President Obama says the stimulus package is designed to save the economy. He says the stimulus package contains no earmarks. He says government is the only entity left with the resources to jolt our economy back into life.
Hes lying. This stimulus package and Tim Geithners associated bailout scheme arent aimed at helping private industry recover. Theyre aimed at putting cash in his friends pockets and shaping a new big government majority for decades to come.
Obamas basic economic philosophy seems to be distrust of private business. He characterizes tax cuts as government spending, as though allowing people to keep their own money were an act of government largesse. And according to Obama, tax cuts arent just government spending -- tax cuts actually helped lead us to the crisis we face right now. Cutting tax rates stifles the economy, in Obamas view. Americans cant handle their money; once the economy stabilizes, Obama states, were going to have to start thinking about how do we operate more prudently.
Americans dont resonate to this sort of thinking. So Obama will simply scare us. Hence Obamas extreme rhetoric. Were not just worried about the economy, were experiencing a collective loss of confidence. Were not merely in a recession, were sink(ing) into a crisis that we may be unable to reverse. Were not simply in an economic downturn, were on the brink of a catastrophe. And Obama and government are the only ones who are thinking about you and your lives.
Theres only one problem: Americans dont believe Obama. So Obama will make his threat a reality by deliberately taking measures that will hurt the economy, all the while blaming private industry and paying off his political allies.
Recovery from this recession will require Americans to spend less and save more; Obamas plan pushes them to spend more and save less. Banks are short on cash because not enough Americans are saving; credit card companies are cutting credit lines because people cant pay their current bills. And yet Obama wants to spend billions on make work projects with the stated goal of getting people spending again. Risky loans and stupid spending caused this crisis -- and Obama is pushing both.