Posted on 03/09/2009 6:52:14 PM PDT by Fred
The Bush administration added another $700 billion to the nation’s deficit with the bailout bill last fall, despite many warnings that it would not stabilize the economy. It didn’t.
That administration ended with record spending, record borrowing, record deficits, and an economy in shambles.
But my question to many of my friends in the majority is this: if record spending, record borrowing and record deficits is the path to economic recovery – why aren’t we already enjoying a period of unprecedented economic expansion?
In fact, all of the bailouts, handouts and loan guarantees already enacted add up to $9.7 trillion – more than the modern day cost of the Space Race, the Vietnam War, the Louisiana Purchase, the Marshall Plan and the New Deal –combined.
The fact is that these policies don’t stimulate an economy, they destroy it. And it doesn’t matter whether these policies are enacted under a Democrat or a Republican – they don’t work.
They didn’t work in the recession of 1929 when Republican Herbert Hoover increased the marginal tax rate from 25 percent to 65 percent and piled up taxes on imports. They didn’t work in the resulting depression of the 1930’s when nearly a decade of Democrat Franklin Roosevelt’s New Deal spending failed to stimulate the economy. We forget that the unemployment rate in 1939 was actually slightly higher than it had been in 1931.
We know from a year of failed bailouts and handouts and loan guarantees that these policies aren’t working any better today.
(Excerpt) Read more at blog.tommcclintock.com ...
If government spending stimulated the economy then we should never have a recession seeing as how the government spend mores each year than it did the previous year.
2nd worst president ever.
The good news is that one day we will be referring to "President McClintock" on a daily basis.
The bad news is that we will be doing it only after suffering the results of eight years of stubborn self-absorbed idiocy.
Tom is a 1%’er.
talk about “diversity”:
california has mad max and tom.
?
Dear Caliphonia:
DON’T BLAME ME, I VOTED FOR MCCLINTOCK!
I had “McClintock 2012” as my tag for weeks and just changed it. Maybe I need to revert back...
he was my assemblyman and state senator forever, Tom is the Real Deal.
Help me out, what is a 1%er?
I just meant that he’s among the top 1% of society in terms of smarts, knowing what’s going on, etc.
an outlaw biker club member?
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