Posted by: rshalomw | March 14, 2009

IS LEADERSHIP VANISHING IN AMERICA?

Beyond reason and logic the American leadership has passed a stimulus bill that will be a curse to the citizens of America.  The decision they made has to rank as one of the worst decisions any American leader could have ever made.  The following article will present the stark facts of the lack of wisdom among many in America

March 11, 2009
Stimulus Cost
by Kerby Anderson

Click on the image to view the video.
Occasionally I get e-mails from listeners asking me to put the amount of money Congress is spending into some meaningful context. After all, talking about billions of dollars and even trillions of dollars is so hard to grasp. So let me give you two illustrations that I found helpful.
Representative Gene Taylor is the dean of the Blue Dog caucus. This is a group of conservative House Democrats who are committed to many things, one of which is reducing the federal deficit. Even though he is a Democrat, he could not bring himself to vote for the stimulus bill. At the time he said: “We will have to borrow every penny of the $789 billion” and “Our children and grandchildren will be forced to pay it all back with interest.” He pointed out that $789 billion is as much “debt as the nation borrowed in our first 203 years, from the revolutionary war to the beginning of Jimmy Carter’s Presidency in 1978.”
Think of that for a moment. Congress passed legislation that equaled all the accumulated national debt from 1776 to 1978. During that time we fought all sorts of wars (Revolutionary War, War of 1812, Civil War, World War I, World War II, the Korean War, and the Vietnam War) and built a nation (from the transatlantic railroads to the interstate highway system). That total debt is equal to what Congress spent just on the stimulus package.
Economist John Lott calculated it another way. We have 90 million tax filers in America. Using the original stimulus package figure of $787 billion, he calculated that the average taxpayer will pay over $8,700. He noted that this figure alone should get our attention. But he then pointed out that when you add all of the money we have spent (the stimulus package, the financial bailout, and the auto bailout), you have a deficit of about $1.7 trillion. This works out to almost $19,000 per taxpayer.
So whether you compare the spending to our nation’s accumulated national debt or divide the amount spend among the American taxpayers, you can see that we are talking about an enormous amount of money. Perhaps the reason there hasn’t been a great outcry over this spending is because it is hard to imagine how much money has been spent. I’m Kerby Anderson, and that’s my point of view.

Point of View | P.O. Box 30 | Dallas, TX 75221

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