Be Not Afraid

President Bush yesterday promised each of us $800 to get over the hard times. Some are asking “What hard times?.

4.9% growth is the opposite of hard times.Can someone explain too me just why we need an economic stimulus package? I mean other than rolling out more pork and an Election Year rebate to people, most of whom pay no federal income taxes anyway.

A bear market has hit Wall Street and we are hearing recession from the same news media outlets who told us 8 years ago that the bubble would last forever (the words “new economy” are a tip off to sell).

A few things first. We are not in a recession. We have not experienced two consecutive quarters of economic contraction.

In fact, in the most recent quarter for which we have data, the growth was the best in 4 years.

Oh yeah. Those facts can be so pesky sometimes.

I see some of you blinking in wonder and disbelief. These are scary times, economically speaking. “The Christmas bills came in and were larger than expected (of course!), and the heating bills were just outrageous (must be all that global warming). And if Reid doesn’t come to some agreement with Conyers, then the appropriations bill won’t get passed and the funding for my project at work will dry up. Then what?” I hear ya. We’re all gonna be on welfare.

Guess what. It’s about to happen.

Boys and girls, this is worse than mandating CFLs. This is Nanny Government — here to “protect” you from that mean old recession.Put your helmets on.

Making the tax cuts permanent makes sense.

Giving $800 “rebates” to people who pay no federal income taxes (most filers of income tax returns) makes no sense.

It is called welfare.

And we must finish this with the obligatory Glenn Reynolds impersonation. They said that when George W. Bush became president, we’d all be going on welfare. And they were right!

Explore posts in the same categories: Economics

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