Frederic Bastiat argued against "The Broken Window Fallacy" that underlies the economic thinking behind proponents of the "stimulus package." Read the full text of his argument here.
I can barely comprehend the monumental stupidity of it:
House OKs $787B stimulus bill with GOP opposition
WASHINGTON (AP) - Handing the new administration a big win, House Democrats passed President Barack Obama's $787 billion plan to resuscitate the economy on Friday despite a wall of Republican opposition. The bill was approved 246-183 and sent to the Senate, where a vote was scheduled late Friday afternoon.
The 1,071 page, 8-inch-thick measure combines $281 billion in tax cuts for individuals and businesses with more than a half-trillion dollars in government spending. The money would go for infrastructure, health care and help for cash-starved state governments, among scores of programs. Seniors would get a $250 bonus Social Security check.
And no one even read it!
How is this good for our economy?
(Source- PowerlineBlog | Hat Tip: David Boaz, The Cato Institute)
Trashing so many billions of dollars worth of productive capital is not a plan to recover. Running record deficits that dwarf even the Bush administration's irresponsible deficits is utter madness.
And what about the Democrats' promise that we the people would get to see the legislation with all of its joint committee changes before it was passed?
From HumanEvents.com yesterday:
“The American people have a right to know what’s in this bill,” Rep. Mike Pence (R-Ind) told HUMAN EVENTS after the press conference. “Every member of Congress -- Republicans and Democrats -- voted to post this bill on the internet for 48 hours, 48 hours ago. We’ll see if the Democrats keep their word.”
Actually -- as of 5:15 pm, the Democrats had broken their word. The stimulus bill -- which we still haven’t seen -- will be released late tonight and will be brought up on the House floor at 9 am tomorrow.
They're exhibiting some audacity alright.
Take Action Right Now To Block The Stimulus Bill!
The three swing voters in the Senate GOP helped pass this legislation the first time, we had better make sure they know how we feel about it before they pass the amended version and it goes to President Obama to get signed. Contact all three right away by phone and e-mail. Let them know that you oppose passage of the stimulus package:
Arlen Specter (R - PA)
Olympia Snowe (R - ME)
Susan Collins (R - ME)
Humble Libertarian Articles About The Stimulus Package
Economic Folly: 7 Reasons The Stimulus Package Will Be Very Bad For America
A Libertarian (Sane) Alternative: The Stimulus Package They Should Be Passing
Treasury Wastes $78 Billion of the $700 Billion TARP Bailout
Health Provisions In The Stimulus Package
Spread the Word!