The $1.17 trillion stimulus bill passed by House Democrats on Wednesday bears little resemblance to the bill originally proposed by President Obama, with less than 5 percent of the funds now going to repair America’s deteriorating infrastructure. GOP critics point out the bill is loaded with tens of billions for items ranging from Amtrak subsidies to sexually transmitted diseases to the National Endowment for the Arts -- much of which won’t actually flow into the economy until long after economists expect the current economic crisis to subside. In late November, Obama promised: “It will be a two-year, nationwide effort to jumpstart job creation in America, and lay the foundation for a strong and growing economy. We’ll put people back to work rebuilding our crumbling roads and bridges,” modernizing schools and stimulating development of alternative forms of energy. Even some Democrats are now objecting that the measure contains too few highway and mass transit projects. Moreover Mark Zandi, chief economist for Moody’s Economy.com, says most of the infrastructure spending in the plan won’t occur until 2010 or later. Provisions of the bill that many legislators are questioning: Republican leaders say the stimulus package will add 32 new government programs at a cost of $136 billion. They object that many of the programs, once established, are likely to continue indefinitely. Most media outlets are reporting the cost of the package at $819 billion. As Newsmax revealed yesterday, however, the Congressional Budget Office calculates that the interest on the debt generated by the bill’s spending will cost another $347.1 billion, making the total cost approximately $1.17 trillion. Of course, the measure contains hundreds of billions in tax cuts and infrastructure projects that conservatives will find palatable. But as House Minority whip Eric Cantor, R-Va., told the media Wednesday, “This was not a stimulus bill. It was a spending bill.” By: David A. Patten And when it doesn't work and find ourselves in a huge inflationary period rather than stimulated... let us remember that it is all on the Democrats, including Obama! © 2009 Newsmax |
Showing posts with label No Stimulus Bill Rather a Spending Bill. Show all posts
Showing posts with label No Stimulus Bill Rather a Spending Bill. Show all posts
Friday, January 30, 2009
The Stimulus Shopping List: $1.17 Trillion in Pork Goodies
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