President Barack Obama and the Democrat Party rammed through Congress an almost $800,000,000,000 stimulus plan in the beginning of 2009 in an effort to jump start the economy. Later the CBO would estimate the total cost to the taxpayer as over $860,000,000,000. Wild claims were made by the administration including one that unemployment would not rise to more than 8%(today it is a steady year-long 9.5%). So called economic geniuses like Lawrence “Larry” Summers (Obama financial advisor and the man responsible for devastating Harvard’s endowment fund), was a key advocate for this type of massive injection of money into the economy. But what really is the stimulus program? In plain words, it is government borrowed taxpayer money distributed into the economy selectively by politicians.
The first part of that definition is bad enough as this was entirely borrowed money against the future earnings of the American People for generations to come. Meaning, Americans will have to pay it back…with interest. To pay back that massive amount of money, it will take several generations of American paying higher taxes. The last part of the definition is perhaps the most disturbing part: Politicians deciding who gets a massive amount of borrowed money. It is a recipe for disaster. What a disaster it has become.
Today, U.S. Senators Tom Coburn M.D. and John McCain have released a report titled “Summertime Blues, one hundred stimulus projects that give Americans the blues.”
The list is an interesting mix of mismanagement and corruption. Which one is which is in the eye of the beholder, for example:
You may have heard the commercial about our country’s national parks deteriorating and that Congress has failed to give the Forest Service enough funding to maintain these areas. The narrator begs the public to lobby Congress for more funding. Well in one instance, the National Forest Service got $554,000 to change the windows to a visitor center in Amboy, Washington. On the surface that sounds like a respectable idea till it was disclosed that the building has been closed for the past three years with no plans of re-opening. What a shame, this 14 year-old 11.4 million dollar facility has a view that is breathtaking. Perhaps the term “privatization” should be on the lips of the bureaucrats overseeing this endeavor.
Over $762,000 for “YouTube” interactive dance choreography given to the University of North Carolina at Charlotte will create an amazing amount of job growth. The University took a 44% “vig” right off the top for “overhead.”
Perhaps most interesting to citizens of Connecticut is the $54,000,000 the Mohegan Tribe will be getting to fund the constructrion of a brand new 4 story tribal government center with a new community center. The “community center” is really a stadium for the Connecticut Sun basketball team, which is owned privately by the tribe. The original plans had called for the tribe to pay for the facilities through profits from the Mohegan Sun Casino, which it owns. However the project was put on hold when profits fell from the Dodd/Frank Financial Collapse of 2008. The only question left to be asked is if the games are free admission since taxpayers have paid for the entire facility.
There will be those that will continue to support the Stimulus Bill even though its success has been at best unable to be measured, meaning no appreciable effect. President Obama and his Democrat Party continue to use vague terms such as “created or saved” when referring to the Stimulus Bill with an accompanying made up number. For those that still continue to believe politicians know better than private enterprise there is a quote attributed to the famous Connecticut native P.T. Barnum that comes to mind “ There is a sucker born every minute.” In Connecticut those suckers are called Democrats