Obama’s stimulus is supposed to create and “save” jobs. All this bailout business started before Obama was elected. Obama was on board with it and added greatly to the spending. Senator Cornyn (R-TX) reports that the projected budget deficit for 2009 is almost as much as the Federal budget of 2001. Obama’s proposed spending is more than the combined spending of all previous administrations. And yet …
For January through March of 2009, over two million jobs had been lost in the U.S., including 663,000 in March. In April, the Bureau of Labor Statistics reported job losses of 539,000 (later revised upward), and in May the figure was reported by sources as 532,000. So, it’s well over three million so far in 2009. Of course we don’t know how many jobs have been “saved,” if any.
This past week it was reported that the unemployment rate nationwide is 9.4%, the highest level in 25 years. Of course, the mainstream media sees this as a sign that unemployment is bottoming out since some people thought the rate would be even higher. Several states have unemployment rates in double figures. But there are still many more job losses yet to come, with events such as the auto plant closings, related supplier cutbacks, etc. When large companies close down facilities, many outside the companies are affected, of course: suppliers, dealers, municipalities, property owners, and so on and on. The bottom is evidently not quite in sight yet.
But don’t worry, our leaders are on the job. Their answer to all this is more and more spending, in amounts approaching the unimaginable. Trillions of dollars more than ever before! Fifty billion at GM alone for the government’s stake. Apparently Obama can simply pour billions in public funds into whatever company he wants, and claim ownership, rewarding the unions or other constituencies with shares, while stiffing stockholders and creditors, then criticizing them if they dare complain. We must “sacrifice” for the benefit of future generations, who will be born debt-ridden (provided they escape the abortionists). Meanwhile, the dollar will soon become worth much less than it is now as inflation takes over. We’ve only begun to see the “sacrifice” on the altar of Obama’s fascism.
The main growth sector in our economy will be government, which will balloon in size in order to try in vain to keep up with all the spending and pork projects.
While this is fiscal insanity, it must seem like the appropriate steps to Obama and his allies, because it is leading to more and more chaos which, of course, “only the government” is equipped to deal with. As long as possible, they will blame Bush, but actually Obama now owns this situation, and people are beginning to see that. If the government had stayed out of the entire financial and auto industry meltdowns and let the markets run their course, there would still have been much pain, but the self-correcting mechanisms of the market would be in place instead of government meddling and manipulation. And we would be to a much lesser degree on the road to socialism, fascism, and loss of liberty.
Republicans need to get over the idea that we need bipartisanship, and get to the business of defeating liberalism and socialism wherever it is found. The GOP does no good for itself by trying to “work with” Democrats when that requires rolling over and accepting what they are offering. Pray for conservative leaders. Contact your elected representatives about the out-of-control spending and government takeovers. There is still time to avert much of this political and economic catastrophe.
Any Differences? - (Don Boudreaux) TweetWhat are the economically relevant differences between the hypothetical proposal summarized in the indented passage below and the tari...
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