Here. We. Go. Again.
Federal Reserve chairman Ben Bernanke was on the Hill yesterday clamoring and yammering about the need for yet another stimulus package.
Remember how these Spreaders of Wealth came up with the figure for the Crap Sandwich bailout? By pulling it out of their you-know-whats. Well, it looks like they’ll use the same methodology to come up with the figure for Stimulus 2.0:
Testifying on Capitol Hill Monday, Federal Reserve Chairman Ben Bernanke said Congress should consider another stimulus package.
“The uncertainty currently surrounding the economic outlook is unusually large,” said Ben Bernanke. “Any fiscal action inevitably involves trade-offs – not only among current needs and objectives, but also because commitments of resources today can burden future generations and constrain future policy options. That being said, with the economy likely to be weak for several quarters and with some risk of a protracted slowdown, consideration of a fiscal package by the Congress at this juncture seems appropriate.”
The central bank chief added that any stimulus should be crafted to boost economic activity in the short term without significantly adding to America’s fiscal deficit in the long term. Despite being prodded repeatedly by legislators, Bernanke declined to say how much money should be spent or specify what the package should contain.
Looks like he wants it quickly, quickly, right now! Prepare to have another gun put to your head and prepare for another inevitably larded-up sandwich with earmarks, goodies, and special-interest add-ons that all the principled earmark battlers oppose in theory, but will vote for anyway because they have NO CHOICE BUT TO DOOOOO SOMETHING.
Stimulus-palooza. It never ends.
Let me repeat what I said when this madness first kicked into high gear in January:
I’m all for the government giving me back my money. But why not drop the economic stimulus pretense? Just give me back my money. If the government can spare these “rebates” and send them back now, why did they take the money in the first place? Forget this temporary candy. Why not make this “rebate” permanent?
Another point: Given the estimates so far, these “rebates” will be more than offset by proposed and scheduled tax hikes and spending increases in liberal-nomics-dominated states like Maryland, NY, and NJ.
Another point: When exactly would these “rebates” get into the hands of taxpayers? By the time the checks get cut and mailed, the recession could be over. Government has a way of lagging like that.
Another point: As I’ve said repeatedly now, stimulation-palooza will inevitably be larded up with special-interest pork and other spending goodies in the tens of billions of dollars.
And let’s be clear what Washington wants people to do with this money. They want people to spend it. Not to save it. Not to apply it to their debt. Spend, spend, spend…In other words: The stimulus will stimulate more of the same bad behavior that got people into trouble in the first place.
Treasury Secretary Hank Paulson delivered another snort-inducing pronouncement:
Meanwhile, Treasury Secretary Henry Paulson provided an update on how the rescue package is being implemented. He stressed that, while huge amounts of public funds have been allocated to save troubled financial institutions, ultimately there should be no cost for taxpayers.
“This is an investment, not an expenditure, and there is no reason to believe that this program will cost taxpayers anything,” said Henry Paulson.
Add this joke to his litany of wrong-headed one-liners over the last year.
Like clockwork, the Dems want to raise taxes in times of economic turmoil. Here’s Barney Frank salivating over the prospect of getting his grubby hands on more of your money.
Babs Boxer was making similar tax-raising noises in June.