The article Shelve This Stimulus Plan by Larry Kudlow is definitely worth a read. In short he shows that support for the stimulus is waning because the bill has simply become too huge and contains way to much waste. Here’s an excerpt…
What may prove to be the biggest stimulus-package hurdle of all, news reports suggest that Team Obama is contemplating as much as $2 trillion in TARP additions to rescue the banking system in one form or another. That would be $2 trillion on top of the nearly $1 trillion stimulus package.
Government spending, deficits, and debt creation of this magnitude is simply unheard of. So the added TARP money will surely imperil the entire stimulus package as taxpayers around the country begin to digest the enormity of these proposed government actions. Financing of this type would not only destroy the U.S. fiscal position for years to come, it could destroy the dollar in the process. What’s more, the likelihood of massive tax increases — which at some point will become front and center in this gargantuan funding operation — would doom the economy for decades.
Shelve This Stimulus Plan by Lawrence Kudlow
Filed under: Economy, Independent, McCain, Obama, Politics | Tagged: congress pork, economic stimulus, government waste, house pork, problem stimulus, us economy
