Posted by Donny Ferguson at LP.org. Reposted to IPR by Paulie.
Economist, columnist and CNBC host Larry Kudlow reports the Obama administration is considering making the $1 trillion government expansion plan even bigger — throwing in an amazing $2 trillion in additional bailouts for banks.
That’s three trillion dollars in expanded government spending. $3,000,000,000,000.00. $10,000.00 in new government spending for every man, woman and child in the United States — with very little evidence it will create significant numbers of jobs or speed up inevitable economic recovery.
After facing bipartisan opposition in the House, the government expansion plan moves to the Senate. Economist Martin Feldstein, whose endorsement of the original plan was touted by Obama as a selling point, has withdrawn his support and is calling upon the Senate to delay passage.
Voter opposition to the Obama spending plan is already rising and support has plunged to 42 percent. Support is declining fastest among the independent voters senators rely on to win election — and that’s before the possible $2 trillion in additional bailouts is included.
I’ll believe it’s fact when I get an invite to Galt’s Gulch, even if I’m not allowed to stay.
What’s a mere 3 trillion in the face of what is estimated to be 58 trillion in current long-term debt?
No big deal. We’re all fine. . . More of the same will get us something completely different (this time).
Atlas Shrugged, fiction to fact in fifty years.
Despite my long term optimism, I’m afraid you may be correct.
Even more evidence that, from a libertarian point of view, Obama is going to be 10x worse than GWB.
Don’t you just love the looters who think the government actually has productive capacity of its own, and distributes its own profits?
All I know is, for $2mm I could create a hell of a lot more skilled good paying jobs in my business, than 8 low wage jobs at a **** skating rink.
How many jobs are destroyed by the government stealing all that money out of the economy?
If the regime is so much better at creating jobs than the private sector, why even have a private sector at all?
Oh, but it is creating 8 jobs (at 250k per job created) so I guess it must be a good thing.
When I saw they were using $2 million of the Stimulation Plan money to build a “skateboarding center” in my town, that was all I needed to see.
Haunt us, of course. Where’s all that money coming from? The government does not create any value, and has been proven logically to be less efficient than the market in distributing value created by others. Of course, it can “create” money by cranking up the printing presses. History shows what happens then, as well.
This is lot of money. I dont know will it come back to serve us or haunt us.