According to the Bloomberg report:
"The $9.7 trillion in pledges would be enough to send a $1,430 check to every man, woman and child alive in the world. It’s 13 times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office data, and is almost enough to pay off every home mortgage loan in the U.S., calculated at $10.5 trillion by the Federal Reserve."
Just like you, I'm getting pretty tired of these rushed multi-hundred-billion-dollar snap reactions. Months ago, we were told by then-President Bush and the Democrat-majority in Congress that we needed to act NOW to save our struggling financial markets. Without my support, we rushed through a $700-billion bailout bill (TARP) that was supposed to unfreeze the stagnant credit market. Guess what? It didn't work. And now, here we are again about to flush more money -- money we don't have -- down the drain in a sloppy and irresponsible spending spree that will leave the prosperity of our nation in great jeopardy. And, President Obama is insisting that we push this bill through by Monday, February 16th.
I understand that Americans are hurting, and I want to help them; but there are wiser ways to go about this. Congress should be working smarter, not faster. And, Congress should focus on passing legislation that will allow our private sector to do what it does best – create jobs and prosperity.
But sadly, we're on the verge of placing free-market capitalism, the proven mechanism responsible for America's resounding wealth and prosperity throughout our nation’s existence, on the scrap heap of history.
Remember, it's going to be your children and grandchildren who will be paying the bill for our irresponsible spending spree.