A few days ago after the U.S. House of Representatives passed its version of the Obama stimulus plan without a single republican vote and 11 democratic no votes, I wrote that I felt that the whole deal seems like a cram down on congress, tax payers and future generations.
Today I can articulate a few more points about what bugs me about this legislation, now pending in the Senate.
First, I am not hearing of any real bipartisan support from republican senators and have heard a number of democrats voice their opinion against it. Two days ago I heard President Obama say that he had the people’s mandate to get this bill passed when he was elected. I agree he has a mandate, but I never heard anyone saying he had a mandate to spend money wastefully or that wasn’t truly simulative.
Today I heard a number of economists, some republican, some democratic, some independent saying similar things against the proposed legislation. There were a handful of Ivy League economists on television today saying that to do nothing might actually create more jobs than the current package being proposed. I never really thought that doing nothing might create jobs, but by the time I was through listening to these wise sages of economics I was halfway convinced.
I heard one interview last Friday with former
Apparently Mr. Reich didn’t read Mr. Fedstein’s op ed piece published in the Washington Post a day before calling the legislation an $800 billion mistake.
As for Mr. Zandi, who would have been the poster boy economist for Obama, he says he in fact is a registered democrat who does not support the current legislation.
During the day I came to the conclusion that having the right stimulus package is more important than having one RIGHT NOW, because we can’t go back and get a do over once money is spent. I also came to the conclusion that there are too many democrats wanting to make ordinary Americans believe this is main stream legislation by talking louder and faster than the next guy, and that bothers me and should bother you too.
Sam Thacker is a partner in Austin Texas based Business Finance Solutions.
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