Bushonomics 2
Richard Blair pins an eloquent essay on the social and economic cost of Republican rule. Here’s a couple of excerpts; please read the whole thing:
(snip)
When consumers stop spending, the economy is going to crash hard. Signs already point to a significant contraction in consumer spending, which is why George Bush today offered up a $140 billion economic stimulus package. The plan tosses a meager bone to those who chose to forgo a new winter coat this year in order to pay the gas or heating oil bill. The theory is that people will see $800 or $1000 from the government as “found money†and go out and buy a new refrigerator or big screen TV, thereby stimulating the economy.
Here’s a news flash for George Bush and his fiscal policy wonks: a lot of people aren’t going to use the cash from his proposed “economic stimulus package†to buy a new big screen TV. They’re going to use the money to catch up on a late car payment. Or pay the electric bill for a month or two without having to figure out which Peter to rob in order to pay Paul.
This is the GOP price of living. And it isn’t cheap or indexed for inflation.
January 19, 2008 at 6:04 pm
It’s ironic that “progressives” who so often lecture the rest of us to think globally have no understanding of the global economy. And how does he reconcile his contradiction that there’s been a huge wealth transfer from the poor to the rich but the rich are going suicidal finding out they are broke? I don’t think he’s really thought his position through.
January 19, 2008 at 8:12 pm
Instead of some stupid stimulus package, the government needs to bail out the the companies that insure mortgages. It may not be an attractive alternative, but it must be done. Because if the companies that insure the mortgages go under, several the major banks could go under. If several major banks go under… well, you can figure out the rest.