Obama’s spending plan is known by many names.
- Generational Theft Act of 2009
- 50 year Democrat Election Guarantee
- And many more…
The CBO has two other words for it: unnecessary and counter-productive. (link)
The CBO is the Congressional Budget Office. This is a bi-partisan organization whos sole duty is to figure out where all the money is coming from and going to. They also do things like figure out how much a change in tax rates will cost and how various laws and regulations will affect the real world.
The CBO has come out and said in their report on Obama’s bill that (a) the recession is going to end in 2009, and (b) the spending bill will prolong the recession and make its effects worse.
I don’t know what exactly is driving Obama’s numbers down, but it could be this spending plan he has thrown his entire weight behind. Americans simply don’t want it, and more and more people are saying so every day.
I hope the bill will fail. Honestly, I do. However, I don’t think it will. We have already seen three so-called republicans betray their party and the people of the United States by signing on to the bill in a deal they know is a sham. Those three are likely to be censured by the Pierce County GOP, along with countless other republican organizations across the country.
The bill is doing one thing, however. It is bringing out the armies of economists who have come to realize that Keynesian economics is the only economic system admired by politicians, despite the fact that it fails miserably every time.
Nowadays, the vast majority of economists are shouting that the only way to economic recovery is to get the government out of the way with a balanced budget, limited spending, and limited taxation.