It has been reported that Senators Arlen Specter and Susan Collins have signed on to the $800 billion stimulus bill. Are these two Blue Blood Republicans living in a fantasy world? Politically, this may be one of the biggest miscalculations in our history. Even VP Biden said that this plan has a possible 30% failure rate. If this turns out to be a massive miscalculation, I don't think that there will be anyway for our country to survive this intact.
Most people have no idea where this money will come from. In the past our government has borrowed money to finance the budget deficits. As of now, we have not paid this money back and some estimates have put this figure in excess of $10 trillion. With the world wide economic slump, many will be hard pressed to dump money into our economy. We are reaching a critical state where this burden is going to over tax the system. If other countries find it difficult to back the U.S. dollar, then the Treasury Department will be forced to increase the money supply with nothing to back it up with. If this happens, then be prepared for a dramatic increase in inflation and further erosion of public confidence in our economy.
"Dysfunctional Duo" is the perfect title for these guys. Well said. This country is certainly on an express train to nowhere, or worse.
ReplyDeletePerfect title for theses guys. Well said Scott. Thanks to them this country is on an express train to nowhere, or worse.
ReplyDeleteThank you Aliza for commenting. I guess the basics of economics that we learned in school are no longer valid. I was always taught that when the government spent more than it was taking in, that was a recipe for inflation. What do I know, I and millions of others, "render unto Cesar what is his" and everything else.
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