Today, the most abysmal bill in the history of America was passed by the Senate. The bill was intended to save us all from impending doom according to our President. The bill is a quagmire of legalese that ties up nearly a trillion dollars for Congressional pet projects. According to the Congressional Budget Office, it is back end loaded and gets more harmful as it progresses. America is disgusted. Apparently, a petition online against the stimulus is receiving strong response.
Obama campaigned heavily to pass the bill. The primary premise of his argument was hollow, that if we didn’t do something, the economy would get much worse. If he had been sincere, he would have explained how his specific bill would address the problems and was the best solution. He could not. It was a sad campaign for our newly elected President the Democrats wanted to make a monarch.
In response to the bill, stock markets in the US didn’t just retreat, they whimpered in dismay. The DOW cratered nearly 5%. The NASDAQ responded nearly as poorly notching a fall of over 4%. This collapse on top of already horrific declines in the values of US Stocks in which Americans told that their investments in America would beat inflation have watched in horror as they were slashed 50-75%. The reasons for the dismal response to this confusing spending bill, falsely portrayed as our saving stimulus, are clear.
1. No one understands the 1500+ page (longer than War and Peace) bill.
2. Tying up a trillion dollars for the Democrats to spend on their pet projects for years to come was not the solution to this problem.
3. This bill should have been much smaller, faster moving and better targeted at its objective…stimulus. A bullet to the heart is much a more effective and immediate way of killing a target than clogging its arteries.
4. The likely surge in the national debt and the potential collapse of the dollar in response to such a bill are evident even to those that don’t understand the bill itself.
5. The market has completely lost confidence in Obama.
The saddest part is that Obama lied to us all. Our faith in him as a nation is broken. Had he taken the reigns and provided a truly nonpartisan package focused on immediate stimulus that Americans could embrace and understand, he could have helped both himself and America. Instead, he passed a partisan bill full of spending totally unrelated to stimulus and that will only inject 26-29 billion dollars this year (approximately 3%), at the time we need it most. This bill’s primary objective was to give the Democrats control over America’s purse strings for years. They needed 20 billion, and they leveraged it to get control over a trillion.
Ellen Rather, however, thinks we are in a fairy tale world, where trillions of dollars can be picked from the trees without justification or common sense. She believes that the Congressional Budget Office that warned about the package are just naysayers and will come around in the warmth of a summer breeze. She believes that the bill is transparent, but also apparently can see through red ink as most people see through a pane of clear glass.
It should be noted that the bill would not have passed in its current form had America not been betrayed by three Republican Sens. Susan Collins and Olympia Snowe of Maine, and Arlen Specter of Pennsylvania. The Democrats courted them to draw their votes into the Democratic fold of debt and spending, and we are hoping that an investigation will follow to determine exactly what made them break ranks. It certainly was not in the best interest of the American people or their constituents. They were dishonorable in their actions and their vote was a disservice to America.
They, in turn, have already been betrayed by the Democrats. House Representatives say they will play hardball to remove even the slightest hint of Republican compromise. This will clearly work towards a completely divided Congress going forward, and a strongly divided and bitter constituency as well.
Obama warned of turning a crisis into a catastrophe, and then he and Congress did exactly that.