Even McClatchy Isn’t Buying The Stimulus
Look, you know that a newspaper leans far to the left when it features “Truth To Power” as its tag line. But even they aren’t buying the hopeNchange of the porkapalooza plan
Will the stimulus actually stimulate? Economists say no
The compromise economic stimulus plan agreed to by negotiators from the House of Representatives and the Senate is short on incentives to get consumers spending again and long on social goals that won’t stimulate economic activity, according to a range of respected economists.
“I think (doing) nothing would have been better,” said Ed Yardeni, an investment analyst who’s usually an optimist, in an interview with McClatchy. He argued that the plan fails to provide the right incentives to spur spending.
“It’s unfocused. That is my problem. It is a lot of money for a lot of nickel-and- dime programs. I would have rather had a lot of money for (promoting purchase of) housing and autos . . . . Most of this plan is really, I think, aimed at stabilizing the situation and helping people get through the recession, rather than getting us out of the recession. They are actually providing less short-term stimulus by cutting back, from what I understand, some of the tax credits.”
There you have it. Though, only a Democrat could think $30 million here and $50 million there is nickel and dime, but, regardless, the story goes on and on, telling us that it Just. Won’t. Work.
Unfortunately, too many people (mostly liberals) are of the opinion that only government can stimulate the economy. Mule fritters! The best thing government can do is to enable and empower, through getting people to go out and spend. Reduce business taxes to get companies to hire. Get out of the way so small businesses can be started. Etc. Consider that this whole thing started because of governmental (mostly Democrat) policies, and you realize that government is not the answer. Especially when they are going to punt the pain to our descendants.
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Posted by William Teach on February 13, 2009 10:38 am
» Filed Under Democrats, Economy, Liberal Media/Bias, News
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3 Responses to “Even McClatchy Isn’t Buying The Stimulus”
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Pffft… you obviously don’t even understand your own laissez-faire economic theories. Reducing taxes will somehow “get companies to hire”? You know why companies aren’t hiring? Because there is no demand for their products. No demand, no need for supply. No need for supply, no need for employees. Simple as that. Even a negative tax rate is not going to change that fact.
Why aren’t people spending money? They’re afraid to, because they’re afraid they’re going to lose their jobs, lose their homes, lose everything they’ve worked so hard to achieve. They’re struggling to pull themselves out of the debts they’ve accumulated over the years, just in case the rug is finally pulled out from underneath them. If you WANT to get people spending money again, TAX CUTS ARE NOT THE ANSWER. They will just stash that away with the rest of the money that they’re NOT spending right now. You know what will get people spending money again? Reassurance that they are not going to lose their homes, or lose their jobs without any real possibilities of finding a new one. It’s a little thing called SECURITY, something that the private sector does not — CAN not, provide.
But then, maybe you’re right… maybe the companies would use those tax cuts to create new jobs. Like, they could finally afford to close down those American factories and build the new ones in China that they’ve been planning on doing for the past few years now. Why? Because Chinese people work for peanuts. No need to provide them with fancy junk like “health benefits” or a “safe working environment”, or a “living wage”, or any of that other sort of “government nonsense” that always “gets in the way of business”. They would save a whole lot of money and increase profitability tenfold.
Of course, they would simultaneously see their sales volumes drop, and they would all wonder why. Gee, maybe it’s because none of your CUSTOMERS have JOBS anymore… because you’ve outsourced them all.
I don’t care how inefficient, or bureaucratic, or corrupt the government is… government is the ONLY entity wealthy enough and powerful enough to back up our failing economy and provide people with the security blanket they need to feel safe about spending money again. IF they do it right… which unfortunately, I doubt they will… but only time will tell. Even if the stimulus only keeps the situation from getting worse, it will have been worth it. Because if something isn’t done soon, there is NOTHING that will keep our economy from slipping further down the spiral into total chaos.
Indy,
the stimulus won’t pull us out of the recession/depression if the credit markets are still frozen. Unfortunately, Obama chose a Wall Street insider to be his Treasury Secretary, one who is beholden to the corrupt crowd who steered us into this iceberg.
We need to nationalize the giant insolvent banks, let the stockholders take the loss, clean up the books, and break them into smaller pieces so they don’t end up blackmailing us again in a few years. Then we sell them back to the private sector.