Wednesday, February 18, 2009

What's the worst that could happen?

From an editorial in today's Investor's Business Daily:
It's strange that so few mainstream media outlets have pointed out the obvious: The bill Congress hurried to pass late last week without anyone having read the entire 1,434 pages will in fact not stimulate much of anything.

It is a spending bill, pure and simple. Every dollar the government spends must either be borrowed, taken through taxation or printed. Any way you look at it, every dollar comes from the pockets of the people it will be spent on.

The bill adds $10,000 to each American's debt. No matter how you view it, that's a $10,000 hike in future taxes, not counting interest. We've been lectured often that Americans have become greedy and overly indebted. So how does adding still more debt help? Unless there's an explosion of economic activity directly due to this bill, Americans' standard of living will decline — count on it.
Read the full editorial at the newspaper's Web site.

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