Skip to content

Obama’s Stimulus:The Same Old New Deal

January 30, 2009
tags:


The House of Representatives have just past this enormous spending bill disguised as a stimulus bill. How is this bill supposed to stimulate the economy? Of the 825 billion only 275 billion is going to tax cuts the other $550 billion is spending. The feds are sending over half the stimulus money to state and local government and health and education. These are areas with the lowest unemployment, 2.3% and 3.8% respectively. Another 22.5 % of the $550 billion is being spent on social programs.(1). When you get right down to it 2/3 of the bill is pork and the other third is stimulus. These so called government stimulus plans failed in the 1930’s, 1970’s and will fail again. The only thing this plan will succeed in doing is making government bigger. As Milton Friedman concluded about the New Deal it…“hampered recovery from the contraction, prolonged and added to unemployment, and set the stage for ever more intrusive and costly government.” We can expect the same.

 

(1)$646,214 Per Government Job by Alan Reynolds in WSJ 

http://stimuluswatch.org/

Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: