More Spending On the Way

Before the passing of the last spending bill yesterday;

The New York Times did some taxpayer-bailout number crunching and found that through March 2, the government has made commitments of $9 trillion (that's $9,000,000,000,000) to support the struggling financial system, and actually so far spent $2.1 trillion (that's $2,100,000,000,000), on investments (purchases of assets), loans and insurance or guarantees.

the U.S. has spent $18,584 per household to shore up the financial system, and has committed a total of $79,646 per household

Now inaddition to all of this we can get ready for stimulus two.  This will be just like stimulus one - a lot of pay back to those who ensure the money comes in to fill politicial pockets and keep them in office.

House Democrats are looking at yet another economic stimulus bill beyond the $787 billion one just enacted as investors and consumers continue to show little faith in the economy. At a special meeting of the Democratic Steering and Policy Committee on Tuesday morning, Democrats heard again from their trusted band of economists and came away reinforced that Congress would need to spend billions of additional taxpayer dollars in the coming months to help pull the economy out its severe recession. One proposal being considered is an additional economic stimulus bill. Just last month, President Obama signed a $787 billion stimulus measure that Democrats contended was needed to save or create 3.5 million jobs and that Republicans derided as nothing more than debt-spending on wasteful federal projects. “We are going to need more taxpayer money,” Mark Zandi, the chief economist at Moody’s and a key economic adviser to congressional Democrats, said after the meeting. “I think another stimulus package is a reasonable assumption because of the way things are going.” House Speaker Nancy Pelosi (D-CA), standing with members of her leadership team by Zandi’s side, said she agreed that another stimulus bill is being considered. “We have to keep the door open,” Pelosi said. “The word of the day is confidence. Confidence in our markets, confidence in lending, confidence in our financial institutions.”

Editor's Note: Have We the People become that apathetic and removed from civic responsibility that we are to allow this raid on the US Treasury to continue? Not only shouldn't there be a second special interest spend-a-thon stimulus package, those who created this mess in the first place -- the irresponsible CEOs and, especially, Barney Frank and Chris Dodd, who foisted irresponsible lending mandates on financial institutions across the country under the guise of a persons "right" to own a house --  should be prosecuted. For that matter, how in the name of God can Democrats justify their continued support of Nancy Pelosi and Harry Reid as their party leaders in Congress?

Grits4life Grits4life
46-50, F
Mar 11, 2009