Ooh baby... Give me some STIMULUS! Yes... Yes... Huh? That's it?
One shot deal?
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I'm sorry, but I'm havin' a bit of trouble getting overly excited by the "stimulus" package being offered up by President Bush and his spend-happy pals on Capitol Hill. And of course, it's bad enough as it is, but, as usual, there are some in the Senate that want to add even more scabs to the package...
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Don't get me wrong-- as a small business owner, I appreciate the tax cuts offered should I decide to purchase some new equipment. And I do like the drop in the rate on the first 6/12K of income. It would be nice to see this accompanied by a meaningful and much deeper cut in the overall rates. Because I employ people, I see how much money is taken from everybody's paychecks, plus from my business as a whole in addition to what they pay. A once time payment, as also included in the package is great, but for most people, in an instant, it will be gone.
"How's your 'stimulus' doin', Frank?"
"Not bad, Doug. I paid for a tank of heating oil, and the wife bought some new clothes."
We know where THAT stimulus ended up, don't we?
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Yep Sheik Islamonut and his harem got it. And the Chicoms that own the sweatshops that made Frank's wife's new outfits. I'll bet the sheik and the taskmaster at the textile factory got a whole lot more "stimulated" than 'ole Frank did! (Although maybe, thanks to the wife's new clothes, he might get "lucky" himself...)
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Again-- I know that Frank having the money instead of the government having it is NOT a bad thing. As a conservative, I think that anytime the government lets people keep more of their own money, it should be done. However, I am somewhat dubious of the latest tax "rebate" scheme to pump dough back into the economy. I mean, what is the cost? Where is this money suddenly coming from? I thought the government was broke! Are we gonna borrow money from the Chicoms & the Arabs so that we can buy their goods and their oil?
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I want meaningful, proper relief now! And I'm certainly not alone in my thinking. Consider what NYC Mayor Bloomberg-- yes, THAT Mayor Bloomberg-- had to say on the subject. From Fox News:
WASHINGTON — New York Mayor Michael Bloomberg said Wednesday the White House and Congress are negotiating a shortsighted economic stimulus package....[snip!]."We can't borrow our way out of this. The jig is up," Bloomberg said during a speech to the U.S. Conference of Mayors, which honored his environmental efforts..The billionaire mayor, who is said to be considering an independent presidential bid yet denies that he is a candidate, said the $150 billion stimulus package being hammered out between Democratic and Republican leaders won't be enough.."There's just one problem: It's not going to make much of a difference because we've already been running huge deficits," Bloomberg said. "If we spend all the money right now, and there is no recovery because of it, then we don't have a second hand to play."
Of course, I don't agree with some of the proposals the liberal nanny-statish Bloomberg puts forth in his list of solutions, but he's right about the borrowing aspect of the "stimulus."
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Most in line with my thinking is, interestingly enough, Senator McCain. Writing in the Ojo-Mojo Tech Report blog for the EETimes, Business editor Bolaji Ojo writes
McCain’s message to his colleagues in Congress and the president was: “We have to stop the out of control spending.”.This is not going to happen of course. The president wants another tax cut so he is proposing a $150 billion economic stimulus plan. Congress lacks the backbone to think through what is being proposed and most members would rather take the opportunity to add funding for their pet projects to the package..McCain isn’t completely opposed to a stimulus package. He just wants to be the responsible adult in the crowd. Here’s what McCain had to say:.“When you cut taxes and you don’t cut spending we have great difficulties. That’s why the economy is where it is today. It’s always helpful to cut taxes but if you don’t cut spending you’re going to face enormous fiscal problems. No family, no country over time can spend more than it takes in without paying a penalty for it.”.Spoken like a true leader, the type that understands leadership goes beyond currying favors just to get elected. You may not like McCain’s position but he at least says what he truly believes.
Back on January 17th, Reuters quoted the Senator on the talk of economic "stimulus":
"You're going to hear from the Democrats, let's pump $70 billion, let's pump $80 billion, let's do this, let's do that. My friends, remember who's going to pay that. It doesn't come off a printing press, OK? It comes out of your pockets," he said.
Of course, since that time, everybody's jumped on the bandwagon, including McCain, who likes the tax cut aspects. Such is the way of Washington, DC. Party on! Enjoy the "stimulus" while it lasts. What happens the morning after?
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