Elkhart, Indiana......the highest unemployment rate in the country. 15.5% unemployment. Elkhart was also the epicenter of the Barak-basage of selling the stimulus plan to America. Just hours before his address to the nation last night, President Obama was at ground zero for our economic Armageddon, Elkhart, for a town hall meeting.
I listened to his address last night and kept getting more and more bothered by what I heard. Over the last week or so we've heard how the Republicans were complaining there was too much "socialist spending" (according to Congressman Souder) and insisted on more tax credits...such as a $15k credit for anyone buying a new house. First, where was my $15k when I bought my house and 2) doesn't this just continue to prop up a housing market artificially inflated? Isn't that what helped get us into this mess?
So at $900 billion, after the GOP added to the plan, they felt it was too large. And don't get me wrong, I think Obama's plan isn't good either, nor would McCain's have been, nor was Bush's which has already seen $350 billion spent to bail out banks, just before the proverbial bottom dropped out of the economy. $350 billion in tax dollars wasted.
Here is my suggestion. Let the bottom really drop out. It will be painful and we need a safety net in place for people who will lose their jobs. But we have a problem in this country of a false economy based on greed and easy credit, we need to have a severe adjustment. We need the government to really DO NOTHING. Maybe desperately needed infrastructure projects, maybe investing in new energy technologies, and certainly having the ability to feed, clothe, house and provide medical care to those who will be the casualties until we can rebuild our economy on a firm foundation.
My favorite statement from Obama last night was this "the government shouldn't be handling shaky assets." Exactly! But that is what the bail-out is doing: propping up everybody's shaky assets. What should happen to those in a free market system? That's right, YOU DON'T MESS WITH THEM! A free market system, untampered with, will right itself and might just create an economy based on reality.
The stimulus package is not good, regardless of GOP or Dem amendments. If you've noticed, I haven't asked for a dime.......because I don't want to burden my kids with trillions.
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14 comments:
AMEN!!
Well said.
You are so freakin' right.
Oh, and I love Monk & Neagle. We've been listening to them for about 2 years and we love them to pieces.
My gut agrees with you, but I do have a hard time accepting that many, many will suffer while the correction happens.
It is socialist spending when the government spends money on the people but it is shoring up the credit markets when it gets spent on corrupt bankers....Congressman Souder is a bitter bitter little man!!!!!! The President didn't invite him to ride on Air Force One!
We've got to learn from our mistakes. What happens when mom and dad bail us out all the time? We just get in deeper trouble. Same applies. We need to be prepared, our churches, and each of us, but I think the time has come.
As bad a rap as FDR gets, at least with his WPA work, he didn't just give out free money, we got work in return and men kept their dignity as they fed their families...even this I could support.
lets look at that HR....a Republican offered an ammendment that prevented any spending on parks zoos museums theaters etc etc in the bailout...some of this nations most loved treasurers are those created by artists, architects, and true craftsmen undet the WPA and CCC....if we are going to spend 800 billion dollars I hope there is something that will be treasured in the future
I can't go with you on the do nothing approach. For starters, doing nothing is politically impossible, no matter if you're a Dem or Repub. Also, I'm not willing to throw in the towel and allow the security of millions of hard-working Americans be lost because of the greed of a few. I don't think we realize the level and scope of pain and suffering on the horizon if we don't try avert a deeper crisis. Finally, I don't believe our children's financial picture will look any better if we don't spend the money now. If we go into a deep depression, tax receipts will plummet even more, social welfare costs will skyrocket, and the cost of pulling off an FDR-style recovery will put the country into even deeper debt. The whole picture is just really ugly.
Well, there is "nothing" and there is nothing. You're right Jeff, some things will need to be done but by and large, to me, I can't see tax credits or financial institution bailouts as actually being able to help. Nor do I believe some of the human services spending will "stimulate" the economy either.
We're in it deep, because, as you said, the greed of a few...but it is also because of the false lifestyle of many. We need to have certain things in place and evaluate what government projects will ultimately create jobs and go with that. My guess is that it would reduce it to less than half.
I'd be all for additional WPA style projects if the understanding was, "hey, while you don't have a job and are getting unemployment-here are some public works projects you can do in exchange for welfare" Might even teach some skills along the way.
WPA-style jobs are the thing I keep not hearing be part of any of the bailout talks. I keep thinking about all those unemployed in Elkhart. Will any of the stimulus plan put them back to work in Elkhart County?
"The greed of the few" is not an assessment I can agree with, for we have built our economy on the foundation of "more and better stuff for all" and this has inevitably fueled an attitude of "greed" in most of our dark little hearts. We may in fact all be culpable. Some just got a lot more proficient at it.
Well, Vanilla, I'd have to agree with you. It may well have been a few who put us over the top, but it is indeed a collapse of ethics within our capitalistic society that clearly drove the train to failure.
Is it any wonder that some countries do not welcome our Americanization?
Jim,
I just don't see it. The relatively few who purchase RVs have numbers further dwindled by banks holding out credit. At least this is the line we're getting. There appear to be 3 counties in a free-fall, Elkhart, Lagrange and Marshall. I haven't heard of anything within the stimulus bill that will change course for us without retraining to a wholly new industry.
Let's be clear, the stimulus bill and TARP are not going to magically "fix" anything or allow the country to avoid having to rebuild the economy on a sounder foundation. There is plenty of pain and lifestyle adjustment to come, for our generation and future generations. The reason for these extraordinary government actions is because of the real possibility of a far far more dramatic unraveling of the economy (which could still happen) that would cripple the country (and the world) for years to come. The truth is, probably more than half of the 10 largest banks in the country are insolvent. We can't even begin to imagine the worldwide commercial impact if those banks go under. It's not just an issue for the U.S. There are millions upon millions of people around the world that will be pushed into poverty. A fundamental restructuring of the American way of life is going to happen (stimulus bill or no stimulus bill), but I'd rather we at least try to avert the most catestrophic of possible outcomes. The stimulus bill is only the start of many hard truths the country is going to have to face over the next 10 years.
"The country needs and, unless I mistake its temper, the country demands bold, persistent experimentation. It is common sense to take a method and try it: If it fails, admit it frankly and try another. But above all, try something," - President Franklin D. Roosevelt on May 22, 1932
Jeff-we shall see how it plays out, it certainly is out of our hands. I have very little faith in it outside of some parts being necessary for this extraordinary time. My thoughts are still that, with regard to tax credits & bailouts, probably less is more. (that's an architectural principle)
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