XPost: alt.politics.usa, alt.politics.usa.misc, boulder.general
XPost: us.politics
From: sid9@belsouth.net
"Devils_Advocate" wrote in message
news:Y7idncrHpNQ___HWnZ2dnUVZ_rCdnZ2d@forethought.net...
> THE OBVIOUS DEFICIT-CLOSERS
>
> By DICK MORRIS & EILEEN MCGANN
>
> Published in the New York Post on February 5, 2010
>
> As he tells us he wants to reduce the dangerous budget deficit, President
> Obama brings to mind the hapless engineers at Toyota who find that their
> vehicles accelerate whether or not the driver wants them to. It appears
> that no matter how hard Obama jams on the brakes with his newfound
> commitment to deficit reduction (after almost doubling the deficit in one
> year), the level of red ink just seems inexorably to rise. The House voted
> yesterday to raise the federal debt limit another $1.9 trillion.
>
> Obviously, more fundamental change in the budget's engineering is needed.
> But, unfortunately, it is easier to recall a car than a president.
>
> Obama's announced intention to freeze 13 percent of the budget for three
> years is a relatively minor cut. It will trim the deficit by only 3
> percent over the decade.
>
> But if the president really wanted to get serious about reducing the
> deficit, he's got two easy steps to take:
>
> 1) Stop the remaining $500 billion of last year's $800 billion stimulus
> package.
>
> 2) Refund to the Treasury the $500 billion in TARP funds repaid by the
> banks.
>
> Instead, he's merrily spending the remaining stimulus cash -- even though
> the first round failed to curb the recession, doing little more than
> protecting the jobs and pay of state and local government employees. The
> remaining money would do more of the same -- while also funding
> pork-barrel projects all over America.
>
> But only $300 billion of the stimulus has been spent. Why not call back
> the remaining $500 billion? Because Obama is still committed to the
> expansion of government spending. His promise of a (minor) freeze next
> year brings to mind an overweight friend's talk of the diet he'll go on --
> even as he starts another banana split.
>
> Then there's the TARP funds. Most of the money laid out under President
> George W. Bush is being repaid by the banks that borrowed it -- but Obama
> is intent on intercepting the cash before it lands in the Treasury and
> sending it out the door again.
>
> He wants these funds for his second stimulus, relabeled as a "jobs bill."
> Some $30 billion is to go to small businesses for job creation, $30
> billion for consumer credit and yet another $100 billion for more state
> and local aid -- that is, more protection for government workers.
>
> And none of that cash will ever come back -- even though it's TARP money
> that was initially appropriated for short-term lending, spending that the
> government would quickly recoup.
>
> When will the president learn that deficit spending isn't the way to
> stimulate the economy? That by adding to the deficit, he is stopping
> business from borrowing to create jobs and blocking consumers from getting
> the capital they need to make purchases?
>
> Treasury debt is up 41 percent over the last year, while commercial and
> consumer lending is down by more than 20 percent: The government is
> hogging the loan window. Doesn't the president realize that this is
> blocking, not catalyzing, job creation?
>
> Go to DickMorris.com to read all of Dick's columns!
> ___________________________________________________________________________
> _____ ______________________________________________________
>
> PLEASE FORWARD THIS E-MAIL TO FRIENDS AND FAMILY AND TELL THEM THEY CAN
> GET THESE COLUMNS E-MAILED TO THEM FOR FREE BY SUBSCRIBING AT
> DICKMORRIS.COM!
>
> THANK YOU!
>
> ***COPYRIGHT EILEEN MCGANN AND DICK MORRIS 2010. REPRINTS WITH PERMISSION
> ONLY***
>
DICK Morris is a liar.
--- SoupGate-Win32 v1.05
* Origin: you cannot sedate... all the things you hate (1:229/2)
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