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He’s no FDR
Our socialist-minded president signed his inaptly named stimulus package into law, and immediately the stock market dropped. Shortly after that his tax-cheating Treasury secretary outlined the plans to save us, and the market dropped again.
The market is simply responding to the true nature of Mr. Obama’s economic salvation plan. The only things this plan will stimulate are massive debt for our children and future generations, along with staggering tax increases. It’s ironic that the man who ran on hope relied on fear tactics to bully the largest spending program this nation has ever seen through Congress. A bill so enormous no one, including the American people, had a chance to read before it was passed. No one even knew everything the bill contained, yet it was promoted as the only way to salvage the country’s economy. And despite the president’s solemn vow that there would be no earmarks in his stimulus package, we’ve since discovered it’s so full of pork you could slice it up and fry it for breakfast.
A number of pundits have likened Mr. Obama to Franklin Roosevelt and his New Deal during the Great Depression. Let’s hope their comparison is wrong, or we may all get a raw deal.
FDR’s Emergency Relief Appropriations Act in 1935 was around $5 billion — approximately $75 billion in today’s dollars, and most leading economists today agree his actions only served to prolong the misery of the Depression at least seven years longer than if he had done nothing. What he succeeded in doing was forever change the size and role of the federal government in our lives. Compare Mr. Obama’s nearly $800 billion “stimulus,” and it’s plain to see the consequences may dwarf anything FDR did.
As for me, I’ll do my part to stimulate the economy by using the generous $13 extra per paycheck the plan affords us — maybe that’s the “change” we were promised — and visit McDonald’s a couple of times a month, if I eat off the dollar menu.
Obama’s Stimulus Bill was approved by the Senate and House for another $787 billion (on top of the $700 billion financial industry bailout), but not one senator even read the bill. All 1,100 pages of it were made available Thursday night at 11 p.m. — almost midnight —and it was called for a vote next day at 10 a.m.
What person in his right mind would buy a used car without ever seeing it or testing it or knowing all about it? Who would believe the sale was anything but a scam?
Obama promised transparency, promised working with both parties. But now he and his cohorts are in power. So they are rushing this through before anyone, even Democrats, can see all the pork being bought, sight unseen. Sen. Harry Reid, for example added $8 billion for a “fast train” between Las Vegas and Los Angeles. Who needs it? Poor casino operators?
Where will all the money come from? Skyrocketing inflation robs all who have savings from hard work and responsible budgeting. Call it wealth redistribution.
Pray for divine help.
Steven C. Barrowes