Mercnbeth
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quote:
More importantly....and I address this not only to you but everyone on the "Look how awful the stimulus package is" side is what would YOU do? The tax cut as panacea has been tried and failed. The "Do nothing and it'll be ok in a little while" was tried in Japan and resuled in the lost decade where economic growth was virtually zero. The "let business sort out business" market discipline approach was tried and resulted in the very meltdown that caused the need to have a stimulus in the first place.
To this date, I haven't heard a single idea mentioned in this forum (or the republican side). Rather than just standing in the middle of the street yelling "no" at the top of your lungs, please...tell me what you think would be a good stimulus for the economy. I'd like to hear a new idea or two.
Then you haven't read any of my posts. I'll try to hit some of the point, but I doubt I'll have the time, or desire to flesh out all of them, nor all the details.
Never have I said to the Country should do nothing. Fundamentally I propose doing something other that spending more money on a program that's announced with Congress proudly stating they haven't taken 3 seconds to read it and have no idea of all the details, and consequences, contained within it.
I have, and its very boring and difficult but I could not find anything pointing me to the specifics of how it will work. It has has no specific benchmarks to determine its effectiveness. Instead we have spending which has the only jobs guaranteed and earmarked in the public sector. No matter how much tax money these employees pay it isn't, and can't be, equal to what they are being paid. Therefor every government employee adds to the problem; not solving or reducing it.
By definition yes all those public workers you mention are on the public dole. I always wonder why those jobs you mention are the first line of defense when public employees are pointed to for cuts. It's a public employee version of the argument of 'good intent' and '...this must be done for the children'. It works so well in those cases and I appreciate you using it as a tactic now. Unfortunately those you mention are a relatively small percentage of people, and jobs, on the government dole. You can cut entire departments, some at the Cabinet level, if you only addressed duplicity; the Department of Education sticks out as an example. Isn't that a State/local issue. One side of the equation shouldn't be necessary. Often they are at odds with the other. TV access is another 'entitlement'. The FAA is necessary to monitor what is and isn't on the public airwaves. In the age in which we live - you may age a day or so just flipping around all the entertainment options. The part of the FAA who needs to monitor and determine what's aired should be eliminated and the public told they have a channel changer - which they can use for their own accountability to what they see. The government provided analog/digital converters at taxpayer expense. Again, a very minor and inconsequential issue; but there are a bunch more similar items that add up to a lot of money drain in times where money is tight.
Bigger cuts? End two aspects of the biggest public dole - subsidies and religious institution tax exemption status. Nobody gets a subsidy while the Country is operating at a deficit. No 'charity' deserves a subsidy of tax exemption to pursue their personal political agenda be it considered left or right wing. If sugar and/or milk is supposed to cost more or less than it does now - find out, its a good time to do so.
Provide a bipartisan audit of the entire business known as the USA and its my position you can get the deficit down to zero. Meanwhile, were I running, or trying to turn around a business 'in trouble' like the USA; I wouldn't lead off by announcing $800 Billion in new spending and hiring 600,000 new employees; as has been the case with this Administration. I'm sure my 'investors' or 'stock-holders' would have the same reaction as Wall Street and the other financial markets, the 'investors' in the USA economy, they're not 'buying'. Except in my case - I'd bet I'd be fired for just suggesting such a fiducially irresponsible act.
No tax cut is necessary; cut expenses. Step one - audit the entire system, eliminate duplicity. Hasn't been done, hasn't been talked about, not on the horizon. Instead - spend first; ask questions and worry about results later - good plan?
If there is 'stimulus' or even 'bail out' necessary, use the successful businesses within the industries to facilitate it. For example, if the auto industry is hamstrung and bankrupted by union negotiated pension and benefits programs appropriately negotiated in the 'good times'; let the government take over those programs with the caveat that the UAW and the 'Big Three' sit down at a negotiating table and put in a plan to move forward with new a salary/benefits structure more relevant to these times. Unlike the current program of never ending cash flow to a failing industry having no impact on the problem, you have a fixed expense at the government level which eventually dies with the pensioners and retirees. Stop the bleeding today with a joint effort between labor, management, and government. Apply the transfusion to a repaired body, not one leaking faster than the blood can be poured into it.
Financial service markets should be allowed to fail if that's the consequence of their business plans. There are enough assets and management NOT failing to take over the vacuum. TARP was supposed to 'free up' the capital markets; however 'TARP' was an appropriate name since its real intent was to cover up the government's mandate to the TARP receiving banks to buy failing institutions. It served to spread the disease from the dying to the healthy. So much so, that I don't know if the alternative solution I propose is possible at this point.
Individuals suffer their losses, whether in the stock market, 401k, mortgages, or the super sized losses from the Ponzi schemes of Madoff and Stanford. You took your chance, you lost. The highest estimate I've seen of mortgages in default is 10%. It means 90% are not in default. Similar to the TARP program any attempt to save the dying with the blood of the healthy will make all sick. People aren't 'entitled' to own a house. They surely aren't entitled to maintain ownership through the efforts of those who can are are paying for a house they can afford. 'Upside-down' equity situations are a non-factor and those feeling that's worthy of 'bail-out' are just upset that they made a bad deal - too bad. When, or if, the market turns around then they'll benefit from their housing 'investment'. I don't read anywhere in the Constitution where home equity increases are mandated. Come to think of it, the government isn't Constitutionally required to provide food, clothing, or anything that should be the personal responsibility of its citizens. I think it says something to the effect of "...life liberty and the pursuit of happiness." It doesn't say your entitled to any of it, only that you have the opportunity to work for it, and pursue it.
So tell me - does the Bush II program institution by this Administration and approved by Congress to the, so far, tune of $800 Billion have any similar specific action, goal, or (what's the word....oh yeah) PLAN?
One final note of repetitiveness from prior posts, because as each day goes by it seems to be the only way to comprehend how smarter people with more access to information than me can stand in front of the nation and represent that what they are doing now is a good idea. As I type this, the DOW is down another 100 points at 7365. The goal is zero. Nationalization, total government reliance, and seeing government as the 'salvation' is the logical goal for this program. It's got to be the plan, unless you can provide a better reasoning.
How about 'spinning a similiar tale' providing the specifics of why, and how, what President Obama and Congress have instituted, will turn around the economy? So far, all I've gotten is "we have to do something!" hysteria.
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