I am concerned, very concerned, about the consequences of implementing the Bailout Bill. The following are my opinions. I would be very interested in yours.
I think it will create very high inflation which becomes a tax on all of us, especially those on fixed incomes.
I think it will allow politicians in power to buy a tremendous amount of influence and cement their power, keeping out all who do not support those who now have the power.
I think it will prop up many endeavors that should be allowed to fail or forced to face reality. For example, it looks like over half of it will be doled out to states to spend, often just to balance their budgets. In most cases that will allow state governments to continue to outspend their revenue and avoid making cutbacks that need to be made. Many companies that have not served their customers and have not changed with the times should be allowed to fail. Neither governments nor private companies should be paid by taxpayers to continue in the error of their ways.
It is packed with earmarks. Is it cynical of me to believe that groups who helped get the new government elected are getting more than the payback they feel they deserve?
I don’t believe this will hurt our economy in the long run and will do very little to help it in the short run.
I think it is selling the myth that FDR’s huge government programs brought us out of the Depression and this will do the same for us now. IMO, only the onset of WWII pulled us out of the Depression and we were left saddled with huge new government programs that we continue to feed today.
I think this will, above all, grow our government. Every new tax, every new government program, every denial of the need for government to balance its expenses against its revenue is another burden that must be carried by our economy. Is this just rewarding those who do not add value by taking from those who do?
I am very disappointed with our elected leaders. I actually expected this from the new Congress but was hopeful that our new President would be better than this. I am saddened that he is not. And I am worried.
If you want to know where these opinions come from, you should read my “About” page, here.
Responsibility-Freedom Demands It 
3 comments
Comments feed for this article
January 29, 2009 at 11:04 am
Chuck Santoni
You are correct to be concerned about this “stimulus” bill. It has little to do with stimulus and a lot to do with the march toward European style socialism. It is the largest power grab in history and we will pay for it. If the dems get what they want, and there is little hope they can be stopped more than 50% of the population will be on a direct subsidy (they call it a tax refund but it is for non-taxpayers) and then the check and balance will be gone in terms of raising taxes further. Also, I don’t think that we are headed for inflation, we are headed toward hyper-inflation because of all this money that is being pumped into the economy there will be little produced and then there will be far too much money chasing too few goods. Tax cuts have worked virtually every time they are tried and one beneficiary of a tax cut is the government when the economy does respond government revenue goes up…so this is not about a stimulus it is about creating dependency and control.
That is my short rant…my limited knowledge of economics tells me that we are on the slippery slope!
January 31, 2009 at 12:37 pm
Bailout » Blog Archive » Is the Bailout Bill a Disaster? « Responsibility-Freedom Demands it
[…] Is the Bailout Bill a Disaster? January 28, 2009 in politics. I am concerned, very concerned, about the consequences of implementing the Bailout Bill. The following are my opinions. I would be very interested in yours. …$anchor_text[$anchor_choice] […]
February 2, 2009 at 1:05 pm
pmv
I’d be curious to know how you arrived at the 50% figure for Americans who are receiving funds from the government without paying any taxes. I can’t imagine that’s accurate, but I could be wrong.