Wednesday, January 28, 2009

WSJ: Democrats 40 Year Wish List, Wall Street Journal Exposes Stimulus Bill As Waste, Pork and Well...Just Plain Crap

Remember that other piece of legislation that might make a little more sense.

At least The Wall Street Journal knows how to do math. Here are some amazing findings about the "Stimulus" Bill that must be stopped! Somehow, someway! Wake Up America! This is the single most expensive piece of legislation in world history.

And to be honest, the biggest load of crap in world history.

Some highlights from The Journal:

  • "Never let a serious crisis go to waste. What I mean by that is it's an opportunity to do things you couldn't do before."

  • So said White House Chief of Staff Rahm Emanuel in November, and Democrats in Congress are certainly taking his advice to heart. The 647-page, $825 billion House legislation is being sold as an economic "stimulus," but now that Democrats have finally released the details we understand Rahm's point much better. This is a political wonder that manages to spend money on just about every pent-up Democratic proposal of the last 40 years.

  • We've looked it over, and even we can't quite believe it. There's $1 billion for Amtrak, the federal railroad that hasn't turned a profit in 40 years; $2 billion for child-care subsidies; $50 million for that great engine of job creation, the National Endowment for the Arts; $400 million for global-warming research and another $2.4 billion for carbon-capture demonstration projects. There's even $650 million on top of the billions already doled out to pay for digital TV conversion coupons.
  • In selling the plan, President Obama has said this bill will make "dramatic investments to revive our flagging economy." Well, you be the judge. Some $30 billion, or less than 5% of the spending in the bill, is for fixing bridges or other highway projects. There's another $40 billion for broadband and electric grid development, airports and clean water projects that are arguably worthwhile priorities.

  • Add the roughly $20 billion for business tax cuts, and by our estimate only $90 billion out of $825 billion, or about 12 cents of every $1, is for something that can plausibly be considered a growth stimulus.

  • Another "stimulus" secret is that some $252 billion is for income-transfer payments -- that is, not investments that arguably help everyone, but cash or benefits to individuals for doing nothing.

  • $83 billion for the earned income credit for people who don't pay income tax.

  • Oh, and don't forget education, which would get $66 billion more....If you think the intention here is to help kids learn, the House declares on page 257 that "No recipient . . . shall use such funds to provide financial assistance to students to attend private elementary or secondary schools."

  • This is supposed to be a new era of bipartisanship, but this bill was written based on the wish list of every living -- or dead -- Democratic interest group. As Speaker Nancy Pelosi put it, "We won the election. We wrote the bill." So they did. Republicans should let them take all of the credit.


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