The House of Representatives has passed the Obastimulus Pork Chop of 2009, 246-183 with no Republican help. Seven Democrats held the line against Pelosi and her cartel by voting no for the 1,071 page bill. All of those exhaustive efforts and debate, just to garner two new votes.
The “generational theft” package (Sen. John McCain, R-Ariz), was touted as being “a historic vote,” by Speaker Nancy Pelosi. Historic in the fact that this will open the door to the most massive spending program ever enacted in the United States that was not directed at a war effort.
The CBO’s latest, published on February 13th, 2009.
Big picture, this catastrophe, over a ten year period, will amount to net increase of $782 billion in deficit spending, while generating -$211 billion in government revenues, and then the added expenditure of interest on the loan, which should easily put it over $1 trillion.
Also, this increase in spending does not take into account the amount of increases in discretionary and entitlement spending which are part of standard US government yearly budget proposals. Which have a habit of running into deficit spending also.
The tax cuts are almost as pitiful as the rest of the package. According to Breibart, individual Americans will receive a $400 a year tax break, while married will get $800 per year, and social security payments totaling $250 per recipient will be made. How does this put money in your pocket to spend, save, or invest?
Of course, Paul Krugman, Keynesian-at-large, tells us in a recent NY Times Op-ed piece, this is not a bad thing,
“Consumers, their wealth decimated and their optimism shattered by collapsing home prices and a sliding stock market, have cut back their spending and sharply increased their saving — a good thing in the long run, but a huge blow to the economy right now.”
Maybe we should all be like Mr. Intellectual Dishonesty and get a book deal or two or maybe an op-ed column for the Times, then everything will be alright. It must be nice to sit at the top of ivory towers dispensing advice to people you wouldn’t spit on if they were on fire. Especially when it comes to how the government should be spending their money.
The Obama administration, the Democrats in Congress, and people like Krugman and Robert Reich have continued this charade which is only designed to rip off the American tax payer. Not only are they engaging in rampant spending, they have failed to answer the question, “How will this be payed for?” Furthermore, this was a grand opportunity to reform tax system, Medicaid, as well as Social Security, one which they pathetically missed. They have turned a blind eye to these problems, in fact, they have probably just made them worse.
The President’s legacy is amounting up to missed chances, stimulating debt, and ineffective ideas which are being pushed through without any consideration for the long term effects. Is it to much to ask that someone stops for a moment and thinks?
Photo credit to Fred R. Conrad/The New York Times
Update: According to AllahPundit over at HotAir.com, they are awaiting three more Democratic votes to attain a filibuster proof majority; Bayh, Gillibrand, and Brown. As expected, Benedict Arnold and the Arnettes, Specter, Collins, and Snowe, all voted for the porkulus bill. For all practical purposes this is over, not that anyone expected any miracles on the Hill.
Cross posted at Politics and Critical Thinking.