The United States Congress is about to pass the largest single-year increase in domestic federal spending since World War II. Despite the fact that neither the Republicans in Congress, the media, nor the American people have been allowed to read the bill, the House plans to vote on the plan today. The Senate will quickly follow suit so that the bill will hit President Barack Obama's desk by Monday.
Even without the full benefit of digesting what is in this trillion dollar debt bill, over 200 economists have expressed their belief that this plan is destined to fail.
And conservative economists that once supported the idea of a stimulus are now calling the current plan "An $800 Billion Mistake." Even center left economists like President Bill Clinton’s budget director, Alice Rivlin have told Congress that the long-term spending items in the plan "should not be put together hastily and lumped in with the anti-recession package."
This past summer, Obama Administration National Economic Council director Larry Summers said that any stimulus bill must be “timely… targeted … and credibly temporary.”
The plan coming out of Congress is none of those things.
Not Timely
The Heritage Foundation has never believed that temporary tax cuts have a stimulating effect on the economy. That is why last year we predicted that President George Bush's tax rebates would not help the economy. The Obama Administration's temporary tax cuts will be equally ineffective.
However, according to the Congressional Budget Office, the tax cut portion of the stimulus bill was the fastest working part of the package. It was also one of the first things reduced in the conference committee to make room for more spending. This means the stimulus will be even slower acting than the CBO originally predicted.
Much of the infrastructure spending in the bill will also not help the economy recover. The Obama Administration's budget director, Peter Orszag (who was previously head of the CBO) authored a report in 2008 stating: "Large-scale construction projects of any type require years of planning and preparation. Even those that are 'on the shelf' generally cannot be undertaken quickly enough to provide timely stimulus to the economy."
Badly Targeted
The White House has pretty much conceded that most of the stimulus bill is not fast acting and are instead telling the Washington Post that "the president secured many of his biggest priorities in the legislation, including the longer-term health-care and energy investments that the administration views as a down payment on broader reforms."Many of these "broader reforms" will undermine immediate economic recovery, including:
An $87 billion dollar bailout for state Medicaid funding which only rewards inefficiency and encourages overspending.
Wage controls for construction work on federal projects which will raise costs and decrease employment.
Billions for increased government health care bureaucracy which serves as a major down payment on the path to socialized medicine.
The bill also settles old ideological scores including the abolishment of the bipartisan 1996 welfare reform policies and a ban on funds for faith based educational institutions.
And then there is the pork. Despite assurances that the bill would be pork free, the Obama Administration has been crisscrossing the country highlighting which local pork projects are in the plan. Plus the $6.5 billion line item for medical research was key in winning Sen. Arlen Specter's (R-PA) vote.
Not Temporary
There is nothing credibly temporary about the spending in this bill. The new welfare spending in this bill has already become the new budget baseline and anyone who dares to try pare it down is being attacked for "slashing" government funds. According to Heritage fellow Robert Rector, once this permanent new spending is factored in, the real cost of the plan balloons to $1.34 trillion.
Trillion Dollar Deficits for Years to ComeThe “stimulus” bill alone will create more debt (approximately $1 trillion including interest costs), than Bush’s first three years of budget deficits combined ($948 billion). Under the Reagan Administration, the deficit peaked at 6% of GDP in 1983. According to the CBO the 2009 deficit will reach 8.3% of the economy, not including the stimulus or bank bailout cash. If you include the permanent nature of the stimulus spendathon, the deficit could hit nearly $2 trillion, or 13.5% of the U.S. economy.
That is why the CBO has predicted that this so-called stimulus bill will actually harm economic growth. Democrat appointed CBO director Doug Elmendorf explains why:
The principal channel for this effect is that the legislation would result in an increase in government debt. To the extent that people hold their wealth in the form of government bonds rather than in a form that can be used to finance private investment, the increased government debt would tend to 'crowd out' private investment—thus reducing the stock of private capital and the long-term potential output of the economy.
Why are we passing a stimulus bill that our own government is telling us will cause our economy to shrink?
Here's another great article to read: President Obama Set to Exceed President Bush’s Deficits
www.heritage.org - be sure to sign up for the Morning Bell... best read you'll have.
Showing posts with label trillion. Show all posts
Showing posts with label trillion. Show all posts
Thursday, February 12, 2009
Friday, February 6, 2009
Wake Up America on the Stimulus
Wake Up America movement is an all volunteer non-partisan grass roots network, as many of you know. A core team of volunteers have diligently examined the contents of the current bill before Congress - HR1. What we have learned about what's happening in Washington is no less than astonishing.
