Happy Anniversary, America. How's that hope and change working out for you?
President Obama hailed the success of his controversial $787 billion stimulus legislation on Wednesday, saying the one-year-old law has created or saved 2 million jobs and helped prevent a second Great Depression.
Obama's remarks capped an extensive push from the administration and its Democratic allies to rehabilitate the public perception of the American Recovery and Reinvestment Act, which critics say has been costly and ineffective.
"No large expenditure is ever that popular, particularly at a time when we are also facing a massive deficit," the president said. "Our work is far from over, but we have rescued this economy from the worst of this crisis. The American people are rebuilding a better future. We will continue to support their efforts."
And who has contributed the most to the deficit? Oh yeah, Barry and his Democrat cronies in Congress spending money the nation doesn't have. And his economic package has rescued squat. Unemployment is still higher than we've seen since the early 1980s (when Reagan took over from Carter's inept leadership), and businesses don't have the capital to hire new employees. (Don't let the president fool you. The "tax credits" to small businesses to help ease the unemployment numbers is nothing more than a shell-game.) His stimulus has done nothing for this nation other than pay back cronies for getting him elected. That's all this slush fund was designed to do, and congressional Democrats knew it.
The president ridiculed Republican members of Congress who voted against the legislation last year but have been eager to accept stimulus spending on behalf of their own constituents. He accused them of playing politics by calling the bill a failure "even as many of them show up at ribbon cuttings at projects in their district."
And he made fun of GOP lawmakers who he said were unsure whether to clap last month when, during his State of the Union speech, Obama recounted the tax cuts in the act. "They were all kind of squirming in their seats," he said.
The president's remarks followed an op-ed in USA Today by Vice President Biden and an aggressive effort by the Democratic National Committee to paint GOP members of Congress as hypocrites.
Tax cuts? Are you freaking kidding me? Tax cuts? He's letting the Bush tax cuts expire, which helped this nation out of a recession that Bush "inherited" from Clinton (of which Bush never laid blame at Clinton's feet), and out of a deepened recession thanks to 9-11. Also, how can one say there were any tax cuts on the heels of the passage, and signing, of the S-CHIP bill which slapped an even higher tax on those who use tobacco. The S-CHIP program significantly raises the taxes on those making less than $250,000 a year. Statistics show that the majority of tobacco users fall far below the $250,000 mark that the president made. So much for his promise (which can be seen right here on YouTube).
There have been no tax cuts. There have been "promises" of tax credits, but we all know that any promise Barry makes has an expiration date. Those promises don't last long, and only expire when they become a liability; when political expediency takes precedent over one's own word. The stimulus plan has been a failure to all except those that supported Barry and his merry band of pirates, raiding the wealth of the nation's coffers.
Had he been serious about addressing the economic recession that the nation was facing -- the worst since the early 1980s -- he would have done three simple things. 1) Cut taxes ACROSS THE BOARD on every level. Tax cuts work. President Kennedy proved it. President Reagan proved it. President George W. Bush proved it. Tax cuts gives the people more of the money they earned which they "invest" in the economy by buying goods and purchasing services thereby fueling industry. Hello? Is anyone paying attention here? Bueller?
2) SUSPEND the capital gains tax for at least a year, if not eradicating it completely. The markets took a dive in 2008 that shocked the nation right out of its hopey-changey stupor. Instead of bailing out any financial institution we should have allowed the free market to correct itself on its own. The best thing the government could have done then was suspend the capital gains tax. Investors would have stampeded their way to the firms still surviving, and in those who bought up the companies failing. Again, I'm talking about recovery, and that would have lended a great deal to a real recovery program. Bailing out these institutions did nothing except make these companies beholden to an already over-inflated federal government.
3) SUSPEND all non-essential government spending. If it's not needed then we don't spend the money on it. But we watched as Congress spent $787 billion (actual CBO numbers puts the stimulus money at $862 billion but it's not like Congress knows how to balance a checkbook, right?) of taxpayer's money, and we have nothing to show for it. We still have stifling unemployment, and a deficit that we can't afford, our kids can't afford, and our grandkids can't afford. When economic hard times hit Congress shouldn't be spending money like it's going out of style. And the stimulus isn't the only spending that hurt this nation. Need I remind readers of the $410 billion Omnibus bill that included 8,570 earmarks for personal little pork projects? That bill included a $300,000 earmark for a Montana World Trade Center from GOP Rep. Dennis Rehberg of Montana, and a $1.8 million pig odor and manure management program from Sen. Tom Harkin, D-Iowa. Michelle Malkin has more on that bill and more links to instances of gross negligence conducted by the Congress on pi$$ing away our hard-earned money.
My plan, and this plan is endorsed by many conservatives, would have stimulated the US economy in more ways than Barry's ideas did. Unemployment would be down (probably below 8% right now, which is the percent the president was trying to avoid with the stimulus bill) and the nation would be much better off. But, I'm a conservative. What do I know, right? Obviously I know more than the Left cares to recognize.