The 2.1 Trillion Dollar Theft has passed the House - 244-188. NOT ONE REPUBLICAN VOTED FOR THIS CRAP SANDWICH.
The Dems own this, and the President has staked his re-election on this.
The Cato Institute worked with 200 economists exposing the unsound economics of the obama bailout bill:
“There is no disagreement that we need action by our government, a recovery plan that will help to jumpstart the economy.”
— PRESIDENT-ELECT BARACK OBAMA, JANUARY 9 , 2009
With all due respect Mr. President, that is not true.
Notwithstanding reports that all economists are now Keynesians and that we all support a big increase in the burden of government, we do not believe that more government spending is a way to improve economic performance. More government spending by Hoover and Roosevelt did not pull the United States economy out of the Great Depression in the 1930s. More government spending did not solve Japan’s “lost decade” in the 1990s. As such, it is a triumph of hope over experience to believe that more government spending will help the U.S. today. To improve the economy, policy makers should focus on reforms that remove impediments to work, saving, investment and production. Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth.
Obama has gambled his presidency on this Democrat backed 1.2 trillion dollar tax payer bailout. 4 million jobs, estimated to cost the taxpayer 290,000 for each one, will be the measure of success or spectacular failure for this administration.
Philadelphia Representatives Allyson Schwartz (D) and Patrick Murphy (D) were quick to take the hard earned tax dollars from their constituents - that would be me - now is the time for Philadelphia citizens to hold them accountable for every penny of it.
Contact Allyson Schwartz and Patrick Murphy and request they release the backers of all the earmarks - it is your money and they work for you. While you are emailing them, it would be interesting to know their plans on bringing a portion of the 4 million jobs promised by their President to Philadelphia.