President Barack Obama warned on Thursday that failure to act on an economic recovery package could plunge the nation into a long-lasting recession that might prove irreversible…basically, ‘do this, or we all plummet to our horrible deaths.’
In an Opinion piece in the Washington Post, President Obama throws some very scary propositions:
Because each day we wait to begin the work of turning our economy around, more people lose their jobs, their savings and their homes. And if nothing is done, this recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse.
Um, where is the proof for that? Frankly, there is no such proof. Actually, there is plenty of historical evidence that this kind of government incursion into the market actually may cause the lengthening of the recession. My posts on this can be seen here, and here.
Additionally, Mr. Obama argues that the only proposal Republicans are giving is to reduce taxes. That is a falsehood; and that is putting it mildly. Both my proposal, and Sen. Mel Martinez’s proposal, do no such thing. So that is a canard. Then the President goes a little farther, and states that the voters rejected such ideas. That is not the case; Obama won based on the politics of change. Well, the stimulus bill is exactly the kind of bill that would have been passed on Bill Clinton or Jimmy Carter. There is little ‘change’ to be seen; and so far, the public’s anger is showing their reaction to the lack of change.
If Mr. Obama is really concerned about catastrophic results if the stimulus plan is not passed, get rid of the pork. Get rid of all spending that doesn’t create immediate jobs. Things like the contraception spending, ACORN funding, etc. can wait until the budget is passed. Pass less tax cuts, if that is what it takes; Republicans will compromise if the overall size of the bill is smaller as well. Get lower income tax cuts, business tax cuts, welfare and unemployment benefit extensions, and job creation, and get rid of all the wasteful spending. Just to show the problem Mr. Obama has: Democrats have added more than $100 Billion to the stimulus since it passed the House!!! Republicans can get behind a smaller bill; the question is not whether Republicans will follow, but whether liberals in his own party will defect or not.