The Stimulus Scam

Article By Writer Michael Kraft Author: Michael Kraft
Published: February 14, 2008
Check out the free newsletter!
Related: National News Honorable Democrats Government Proposals Politics Liberals

From WSJ.com

“Bipartisanship, a notion that stands as anathema to our basic political premise of checks and balances, has resulted in a stimulus package that will do enormous damage to the U.S. economy.

The idea is simple enough — just have the government write everyone a rebate check, and these rebate recipients will spend most of the money and create enough demand to pull the economy out of its slowdown. With a little luck, the people who supply the rebate recipients with their newly demanded products will also spend part of their added income on yet more products, and so on and so forth until the full effect of the rebate is multiplied manifold and provides a much greater and much needed boost to the U.S. economy….

But there’s also collateral damage. Few in Congress understand or care. They think their actions either don’t matter or that they would see a positive impact from their actions if only they did more. If the economy worsens and when their political sensors become alarmed, they’ll up the dose, and goodness knows just how far this vicious cycle will take us. A quick glance back at the 16 years of presidencies of Lyndon Johnson, Richard Nixon, Gerald Ford and Jimmy Carter should give you pause. Whenever you observe bipartisan cooperation, hold on to your wallet and run to the basement.”

Read the complete article here.

The stimulus package is a scam to buy votes and hurts the economy as per wall street journal