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Sunday, February 01, 2009

Round One of Democrat's Fiscal Stimulus Plan

In his Saturday (Jan. 31) radio and video address to the country, Presidend Obama said the stimulus bill is necessary because it would create 3 million jobs, as well as make downpayments on needed investments in healthcare, education, and infrastructure.

$820 billion divided by 3 million is $273,333 per job! There should be a long line for those government jobs!

The Republicans are opposed to much of the spending called for by the plan. They say the bill is part stimulus but mostly long-term government spending favored by Democrats that tax payers will pay for later on without benefit of higher revenue to pay for it.

Ben Stein comments on truthful facts about the current bill:
Only ten per cent of the "stimulus" to be spent on 2009.

Close to half goes to entities that sponsor or employ or both members of the Service Employees International Union, federal, state, and municipal employee unions, or other Democrat-controlled unions.

This bill is sent to Congress after Obama has been in office for seven days. It is 680 pages long. According to my calculations, not one member of Congress read the entire bill before this vote. Obviously, it would have been impossible, given his schedule, for President Obama to have read the entire bill.

For the amount spent we could have given every unemployed person in the United States roughly $75,000. We could give every person who had lost a job and is now passing through long-term unemployment of six months or longer roughly $300,000.

It seems like more of the same nonsense we have in California. Token tax cuts such as our lower vehicle registration fees, massive spending for programs favored by our unions and state employee associations (police, fire, jails, teachers, etc..) and massive borrowing to fund it.

Today the news is California can't pay its bills. The democrats want to "fix the problem" by raising our property taxes, raising our 8.25% sales tax, raising our 9.3% income tax and raiseing the gas tax to something like 43¢ a gallon.

The US now seems to be following the CA model. No wonder the stock market is in a shambles.

Kirk Lindstrom's Investment Letter Performance

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