"The stimulus is changing the trajectory of our economy." -- Joe Biden, September 3, 2009
Don Surber zooms in on the relevant portion of reality vs. hope-and-change. Obama and the Democratic Congress sold us on a horrific “stimulus” package with the threat of 9.0 % unemployment if they failed to act. They acted, and unemployment is now approaching 10% and may hit 12% next year. In the meantime, the national deficit has exploded and will be massive for years to come.
The sad thing is that for less than half the cost of the “stimulus” package ($304 billion vs. $787 billion) , the US Government could have simply suspended all corporate income taxes for an entire year. For another $20 billion or so per year, the US Government could have suspended the dividend and capital gains taxes indefinitely. Those two changes would have done more to create actual jobs and revive the economy than all the make-work “shovel ready” projects that the Obama Administration touted (but is now strangely silent about — except, of course, for Joe Biden, but nobody is paying much attention to him these days).
If unemployment really is in double-digits next year, then look for the Republicans to take control of the House and make modest gains in the Senate. ..bruce w..