TAKE THE TIME TO READ THIS NOW
Your Future may depend on it. Once you do, you may think this is all too incredible to be true. SO COME SEE IT FOR YOURSELF at WAKE UP AMERICA WEBSITE
We have posted the entire HR-1 in exclusive downloadable form for signed in Volunteers, like yourself. W.A.M. also has opened a special page on website to see specific excerpts of
THE BIGGEST SWINDLE IN HISTORY!
YOU DESERVE TO KNOW THE TRUTH - and EVERYONE you know should also BE AWARE OF THE FOLLOWING FACTS:
1. HR1 opens with a positive sounding statement about its contents being only for the purposes of immediate actions to support economic recovery. THIS IS NOT SO! As a hint of some of what's to come in its SIX HUNDRED AND FORTY SEVEN pages - its introductory statement immediately switches the subject to the (very complicated) terms of the GRANT MONEY that it contains. Have you ever heard of an economy in crisis being saved by the circulation of funds being poured into GRANT MONEY?!
2. As reported on FOX news briefly, the presumed organizer of this self-destructive volume of insanity, is Rep. David Obey of Wisconsin, whose own son stands to gain millions in government investment if this measure passes. But THAT is only a drop in the bucket of pork barrel spending included in HR-1. But here is what's worse: The purpose of the bill's high volume of self-serving sub-clauses (each adding MILLIONS OF DOLLARS MORE in non-economic emergency expenditures) is for one end: to BUY THE VOTE of every Congressman required for HR-1 passage! This Obama strategy for bribing public officials is nothing new. He has used it successfully - with Axelrod's help - throughout his rapid-fire rise to power. Here is the REAL REASON for buying up Congressional votes at this critical time:
3. HR-1 is ONLY THE FIRST in a package of TEN BILLS preparing to be launched in our Congress. Together they represent the obliteration of the American way of life as we have known it. As the public knows T.A.R.P. BILLIONS came first - and is already being shown NOT TO IMPROVE THE ECONOMY. They are claiming that's because it's just "not enough." Any logical criticism of HR-1 is now also being brushed aside on the basis "We know it's not perfect but we need to do something FAST."
4. Each of these TEN PIECES OF DESTRUCTIVE and COSTLY LEGISLATION has a politically correct sounding Title. Together these form a body of nearly-irreversible SOCIALISM and their underlying intention is clear: Flood so much currency and power into the hands of Obama's supporters that the influence of his backers becomes an unstoppable political machine pursuing its own agenda - and its agenda does NOT serve We the People it is supposed to represent!
5. This currently unreported package of TEN BILLS are under the vast umbrella of the "Obama Economic Recovery Plan." The strategy is simple, really: to manipulate the emotions of the American public and orchestrate the purse strings of Congress - all FALSELY DISGUISED as necessary to improve our current plight. Notice how the Media has stopped talking about the "bail-out" and is now using the term "Stimulus Plan." When the next bill package comes up for a rapid-fire slam-dunk, they'll just call that one by a different name and so on and so on.
6. Which brings us to the most critical question: WHO IS REALLY WRITING ALL THIS LEGISLATION that will affect our families for generations to come? On January 7, 2008: The 10 Bill Package of "Obama Economic Recovery Plan" was introduced in the House of Representatives. On January 14, 2008 each of these Bills was no more than a few paragraphs in length - with appealing Titles followed by a few vague sentences. That's all there was! Yet, before January ended the OPENING PIECE OF LEGISLATION - HR1 mushroomed to 647 pages long! Ask yourself: How could Congress possibly have written much material on so many sweeping topics in just a few weeks? Then go on to the bigger question: Who in our House of Representatives actually read every page in this bill - and studied the use of the BILLIONS of Dollars being handed out throughout these pages? IT IS OBVIOUS THE HOUSE PASSED THIS BILL ONTO THE SENATE WITHOUT ACTUALLY READING IT - and quite possibly NOT having authored it in Congress itself!!!
HERE IS A BREAKDOWN OF WHAT YOU MOST NEED TO KNOW ABOUT HR1 before it becomes the LAW OF THE LAND:
Despite Obama's statement that "less than 1%" of this bill includes costs unrelated to economic urgency, MOST HR-1 CONTENTS HAVE NOTHING AT ALL TO DO WITH RESOLVING THE ECONOMIC CRISES. Everyone willing to Vote It In is earmarked to get a piece of the pie for their own special interests.
These billions in pay-offs- built into HR! - are covering up subcategories within the legislation designed exclusively for Obama's self serving political ends- individually and collectively they threaten our usual rights as citizens in a free Republic. These include:
- Massive funding of ACORN, despite the fact that the organization is under indictment in at least 12 states!
