Stanstamper’s Blog

February 11, 2009

Translation…States going belly up!

Filed under: 1 — stanstamper @ 9:23 pm

It’s a sad day for our country when the people we send to Washington aren’t truthful with the American citizen and taxpayer.
After the House passed an $800-plus billion dollar stimulus package and sent it over to the Senate, the bill was pumped up to nearly a trillion dollars, and then Senators put out the word that they had cut $100 billion from it.
Congress doesn’t think the American citizen can add or subtract. What the Senate won’t be honest about is that they cut $100 billion from a package that their members had already enlarged by several hundred billion.
Once again, the order of the day is “a frantic rush to pass something.”
Translation: California, New Jersey, New York and a handful of other states are in the early stages of going belly-up. Very soon, their paychecks won’t be any good. Firemen, highway patrol, and even the bureaucrats’ checks will not be issued because state coffers are empty. How would Nancy Pelosi and Barbara Boxer explain that to their constituents?
Like a drug addict coming down off a high, failed bankers, who were bailed out a month ago by taxpayer-backed loans with virtually no strings attached, have gone through those life-saving funds with reckless abandon. Trips, bonuses, junkets, donating taxpayer money to get their names on huge sports complexes have been the order of the day.
They join states, which have demonstrated little ability to balance their revenues and expenditures in asking hard working Americans to bail them out of their mess, and Congress pushes the “urgent” button to try and escape having to explain their outrageous actions to hard working Americans.
The Congressional Budget Office (CBO) has said most of the stimulus money won’t be spent until the third or fourth year. They say only 10 percent will be spent in the first year, and 30 percent in year two.
Another economist, has likened this stimulus package to pulling a bucket of water out of the deep end of a swimming pool, and pouring it into the shallow end, hoping to raise the water level.
Mitch McConnell said that if you started spending a million dollars each day since the day Jesus was born, you still wouldn’t have spent a trillion dollars.
So the biggest spending in America’s history is being put together in the shortest time ever, and President Obama has repeatedly said that “failure to act will turn a crisis into a catastrophy.”
Of course the present administration inherited most of this mess from the Bush administration, which wasn’t able to control government spending or regulate mega banks and wildly contrived investment vehicles.
As long as the American taxpayer keeps sending money to Washington and sitting idly on the couch, it appears these trends will continue.


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