Even the Davos Elite Don't Like It

The World Economic Forum meets annually in Davos-Klosters, Switzerland. Where elite from many different nations meet to discuss, debate and provide policy recommendations on initiatives ranging from Climate Change to Global Governance to Water. As reported in the New York Times (http://www.nytimes.com/2009/01/30/business/worldbusiness/30davos.html), during the forum in Davos, even the elite voiced concern and dismay on how the House-approved U.S. "stimulus" bill would work. Some of them were even wondering how the U.S. was going to pay for this additional debt. These people are not known for their conservative views so if the liberal elite in Davos have concerns you should be worried.

Follow the Money (or Power)

The $819 billion "Stimulus" bill just passed by the U.S. House of Representatives on Wednesday will do very little to stimulate our nation's economy. This bill will not be the final version signed into law since the Senate has not passed it, however based upon the Democrats unwillingness to add a significant portion of true stimulus and their insatiable appetite to add any and every liberal pet project, the final version will not be much different than this. In all honesty this bill is nothing less than a major spending bill that continues to expand the size and control of the federal government.

Just as President Obama voiced his dissatisfaction on the $18.4 billion that Wall Street banks handed out in bonuses to themselves this past year (http://thecaucus.blogs.nytimes.com/2009/01/29/dodd-slams-wall-st-bonuses-warns-firms/?ref=business). This stimulus package is "shameful". It is "shameful" because President Obama and the Democrats are willing to take over $800 billion from the pockets of taxpayers and spend it on government programs of their choosing and call this stimulus. I call it "anti-stimulus" because these programs will provide very few new jobs in the private sector and simply increase the deficit.

The tax cuts of Kennedy, Reagan and Bush all were followed with significant stimulation and growth of the economy. So, true stimulus would incorporate cuts in income, capital gains and business taxes across the board and for everyone, not wasteful spending. That way, everyone has skin in the game.

Have any of you read this bill?

Here is the link to the text of the American Recovery and Reinvestment Act of 2009 (H.R.1): http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.1.IH:

Below is a short list of where some of the money will go. And we all know that the government has always been most efficient at spending (our) money. ;)

$2.825 Billion - Wireless and Broadband Deployment Grant Programs
$650 Million - Digital-to-Analog Converter Box Program
$18.5 Billion - Energy Efficiency and Renewable Energy Programs
$7.7 Billion – Federal Builds Fund
$600 Million - Energy Efficient Federal Motor Vehicle Fleet Procurement
$50 Million – National Endowment for the Arts

It is interesting, when times are tough that you and I have to tighten our belts but the government, they can spend, spend, and spend.

So, basically the folks that are responsible for crafting this bill, are 1) ignorant of how market economies function and what the government can do to provide an environment for economic recovery or 2) wanting to use this economic crisis as a way to more quickly promote, create and grow government programs (http://westernstandard.blogs.com/shotgun/2008/11/rahm-emmanuel-n.html) or 3) wanting a slower recovery for the economy so more people will become disenfranchised with the capitalist system and become more reliant on government. All three of these possibilities are bad.

Remember the bigger and more powerful and controlling our government becomes the less freedom and liberty you have.