- Additional funding for another Obama campaigning arm - under the guise of support for the Analog to Digital conversion
- A huge volume of surreptitious GRANT funding to be distributed for questionable purposes of an extended period of time.
- Enormous bundled funding for "technology advances" (to improve outreach of propaganda and invasions of privacy.)
- Unbelievable extravagances in the upgrades of federal buildings and vehicles completely contradictory to our emergency status.
LAST, BUT FAR FROM LEAST: over ALMOST TWO HUNDRED PAGES of new Laws & Government Expenditures to NATIONALIZE the records of all Health Care providers into ONE DATA BASE which requires every American's Health Records be accessible to ANY who have access to said DATA BASE. This measure also refers to usage of the database by the federal government for BIO-SURVEILLANCE.
To do something about the dangerous insanity currently overtaking CAPITOL HILL sign in to help Wake Up America - GET INVOLVED
To better inform others you know whose lives will also be effected by HR-1, forward them the following link: THE NEW CONGRESS
TAKE THE TIME TO READ THIS NOW
Your Future may depend on it. Once you do, you may think this is all too incredible to be true. SO COME SEE IT FOR YOURSELF at WAKE UP AMERICA WEBSITE
We have posted the entire HR-1 in exclusive downloadable form for signed in Volunteers, like yourself. W.A.M. also has opened a special page on website to see specific excerpts of
THE BIGGEST SWINDLE IN HISTORY!
YOU DESERVE TO KNOW THE TRUTH - and EVERYONE you know should also BE AWARE OF THE FOLLOWING FACTS:
1. HR1 opens with a positive sounding statement about its contents being only for the purposes of immediate actions to support economic recovery. THIS IS NOT SO! As a hint of some of what's to come in its SIX HUNDRED AND FORTY SEVEN pages - its introductory statement immediately switches the subject to the (very complicated) terms of the GRANT MONEY that it contains. Have you ever heard of an economy in crisis being saved by the circulation of funds being poured into GRANT MONEY?!
2. As reported on FOX news briefly, the presumed organizer of this self-destructive volume of insanity, is Rep. David Obey of Wisconsin, whose own son stands to gain millions in government investment if this measure passes. But THAT is only a drop in the bucket of pork barrel spending included in HR-1. But here is what's worse: The purpose of the bill's high volume of self-serving sub-clauses (each adding MILLIONS OF DOLLARS MORE in non-economic emergency expenditures) is for one end: to BUY THE VOTE of every Congressman required for HR-1 passage! This Obama strategy for bribing public officials is nothing new. He has used it successfully - with Axelrod's help - throughout his rapid-fire rise to power. Here is the REAL REASON for buying up Congressional votes at this critical time:
3. HR-1 is ONLY THE FIRST in a package of TEN BILLS preparing to be launched in our Congress. Together they represent the obliteration of the American way of life as we have known it. As the public knows T.A.R.P. BILLIONS came first - and is already being shown NOT TO IMPROVE THE ECONOMY. They are claiming that's because it's just "not enough." Any logical criticism of HR-1 is now also being brushed aside on the basis "We know it's not perfect but we need to do something FAST."
4. Each of these TEN PIECES OF DESTRUCTIVE and COSTLY LEGISLATION has a politically correct sounding Title. Together these form a body of nearly-irreversible SOCIALISM and their underlying intention is clear: Flood so much currency and power into the hands of Obama's supporters that the influence of his backers becomes an unstoppable political machine pursuing its own agenda - and its agenda does NOT serve We the People it is supposed to represent!
5. This currently unreported package of TEN BILLS are under the vast umbrella of the "Obama Economic Recovery Plan." The strategy is simple, really: to manipulate the emotions of the American public and orchestrate the purse strings of Congress - all FALSELY DISGUISED as necessary to improve our current plight. Notice how the Media has stopped talking about the "bail-out" and is now using the term "Stimulus Plan." When the next bill package comes up for a rapid-fire slam-dunk, they'll just call that one by a different name and so on and so on.
6. Which brings us to the most critical question: WHO IS REALLY WRITING ALL THIS LEGISLATION that will affect our families for generations to come? On January 7, 2008: The 10 Bill Package of "Obama Economic Recovery Plan" was introduced in the House of Representatives. On January 14, 2008 each of these Bills was no more than a few paragraphs in length - with appealing Titles followed by a few vague sentences. That's all there was! Yet, before January ended the OPENING PIECE OF LEGISLATION - HR1 mushroomed to 647 pages long! Ask yourself: How could Congress possibly have written much material on so many sweeping topics in just a few weeks? Then go on to the bigger question: Who in our House of Representatives actually read every page in this bill - and studied the use of the BILLIONS of Dollars being handed out throughout these pages? IT IS OBVIOUS THE HOUSE PASSED THIS BILL ONTO THE SENATE WITHOUT ACTUALLY READING IT - and quite possibly NOT having authored it in Congress itself!!!
