Thursday, February 12, 2009

Democrats Settle on Stimulus Package

Congressional Democrats settled on their final stimulus package - $789 billion worth. It was settled on rather quickly, which is to be expected when you completely close out the Republicans and chisel away just enough RINOs (three to be exact) to make it happen.

Here is what the Wall Street Journal had to say about the focal points of the stimulus. My own comments are in Italics.

Business confidence
Steps: Tax breaks for businesses, appropriations.
Measurement of success: Stock market results and management surveys. So far, they don't seem too impressed.

Low income/unemployment aid
Steps: Benefit checks, foodstamp increases, health insurance assistance, Medicaid.
Measurement: Benefit rates ...which will continue to rise, leaving the burden on the taxpayer and the taxpayers children, and the taxpayer's grandchildren.

Consumer spending
Steps: Tax breaks to workers.
Measurement: Retail spending, consumer-confidence surveys. What's to measure? There is no confidence.

Job creation
Steps: Infrastructure spending, aid to states.
Measurement: Unemployment. Obama will claim credit for all the jobs that are created over the next four years, regardless of whether they were created from the stimulus.

Economic Growth
Steps: Spending, tax breaks.
Measurement: GDP. The debt created by the stimulus will claim a larger share of the GDP than at anytime since World War II.

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