Stimulating the Wrong Things
As the drama unfolds over the continuously changing Economic Recovery Bill, also referred to as the “George Orwell Call Your Office Bill” by Mort Kondracke on Fox News tonight ( a great line…), I keep coming back to the same thought: this bill is fundamentally wrong on many levels, and all attempts to ‘fix’ it have been even worse.
We got into the current crisis because of one thing: too much debt. We owe too much to too many, on the government, corporate and individual levels. People who are being foreclosed upon are in that fix because they spend more than they earn. State and Federal governments have spent too much on useless programs over the years, so they have no ability to shore up the system with real cash. As a result, we’re in the midst of trying to borrow a TRILLION Dollars; enough money to occupy the space taken up by a large office building (more than 10 stories) in any major city if you stacked up the $1 dollar bills it represents.
So now, some Senators are suggesting changes to the bill to make it more expensive. What’s their goal? To give tax credits to homebuyers and to allow interest deduction for car loans. Great–let’s get even more people to get into debt up to their eyeballs in order to get ‘something from the government.’ This is just plain crazy.
Call Your Senator and demand that they scrap this bill and start over.