The US economy just accelerated its “march to Zimbabwe” as Barack Obama announced plans to spend an additional $787 billion dollars to “stimulate” the economy. Notice that no one has admitted why the economy is collapsing. No one is standing up in public and saying that federal regulators pressured banks to make risky subprime loans to minorities. This might remind people that Barack Obama filed a lawsuit on behalf of ACORN to force banks to make these laws. And let’s not forget Obama’s origins in the Chicago political machine which is possibly the most corrupt organization in the world. Trusting Obama to fix the economy is like trusting an arsonist to put out a fire.
A Reuters news article reports “President Barack Obama signed a $787 billion economic stimulus bill into law on Tuesday as global markets plunged on fears the recession would deepen despite government rescue plans around the world. Obama, who has described the package as one part of a broad plan to solve U.S. economic ills, was expected to lay out a strategy on Wednesday to stem home foreclosures and address the housing crisis — one of the chief causes of the financial sector meltdown.
Meanwhile General Motors Corp and Chrysler LLC, pushed to the brink by the financial storm, finished restructuring plans to be submitted to the Obama administration as part of efforts to keep America’s biggest carmakers afloat. U.S. stocks slid, sending Wall Street near lows set in November. Other global markets also sank on fears that government action will not be enough to pull the United States out of recession and avert a deepening worldwide financial crisis. Obama, whose plan to boost the banking industry was also met with falling stock markets last week…”
The stock market responded to Obama’s plan by plunging 298 points, closing just a few points away from an eleven year low.
Some parts of Obama’s plan sound reasonable if you don’t think about them too much –such as spending money on infra-structure. What many people forget -however- is that every state government should already be maintaining roads and bridges as part of their state budgets. In many states, the exorbitant gas tax is supposed to be used exclusively on roads and bridges. The fact that a bridge collapsed in Minneapolis is an alarming sign that crooked local politicians are squandering the state taxes on social programs and illegal aliens. The state of California recently announced a 14 billion dollar budget deficit. The more illegal aliens a state has, the bigger the budget deficit. The United States has roughly 40 million Latinos –virtually all of whom entered the US illegally or are descended from Mexicans, who entered the US illegally. Providing food stamps, Section 8 housing, First World health care and even subprime loans to this gigantic population of Third World people is creating a crippling tax burden for White American taxpayers.
Another unfortunate problem with Obama’s plan is that it focuses on maintaining things. A prosperous economy comes from healthy, productive corporations that actually produce something. The best way to encourage new businesses to rise up is to minimize government interference. Unfortunately, our government does nothing, but interfere. Businesses are forced to hire incompetent minority quota hires and submit to a growing list of regulations, restrictions and taxes. Obama and his cronies are eager to impose Carbon Taxes on American businesses –punishing businesses for the first time ever for CO2 production. CO2 of course is produced by all living animals and turned back into oxygen by plants. Harassing businesses over CO2 production will only drive more factories out of the US –as if we haven’t lost enough manufacturing to China already.
Perhaps the most ominous thing to come from Obama aside from the $787 billion in spending, is a possible mortgage bail out. The Reuters article notes “The focus on Wednesday will turn swiftly to Obama’s housing plans, which will aim to reduce foreclosure rates and help property owners at risk of losing their homes. That plan, unlike the bailout of big money banks, is likely to be popular with average Americans.”
So, it’s not bad enough that the minority subprime home loan crisis has crippled our economy. Obama now wants to rescue these people –forgetting that most of them were too irresponsible and financially unqualified to buy a home in the first place. Many of these minority subprime home loans did not even require a down payment because it was considered a “racist” requirement by federal regulators. What Obama is proposing is BUYING homes for millions of people and adding it to our tax bill. Even the dictator of Zimbabwe did not attempt something that crazy.
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