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Willisms

« Social Security Reform Thursday: Part 76 -- Social Security Crisis Nearer Than Common Wisdom Holds. | WILLisms.com | Trivia Tidbit of the Day: Part 530 -- Japanese Bailout Lessons. »

Trivia Tidbit of the Day: Part 529 -- Three Important Bailout Facts Every Conservative Should Be Armed With.

We Have The Facts And We're Voting No-

FACT I: Perspective On Bailout Size.

A visual of what the Spendulus/Porkulus Bailout of 2009 looks like, when compared to the entire annual economies of other large nations:

porkulus.gif
[hat tip: The Rising Republic blog]
Just think of it: The deficit-spending package passed by House Democrats already is bigger than 168 of the 180 national economies measured by the World Bank. Now, in the Senate, it threatens to break into the Top 10 by catching up with Russia (No. 11) and then Brazil (No. 10).

We've got to replace this thing with major tax relief. Lower the corporate rate (now the 2nd highest in the world) so our businesses can compete against businesses in other countries. Lower and flatten income taxes. Lower capital gains taxes. Give people a holiday from paying payroll taxes (and permanently reform Medicare and Social Security). Get our fiscal house in order.


FACT II: Inaction Actually Better Than This Package.

Right now, there's such a frantic push from Democrats to "DO SOMETHING," it reminds me of a lot full of pushy used car salesmen telling me they have to make the deal today. Gotta make it happen today. The boss'll be mad if I don't get this done today. Another young couple was ready to make an offer on this car tomorrow, so we have to get it done today.

Obama even gave a miserable, scaremongering, Debbie Downer speech yesterday on "the price of inaction." Democrats are freaking out that they're losing the stimulus battle.

So, what about inaction?

The CBO estimates that the New Bailout of '09 would reduce GDP by 0.1 to 0.3% through 2019:

Including the effects of both crowding out of private investment (which would reduce output in the long run) and possibly productive government investment (which could increase output), CBO estimates that by 2019 the Senate legislation would reduce GDP by 0.1 percent to 0.3 percent on net.

So, "doing nothing" really is better than rushing to "do something."


FACT III: Ramming Things Through Causes Waste.

The rush to "do something" typically leads to waste. Indeed, more than a third of TARP dollars went down the toilet:

...in the ten largest transactions made with TARP funds, for every $100 spent by Treasury, it received assets worth, on average, only $66. This disparity translates into a $78 billion shortfall for the first $254 billion in TARP funds that were spent.

Haste makes waste. When government's involved, haste makes radioactive waste.

When you're in a hole, stop digging.

Let's stimulate the economy with policies that are actually stimulative. The stimulus package today is nothing more than pork and-- more dangerous than pork-- the fulfillment of a pent up left-wing wish list of permanent government programs. There's nothing temporary or short-term or stimulative about this package. It's a Trojan horse for permanent and aggressive government overreach.

-------------------------------------

Previous Trivia Tidbit: 1960s Set Off Bailout Boom.

Posted by Will Franklin · 6 February 2009 09:38 AM

Comments

"Let's stimulate the economy with policies that are actually stimulative. The stimulus package today is nothing more than pork and-- more dangerous than pork-- the fulfillment of a pent up left-wing wish list of permanent government programs. There's nothing temporary or short-term or stimulative about this package. It's a Trojan horse for permanent and aggressive government overreach."

Boy, you hit that pecker on the head. Government overspending has never been and will not be a solution to this problem.
The liberals think that it was Roosevelt's taxing and over-spending that got us out of the Great Depression. El-Wrongo, to you liberal weenies; Roosevelt actually prolonged the Great Depression in the United States by over-taxing the private sector and increasing government spending.

We don't need the current stimulus package; we need tax cuts and incentives for private industry to pull us out of this.
It's sad but true, President Obama has momentum, public approval, and it looks like too many bad economic ideas that will be endorsed by a democrat Congress and an ignorant public.

Looks like this is coming into a redux Jimmy Carter.
Obama can only ride the horse that "this is Bush's Fault" for so long.
It's already his problem.

Posted by: Eneils Bailey at February 6, 2009 06:45 PM

"Let's stimulate the economy with policies that are actually stimulative. The stimulus package today is nothing more than pork and-- more dangerous than pork-- the fulfillment of a pent up left-wing wish list of permanent government programs. There's nothing temporary or short-term or stimulative about this package. It's a Trojan horse for permanent and aggressive government overreach."

Boy, you hit that pecker on the head. Government overspending has never been and will not be a solution to this problem.
The liberals think that it was Roosevelt's taxing and over-spending that got us out of the Great Depression. El-Wrongo, to you liberal weenies; Roosevelt actually prolonged the Great Depression in the United States by over-taxing the private sector and increasing government spending.

We don't need the current stimulus package; we need tax cuts and incentives for private industry to pull us out of this.
It's sad but true, President Obama has momentum, public approval, and it looks like too many bad economic ideas that will be endorsed by a democrat Congress and an ignorant public.

Looks like this is coming into a redux Jimmy Carter.
Obama can only ride the horse that "this is Bush's Fault" for so long.
It's already his problem.

Posted by: Eneils Bailey at February 6, 2009 06:48 PM

Obama makes Jimmy Carter look good. Yikes! When you are in a hole, Stop digging! I love that!

Posted by: ZsaZsa at February 6, 2009 06:51 PM

I do not wish to be stimulated by the government. It's as obscene as it sounds.

I wish they would just put down the checkbook and back away before somebody gets hurt.

Posted by: Michael at February 9, 2009 02:52 PM