Wednesday, September 14, 2011

David Stockman Agrees with Ritenour

About President Obama's jobs plan. In a report by ABC News, David Stockman says "This should scare the living daylights out of investors--it's just more Keynesian poison." He follows this up with what should be obvious to everyone, but still needs to repeated again and again until people realize the magnitude of the point.
"Obama lectured us about the simple math, but the part of that he still doesn't get is that Uncle Sam is broke, and that we can't afford one more dime for his stimulus 6.0 plan. . .The money will go through the economy in a flash and leave nothing behind except a half-trillion dollars of more debt to our children."
One of the reasons Stockman is such a pleasure to listen to is his ability to turn a phrase. Describing what he expects to be the effects of the tax cuts accompanying increased spending he says,
Unfortunately, workers need to pay every dime of currently scheduled taxes to fund Social Security and the other big government programs their representatives keep supporting. You don't get extra pocket money for Happy Meals you shouldn't have and Under Armour you don't need just because someone is trying to save a job at 1600 Pennsylvania Avenue."

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