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Um…then why are we spending $800 billion to stimulate the economy? Especially since we’re trillions of dollars over budget.
Even as they depict a massive stimulus package as indispensable to turning the economy around, U.S. Democratic leaders are aggressively lowering expectations that the package will yield dramatic accomplishments quickly.
Rep. David Obey, who is playing a key role in assembling the stimulus plan, which is expected to approach $800 billion, said recently that an infusion of federal spending is “the only game in town.” But the Wisconsin Democrat, who is chairman of the House Appropriations Committee, was careful to add: “The downward momentum appears too strong to end the recession anytime soon.”
House Majority Leader Steny Hoyer’s office said recently that “Congress needs to pass an economic recovery package to prevent any further decline in the economy” — but cautioned, “recovery will not be immediate.”
They’ll spend trillions of dollars trying to fix the problem but they won’t do the one thing that will help: cut the corporate tax rate. Why can’t the Democrats figure out what China, Russia and Europe have figured out, that lower corporate tax rates are necessary when you’re in a recession.