Wednesday, May 5, 2010

Please find attached an interesting, reasonably well-documented study of the job creation impacts of the $787 billion stimulus package. While I still have longer term concerns about the aggregate personal and government debt, I did not believe the stimulus would work this well. Corporate profits have been surprisingly consistent and strong. While consumer spending is on the rise, it looks like it is coming from savings and income increases rather than borrowing, which is also positive. Consumables need to be replaced but big ticket items like cars and houses are not necessary purchases.

Sustainability is, of course, the key, but businesses are hiring again, albeit in a measured way which is positive.

Finally, I am very concerned about the depth of the misinformation being passed off as gospel. As Daniel Patrick Moynihan said 40 years ago: "Everyone is entitled to their own opinion but not their own facts." Reasonable people can disagree about what agreed upon facts mean. However, to suggest that President Obama is a socialist, or worse, a communist, wants to destroy America, is absurd on its face and must be confronted for the sake of the democracy.

As well you know, I do not support government bailouts of business, government subsidies of business, or voters, or out-of-control, unaccountable government spending. Government has a role to play in modern society and we need to have a national discussion about the parameters of that role. Per this morning's e-mail, I also support cutting federal aid to those states who are on the socialist-redistributionist balance of payments list (predominantly red states). This would permit taxpayers in states like California, New York, Minnesota, Wisconsin, Michigan, Oregon, Colorado, etc., to get a significant federal tax cut, permitting those of us who are taxpayers in these states to keep more of our own money in order to take better care of our families and communities (greater self-responsibility). Those taxpayers living in low tax states will have what they want also---local control of their lives devoid of federal control and revenue. If they desire services they will lose when the intergovernmental socialism (balance of payments) end, they can choose to pay their own way just like the rest of us.

Defense, education, preventing bigotry, providing that every American has a chance to succeed based upon his/her hard work and diligence are some of my favorites. Subsidizing housing, farmers, stadiums, banks, auto companies, research, most individuals are not. To suggest that African Americans, Native Americans, or women were given the same opportunities to succeed as white men prior to the passage of laws equalizing their rights is absurd and a revisionist reading of American history. As I have previously stated, the immigration debate might look very different if the "immigrants" were all of us, and the "natives", American Indians!

Vibrant debate of multiple positions is as much a part of American law and history as are the lobbyists who exercise their Constitutional right to petition their government on behalf of like minded individuals.

We cannot and should not stop stupid, misinformed people from sounding stupid or exercising their right to stupid free speech. What we can and must do is not permit our national conversation to degrade those who have fought and died for the the American ideal of freedom, liberty, truth, and forming a more perfect union. We owe our children, grandchildren and future generations of Americans this much.

CBO study of Job Creation impacts of Stimulus Package

http://www.cbo.gov/ftpdocs/110xx/doc11044/02-23-ARRA.pdf

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