My Weekly Rant: The Worst Of It
Readers of my periodic Rants know that I have been highly critical of the way the Bush Administration and Republicans in Congress spent their way to ignominy in the past few years. Like crack-addicted junkies, it seemed like the answer to virtually every problem was more federal spending. When the economy began to slow in 2007, we had the first economic stimulus plan that was based on the brilliant economic principle of giving “targeted” tax refunds to millions of people who didn’t pay taxes in the first place. We were told that this federal spending was necessary to help consumers inject billions into the economy, thus saving jobs and preventing a recession. The stock market was at 12,337 when the first stimulus plan passed a year ago this week to great fanfare. By July it was down by 11 percent to 10,997. Next came the bailout of various financial institutions with the Troubled Asset Relief Program (TARP). This was a $700 billion boondoggle based on the same flawed logic of the stimulus – since the stimulus plan didn’t work to actually stimulate the economy, let’s do more of it. Passing TARP was essential, we were told, to stabilize the nation’s financial… Read More