Obama's Trillion Dollar Bill
Barack Obama's plan to stimulate the economy is going to cost at least a trillion dollars when all is said and done. It's going to triple the deficit in one year (!) and result in the biggest post-war (WWII, that is) deficit in history as a percent of GDP.
The very size alone means we're going to get a "Christmas tree" effect where everyone hangs their pet spending projects onto the bill because they know it is "too big to fail".
Lowlights of the planned spending:
* $350,000 for an Albuquerque, N.M., fitness center;
* $94 million for a parking garage at the Orange Bowl in Miami;
* $4.5 million for Gretna, Florida, to bottle water with recyclable bottles;
* $35 million music hall of fame in Florissant, Missouri;
* $55 million for a mob museum in Las Vegas (described in the mayors report as “Historic Post Office Museum Rehabilitation”);
* $20 million for a minor league baseball museum in Durham, North Carolina; and
* $6 million for snowmaking and maintenance facilities at Spirit Mountain, Minnesota.
Democrats are also calling most of the spending "tax cuts" to try and trick people into thinking they'll be getting most of the money. The only actual tax cuts are likely to be modest: about $500 per single adult taxpayer and $1000 for married couples.
And what does the harshest critic of the mild Bush era deficits have to say about this historic deficit spending? Precisely what you think he would say about a fellow Democrat. Paul Krugman (falsely claiming that government spending provides more stimulus than tax cuts) says that the proposed spending is too heavy in tax cuts and too light in spending. Don't forget, he's also the newest champion of the deficits don't matter theory.
It's your money; demand better.
The very size alone means we're going to get a "Christmas tree" effect where everyone hangs their pet spending projects onto the bill because they know it is "too big to fail".
Lowlights of the planned spending:
* $350,000 for an Albuquerque, N.M., fitness center;
* $94 million for a parking garage at the Orange Bowl in Miami;
* $4.5 million for Gretna, Florida, to bottle water with recyclable bottles;
* $35 million music hall of fame in Florissant, Missouri;
* $55 million for a mob museum in Las Vegas (described in the mayors report as “Historic Post Office Museum Rehabilitation”);
* $20 million for a minor league baseball museum in Durham, North Carolina; and
* $6 million for snowmaking and maintenance facilities at Spirit Mountain, Minnesota.
Democrats are also calling most of the spending "tax cuts" to try and trick people into thinking they'll be getting most of the money. The only actual tax cuts are likely to be modest: about $500 per single adult taxpayer and $1000 for married couples.
And what does the harshest critic of the mild Bush era deficits have to say about this historic deficit spending? Precisely what you think he would say about a fellow Democrat. Paul Krugman (falsely claiming that government spending provides more stimulus than tax cuts) says that the proposed spending is too heavy in tax cuts and too light in spending. Don't forget, he's also the newest champion of the deficits don't matter theory.
It's your money; demand better.