Currently, the House and Senate are set to meet at 3pm to reconcile the "stimulus" bill on the table. Yesterday, the Senate passed the bill with a vote 61-37. Obama made it very clear from the beginning that this would be a bipartisan created and supported bill, but it is clear from the numbers that only 4 of the 41 Republican senators supported the Senate bill...I guess that is a little better than the House bill in which not a single Republican member voted for the bill, but did pass 244-188 via the Democrat majority. So here we are with a bill that totals $838 billion, and only 4 Republicans out of over 200 have been supportive. Now that is what I call bipartisanship!
Critics will say that the Republicans are playing the "usual games" on Washington, failing to support the president in his attempt to drive our country into a situation that is potentially more dire than our current one. It is true that in the past 8 years, Republicans did not stick to their fiscal conservative montra, but they too realize the magnitude of the bill on the table, and they're turning things around. No more wasteful spending.
Now, the bill. It is comforting to know that in the original plan, $21 million was going toward putting new sod outside of Capitol Hill. $21 million for new grass? New grass so that Washington can look pretty. Perfect. Nancy Pelosi (Speaker of the House; Radical liberal democrat from Californ-I-A) claimed "mistakenly" that if this bill was not passed immediately, that we would lose 500 million jobs. ERRRRRRRR. Hold on. People say she misspoke, and I would hope that she did because there aren't even 500 million jobs currently available or employed in the United States. In fact, there aren't even 500 million PEOPLE in America. Ok, so she misspoke. Let's say she meant 50 million, or even 5 million (which is very, very far off from 500 million). The fact is, the far left liberals on Capitol Hill are using scare tactics to get this bill passed ASAP. Scare tactics are very effective on people who are uneducated about the content in the bill.
President obama even said in his prime-time press conference on Monday night that Washington can't sit back and do nothing. This is very true. But that is the last point that he and I agree on. I believe we can't do absolutely nothing at all. But if we do something, shouldn't it be methodically thought out and planned before it is put into action? Isn't that what every logical human being does in his or her own life before making a life-altering decision? Having a baby, buying a home, choosing a college, considering treatment alternative for an illness....don't you consider your options before you make your choice? And it usually takes more than 3 weeks doesn't it? Our president has only been in office for 3 weeks and 1 day, and he wants to spend $838 billion of taxpayer dollars to spend our way out of a recession. Another important point to consider is that to get yourself out of debt, you do not spend more money. If I have $5,000 of credit card debt, I don't then go and spend more money to get rid of the original $5,000. It is completely illogical. Also, with interest, this bill will not cost $838 billion, it will cost over $1.3 trillion. And this, this is a very BIG deal. Once taxpayer money is spent, its gone. We can't get it back.
The bill currently sits at a 2:1 spending to tax relief ratio. Many of the programs listed in the bill are for things that do not stimulate the economy, and most of the spending programs do not create a single job. If we are in the worst economic crisis since the Great Depression, according to obama himself, then we should be looking to create as many jobs and let Americans keep as much of the money they earn as possible. If he wants the people to spend more money back into the economy, the only way to do that is lower the amount they are required to give to the government. This can be translated as: tax cuts. It seems that for the democrats it's like going from Czech to Portugese. They just can't figure it out. And they're making it far more complicated than it needs to be. Please do not mistake this as a proposal for an elimination of taxes. That wouldn't work either.
So we have a bill that is going to cost us over $1 trillion. And how are we going to pay for this up front? The only way to pay it back is with taxpayer dollars, but what about now? We are not going to give 100% of our paycheck for the next 5 years.
[I guess with Bernie Madoff stealing $50 billion from investors, at least we could have had a down payment]
But no, the most likely scenario is that we are going to have to print the money. Oooh yeah, that sounds like a great idea. Wrong. It's called inflation. The value of the American dollar is going to plummet, and the price of every major good is going to go up. Way up. Because the dollar can't buy as much. The value of the American dollar affects every other major economy in the world.
Obama said on Monday night that if we don't act and pass this bill, America could become just like Japan in the 1990's, which they call Japan's Lost Decade. Currently, the exchange rate for Japan is .011 Yen for every dollar. Their currency is worth nothing. But do you know how they got there? Japan quadrupled their national debt by trying to spend their way out of a recession. Obama was the one who brought up Japan, and 10 years after their own "bailout" they are still in debt. I guess he wants to do the same thing.
For more background on the Lost Decade, check out this link:
That's all for tonight. And just think, I am only scratching the surface...