A Costly Gamble
There has been a lot going on lately and Ive been too busy to write, but Im gonna try to catch up today.
I want to begin by talking about the “stimulus” that Obama is pushing and has passed both the House and the Senate in different versions.
Less than a week after President Obama declared an end to partisan bickering, he failed to get even a single Republican vote on his “stimulus” bill. Even 11 Democrats voted against the hyper-expensive $819 BILLION bill. To put that in perspective, $819 billion is more than the total amount of US currency in circulation! The $819 billion also exceeds the cost of the Iraq War by over $200 billion dollars.
Apparently, Democrats and Republicans are negotiating a compromise that will cost around $900 billion dollars (thats a cost of $3000 for every single American man, woman, and child).
On top of this, Obama has requested $350 billion from the second half of the TARP program.
And Obama’s administration is considering requesting an additional $1-2 Trillion for a similar bank and mortgage bailout program. Meanwhile, New York Senator Charles Schumer who is vice chairman of the Joint Economic Committee says that the government may need $3-4 Trillion for this program.
Lets add up the “worst case scenarios.” $900 billion for this new “stimulus,” $350 billion in additional TARP funding, and $4 trillion for this new program being proposed and we have a total of $5.25 trillion! This would increase the size of the national debt by 50% and cost $17,500 per person.
And of course none of this has any guarantee of working.
Americanly Yours,
Phred Barnet
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