But did 53 percent of the electorate sign on to the expenditure of trillions of more dollars we truly don't have and probably can't get in our lifetimes just so he and his fellow social planners could finally get a crack at cranking out their mad-scientist experiments to perfect society through confiscation and redistribution of the people's private property and income? Looking at recent polls and market trends, it would appear not.
Folks, the proponents of this boondoggle can't even point to an obscure theory to suggest this bill might pay for itself, even if it miraculously catapulted the economy into robust growth mode. We couldn't have afforded the readily visible costs of this bill, not to mention the hidden ones experts have identified, even before the separate trillion-dollar bailout fiascos. How much less can we tolerate them now?!
And that's without factoring in the looming entitlement quagmire that one party, for purely political reasons, has refused to address. It's also without considering the other horrors in Obama's grab bag that could reduce America to Third World financial straits all by themselves, such as global warming mandates, socialized medicine, open-borders-driven entitlements, doubling our foreign aid commitments, and reversing welfare reform.
Adding insult to injury, contrary to the falsely claimed economic consensus, this legislation, with its emphasis on non-stimulative spending and non-stimulative demand-side tax cuts, has not been optimally crafted to stimulate the economy. Even if Obama's neo-Keynesians were correct that government spending is the answer, this bill wouldn't come close to fitting the bill and, in the long run, probably would have a counter-stimulative effect.
So this plan is the worst of all worlds -- unless you are a once-closet socialist trained in the grand academic tradition of Chicago street organizing who finally sees an opportunity to "come out" and work your wonders on the poster nation for greedy and decadent capitalism, the United States of America. It involves incomprehensible spending in aggravation of an already dangerous national debt load; a possible net retardant effect on economic recovery; greater government control over the economy, with a consequent diminution of our liberties; and a necessary reduction of essential government services.
Frankly, I think it's just about time to panic here -- and the market apparently shares that sentiment.
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