It Passed – Jared

Democrats have now taken full responsibility for the condition of the economy for the next 4 years.  They passed a massive spending bill that had little to do with stimulus and lots to do with extra spending.  Look for the following things:

First, look out for the three Senate Republicans to be praised as “bipartisan” leaders of the GOP.  They’re betrayed their party but this gives the Democrats a chance to delegitimize the GOP.  The three are Senater Arlen Specter of Pennslyvania and Senators Olympia Snowe and Susan Collins of Maine.  All three are very very moderate (read liberal) Republicans.  It is no surprise they were on Barack Obama’s side, since they probably voted for him.  This will start probably from the mouth of Pelosi or Reid and will be picked up in the media.

Second, also politically, look for anyone and everyone who voiced opposition to this bill outside of Congress, such as Rush Limbaugh and Sean Hannity to be attacked for any number of reasons.  The “Fairness Doctrine” has potential.  Bill Clinton and two Senators have spoken favorably about the subject.  I’m not convinced it will come up for debate, but look for some saber rattling at least.

Third, economically, be careful.  There is a good chance the only way to pay for this is going to be inflation.  We just passed a package that dramatically enlarges the size of the government budget and will substantially increase the size of the debt.  We are going to have to pay for this somehow and chances are we are going to pay for it by printing more money.  Not what we want.  Runaway inflation is horrible for the economy as it destroys markets and ruins individual savings.

I am extremely skeptical of this “stimulus” package and I do not believe it is an economic recovery package at all.  This is a massive spending bill that will do little but put us more in the whole while trying to create middle class dependency.  If you want the country to thrive and recover you do not give them handouts, people do not spend handouts.  You do not take as much or any of their money in the first place, allowing them the freedom to spend it in the market on essentials or pleasures.  When they have that power the market will begin to recover.

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One Response to It Passed – Jared

  1. Pingback: Chicago Trading Floor - Jared « A Slice of Polis

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