Tuesday, January 27, 2009

Obamanomics: Math Runnning Amuck

The Obamalites vision of a “bipartisan” economic recovery package that would be focused on creating jobs and fast-acting tax relief has lost it’s clarity as Democratic leaders in Congress have instead loaded it up with more of the same old porkbarrel spending on hundreds of billions in spending on programs and projects.

The ugly truth is that most of their ideas would not impact the economy for many years, if ever, according to the nonpartisan Congressional Budget Office. How myopic has Congress become in less than a week from The Obamafication of the White House?

The proposed legislation would include:
- $650 million for digital TV coupons
- $600 million for new cars for the federal government
- $6 billion for colleges and universities (many which already have billion dollar endowments)
- $50 million in funding for the National Endowment of the Arts
- $44 million for repairs to U.S. Department of Agriculture headquarters
- $200 million for the National Mall, including $21 million for sod (green side up!)

The Obamian’s are proposing to obligate us to spend an amount that is nearly equal to the annual discretionary spending budget for the entire Federal Government. More than a third of the plan would create 32 new government programs…to do what?...and additional spending in more than 150-other programs, including Amtrak and the Transportation Administration.
How does that grow the economy??

Only 3% of the bill would actually go to road and highway spending…and only 25% that could be spent in the first 18-months.

Here’s the ugliest part of this legislative bratwurst: Nearly a third of the intended “tax relief” in the House Democrats’ bill is actually spending in disguise: true tax relief makes up only 24% of the total package – not the 40% dictated by President Obama.

Other goodies include the “Making Work Pay” tax credit--which in reality amounts to $1.37 a day, or about the price of a cup of coffee (and not at Starbucks.)

Less than 3%--$22.3 billion—of the overall package, is dedicated to small business tax relief…and this piece of porkpie will actually increase by 7-million the number of Americans getting a check from the IRS that exceeds what they pay in Payroll and Income taxes, according to the Joint Committee on Taxation.

Much of the funding will go to programs that already have large, unexpended balances—like $1 billion for Community Development Block Grants -- which already has $16 billion on hand. There are some states also are sitting on $9 billion in unused highway funds – funds that Congress is prepared to rescind later this year.

$825-billion would provide $22,000 for every American living in poverty, but that would be wealth redistribution, and we can’t have that.
Hide and watch: If true economic stimulus were the goal, $825-billion could be evenly split to redistribute $2,700 to every man, woman, and child in America. Which in true Government style, will create a pile of additional debt worth $6,700 for every US household.

It's pure Obamanomics: I’m going to give you money now so you can pay more money later...

And if that’s not troubling enough, all of the board members of the “Accountability and Transparency Board” that is created by this legislation will be Obamian appointees—none of them will be selected by Congress.

Of course, when “I won” is the trumping statement to any discourse in an Obamalyptic Washington, how can we then be surprised at a bloated piece of the same-old-same-old that includes taxpayer-funded contraception as economic stimulus?

1 comment:

Anonymous said...

I cant access your facebook page, but listening on iTunes. You keep on impersonating Dave Ramsey! Its the only way to go! Rainy day funds is what will get us through. We have to rely on ourselves not Uncle Sam.

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