbers will slip even more as the news gets out that so little of this massive spending plan has almost nothing to do with jump starting the economy.
Even though we've seen time and again that reducing taxes pumps more money into the economy and recovery is much faster, it won't happen with the Democrats in power. If you check out my series last year, IT'S NOT NECESSARILY WHO YOU VOTE FOR, BUT WHAT, the Democratic Party platform does not support tax cuts. Obama's campaign promise to cut taxes for the middle class was merely to gain votes. Just a reminder: any candidate, Democrat or Republican, can say anything they want to in order to get elected, but once elected, they must follow their party's platform. President Obama is following his party's platform.
Now, how do Americans feel about tax cuts? Going again to the Gallup poll posted January 8, 2009, SPECIFICS OF STIMULUS APPEAL TO AMERICANS, 72% favored income tax cuts, and 75% favored tax cuts for businesses. Obviously, the mis-named economic stimulus package as it has gone through the House and is now in the Senate is another result of the Washington politicians NOT listening to us. With an exception. FINALLY, the Republicans in the House found some backbone that's been missing for a long time, and all voted against this disaster. Now, even some Democrats in the Senate are having misgivings about it. Could it be that they're afraid of being voted out if they go for it? I don't know, but it could be. Any of them that vote to put us $800 billion more in debt need to be voted out. E-mail your Senators and let them know we won't tolerate flushing billions more in the middle of a recession on pet projects. Instead, let's have a real economic recovery plan starting with tax cuts, and keeping the pork with the slop where it belongs.