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January 23, 2009
Obama and Pelosi:
Throwing Good Money After Bad
President Obama and
Speaker of the House Nancy Pelosi say an $825 billion stimulus package
will either “create or save” three million jobs. Republicans did the
math and discovered each of the three million jobs will cost taxpayers
$275,000. Yikes! The Democrats can never more deny they are
The idea of spending
that much good money on top of all the bad money that has already been
spent on the Troubled Asset Relief Program (TARP) is patently
ridiculous. If the Democrats want to spend that much money to create or
save jobs, how successful the stimulus package is must be measured. Any
increase in the number of jobs after the stimulus package is in place
can probably be attributed to it. But how do you measure the number of
jobs allegedly saved?
President Obama and
Speaker Pelosi are laying the groundwork now for the stimulus package’s
failure to create jobs by claiming it can also “save” as many as three
million jobs, even if there is a rise in the unemployment rate. I can
just hear them saying next year, “Wow, it sure is a good thing we spent
$825 billion to stimulate the economy. Otherwise we would have lost
three million more jobs!” Claiming jobs will be saved is
ludicrous because it can’t be proven or disproven. You can only prove
how many jobs were created.
The country has never
experienced an economic situation like it is in now, so Congress should
focus on what has proven to work – tax cuts for small businesses,
expanding domestic oil production and eliminating capital gains taxes.
Instead, Democrats are using the economic downturn as an excuse to
expand, among other things, government and welfare programs by throwing
more money at state and local governments for their schools and
deteriorating infrastructure. They are using the proposed American
Recovery and Reinvestment Act as the vehicle to fund every pet project
there ever was, while claiming the bill does not contain earmarks. It
doesn’t have to. The entire bill is an earmark!
Managing the failing
TARP money will be Treasury Secretary designate Timothy Geithner, who it
turns out, understands the benefits of tax cuts. It seems that while
employed by the International Money Fund (IMF), he made “an honest
mistake” when he forgot to pay tens of thousands of dollars in federal
income taxes, as the IMF warned him he was obligated to do. Just a
“hiccup,” his supporters say. Then it was revealed he erroneously
deducted his children’s summer camp as a write off, and also retained an
illegal alien as his housekeeper. The media are giving him a complete
pass, and Democratic senators at his confirmation hearing didn’t even
lift an eyebrow about a man who, if confirmed, will be in charge of the
Internal Revenue Service.
Either Mr. Geithner
thought he wouldn’t get caught not paying taxes, or his “honest mistake”
illustrates how complex the federal income tax system is when a person
with his background as a former Clinton Administration Treasury official
cannot file an accurate income tax return.
If President Obama
wants to bring change to the country, one sure way would be to scrap the
current ambiguous tax code in favor of a flat tax. No deductions, no
B.S., no exceptions. This way Mr. Geithner would never make another tax
mistake, and everyone would have the opportunity to invest in the
country. How much you pay would be based on what you earn, rather than
who you are.
When the poor start
paying income taxes, you can bet they will be the first to complain the
next time Democrats propose increases.
Gregory D. Lee is a
nationally syndicated columnist for North Star Writers Group and can be
reached through his web site: www.gregorydlee.com.
© 2009 North Star
Writers Group. May not be republished without permission.
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