HERE IS A BREAKDOWN OF WHAT YOU MOST NEED TO KNOW ABOUT HR1 before it becomes the LAW OF THE LAND:
Despite Obama's statement that "less than 1%" of this bill includes costs unrelated to economic urgency, MOST HR-1 CONTENTS HAVE NOTHING AT ALL TO DO WITH RESOLVING THE ECONOMIC CRISES. Everyone willing to Vote It In is earmarked to get a piece of the pie for their own special interests.
These billions in pay-offs- built into HR! - are covering up subcategories within the legislation designed exclusively for Obama's self serving political ends- individually and collectively they threaten our usual rights as citizens in a free Republic. These include:
- Massive funding of ACORN, despite the fact that the organization is under indictment in at least 12 states!
- Additional funding for another Obama campaigning arm - under the guise of support for the Analog to Digital conversion
- A huge volume of surreptitious GRANT funding to be distributed for questionable purposes of an extended period of time.
- Enormous bundled funding for "technology advances" (to improve outreach of propaganda and invasions of privacy.)
- Unbelievable extravagances in the upgrades of federal buildings and vehicles completely contradictory to our emergency status.
LAST, BUT FAR FROM LEAST: over ALMOST TWO HUNDRED PAGES of new Laws & Government Expenditures to NATIONALIZE the records of all Health Care providers into ONE DATA BASE which requires every American's Health Records be accessible to ANY who have access to said DATA BASE. This measure also refers to usage of the database by the federal government for BIO-SURVEILLANCE.
To do something about the dangerous insanity currently overtaking CAPITOL HILL sign in to help Wake Up America - GET INVOLVED
To better inform others you know whose lives will also be effected by HR-1, forward them the following link: THE NEW CONGRESS
Monday, February 2, 2009
Price, Campbell & Issa on Porkulus
Economic Recovery Act is Wiser Alternative to Massive Spending
Chairman Tom Price (GA-06)
Congressional Democrats have engaged in a full offensive to convince the American people that another massive dose of borrowing and spending is the solution to our economic tribulations. They talk of an economic near-Armageddon without as much as a trillion dollars in new spending. The rhetoric, in point of fact, sounds remarkably similar to the appeals for their last economic solution, the disastrous Troubled Asset Relief Program. (Read more)
An Awful Excuse for a Stimulus Bill
Rep. John Campbell (CA-48)
Last September, we cautiously backed away from the precipice of financial collapse, but we are still a long way from getting our economy growing, flourishing, and functioning properly. Now, more than ever, we need innovative economic policies, not the political gamesmanship already playing out across all areas of government. (Read more)
The $825 Billion Earmark
Rep. Darrell Issa (CA-49)
The more we learn about the proposed Pelosi-Obey $825 billion economic stimulus proposal, the more it looks like an $825 billion earmark. Excluded from the package are good government provisions that would prohibit use of economic stimulus funds for lobbying or political activities. Democratic leaders are repeatedly touting the importance of passing their bill, yet are taking the path of least resistance and failing to ensure that the funds actually go towards the stated goal of creating jobs and jumpstarting our economy. (Read more)
Chairman Tom Price (GA-06)
Congressional Democrats have engaged in a full offensive to convince the American people that another massive dose of borrowing and spending is the solution to our economic tribulations. They talk of an economic near-Armageddon without as much as a trillion dollars in new spending. The rhetoric, in point of fact, sounds remarkably similar to the appeals for their last economic solution, the disastrous Troubled Asset Relief Program. (Read more)
An Awful Excuse for a Stimulus Bill
Rep. John Campbell (CA-48)
Last September, we cautiously backed away from the precipice of financial collapse, but we are still a long way from getting our economy growing, flourishing, and functioning properly. Now, more than ever, we need innovative economic policies, not the political gamesmanship already playing out across all areas of government. (Read more)
The $825 Billion Earmark
Rep. Darrell Issa (CA-49)
The more we learn about the proposed Pelosi-Obey $825 billion economic stimulus proposal, the more it looks like an $825 billion earmark. Excluded from the package are good government provisions that would prohibit use of economic stimulus funds for lobbying or political activities. Democratic leaders are repeatedly touting the importance of passing their bill, yet are taking the path of least resistance and failing to ensure that the funds actually go towards the stated goal of creating jobs and jumpstarting our economy. (Read more)
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