Recent events have provided so many reasons for outrage that it is necessary to be selective. Here are my top candidates:
The 97 percent of Democrats in Congress who voted for the largest single expenditure in the history of the world without reading the entire bill.
President Obama for the gall to claim the stimulus bill contained no pork, although it contains post-election paybacks to his cronies such as the $2 billion for groups like ACORN.
Obama (again) for claiming the stimulus bill would somehow allow us to spend our way out of a recession, when such tactics have never worked before. Henry Morgenthau, Treasury secretary to Franklin Delano Roosevelt and key architect of the New Deal confessed: “We have tried spending money. We are spending more than we have ever spent before and it does not work … I say after eight years of this administration we have just as much unemployment as when we started … And an enormous debt to boot!”
Contents of the stimulus bill that are just coming to light, such as the $1.1 billion to create a health-care effectiveness board, a certain precursor to health-care rationing. I call that bureaucrat job stimulus!
President Obama has revealed his big plan to rescue the people in bad mortgages, and I don’t like it one bit. It is expensive and does nothing to help the economy. It creates not one job. It sells not one house. It does reward people for making bad choices and banks for following bad business practices.
While we may feel for those who have lost jobs or suffered illnesses and thereby have fallen behind in their payments, that’s life. Bad things happen to us all the time. We can’t expect Uncle Sam to rescue us from our unfortunate circumstances.
What this program should do is encourage the banks to rewrite the mortgages with lower interest rates and longer loan terms. It should encourage people to buy homes, giving tax credits of at least $15,000 spread over three years.
If the Economic Recovery Act is as good as Obama claims, then it will create 3.6 million jobs and there will be buyers for the foreclosed and new houses.
Earl D. Bishop