Obama's "economic plan" is neither

[letter published online by the Denver Post: http://blogs.denverpost.com/eletters/2009/01/27/economic-stimulus-4-letters/] re "Obama touts economic plan", AP via Denver Post, 1/24/09 http://www.denverpost.com/breakingnews/ci_11545294 The Obama “economic plan” is neither. It’s a political spend-a-thon that lets government, particularly Democrats, buy more votes with taxpayer money and say they’re “doing something.” Republicans haven’t been right about much in recent years, but John Boehner hit the nail on the head: The ONLY thing the government should be doing right now is cutting marginal tax rates – permanently. It is clear, not only with the US “TARP” but also with the UK’s similar bank bailout that the money has been little better than burned. Bank stocks continue to make new lows while every American citizen is saddled with an extra $1,000 of debt…and that’s just for the first half of the TARP and excluding Obama’s massive spending spree which will make TARP 1 look like chump change. If there’s one thing Obama’s “economic plan” will do, it is increase the chance that for the first time in the history of the nation, our children will have a lower standard of living than we will as they struggle to pay off the inconceivably high debt we’re piling on their young shoulders. Not only is Obama’s plan economically ridiculous; it’s also immoral.
  • Abe
    Comment from: Abe
    01/26/09 @ 09:42:15 pm

    Agreed. I don't know if you had a chance to read Russ from Cafe Hayek's latest article in Forbes, but it's fantastic.

  • LUIS
    Comment from: LUIS
    01/27/09 @ 07:11:59 pm

    ROSS: I HAVEN'T VISITED YOUR BLOG FOR A LONG TIME. WHAT'S YOUR PRESCRIPTION FOR THE NATION'S ECONOMIC PROGRAM TODAY? LUIS

  • Comment from: Rossputin
    01/27/09 @ 08:06:56 pm

    Luis, My prescription is to do anything other than massive government stimulus! Namely, let the markets work, let the chips fall where they may. Educate people that FDR prolonged the Great Depression with plans exactly like what Obama and the Dems are proposing now. Thanks for reading. RGK