Friday, October 24, 2008

Don't Wait By The Mailbox For Your Check From The Proposed New Stimulus Package

These checks will go only to politically correct groups and politically connected. Your role in the stimulus package will be to pay for it.

WSJ has the ugly details:

The latest plan is even worse than the spring round of $100 billion or so in tax rebate checks. At least rebates allowed taxpayers to spend their own money. Under this stimulus the government will tax or borrow $150 billion to $300 billion in order to spend the money on social and pork-barrel programs. The latest draft would direct dollars to food stamps, another expansion in unemployment insurance, some heating subsidies, more aid to states and cities, and "infrastructure" like roads, bridges and public transit. Because of Davis-Bacon wage requirements on these brick and mortar projects, a portion of the dollars would coincidentally flow to the Democrats' biggest campaign contributors: unions. Call it a political "rebate" check.

What's Obama's take on this boondoggle:

On Tuesday Senator Obama said this spending would create millions of new jobs by closing a federal "investment deficit."

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