Jan
05

If Bush Spent Us In To Poverty, Then Can You Please Explain How?

By admin

spending almost another trillion on items such as this is any different?
The few, and the key word few jobs that these will create will only last for a very very short term. Then its back to unemployment. The only difference is that we are a trillion more in debt to the Chinese.
If you hated bushes spending, they why in the world would you want anyone to spend this much more? Just look what they are spending it on. And yes, this is as of today.
President-elect Obama’s transition team is promising that its $700 billion, or $850 billion, or $1 trillion, or whatever it now is “stimulus” won’t include pork-barrel spending. They must not have talked to the nation’s mayors, who recently responded to Mr. Obama’s request to compile their priority list of “shovel-ready” projects.
By all accounts, the $73 billion wish list may be the largest collection of parochial spending projects in American history. Strolling through the 800 pages, we found such beauties as: $1 million to upgrade the Los Angeles County Convention Center elevated “catwalk” for cameras and lighting; $350,000 for an Albuquerque, N.M., fitness center; $94 million for a parking garage at the Orange Bowl in Miami; $4.5 million for Gretna, Florida, to bottle water with recyclable bottles; a $35 million music hall of fame in Florissant, Missouri, and $3.1 million for a swimming pool in Tulsa.
Oh, and desperate Santa Barbara, Calif., respectfully requests $80,000 for a tennis facility; Savannah, Georgia, would like to build a children’s museum; Ventura, Calif., wants $6 million to renovate the beach at Surfers Point, and Durham, N.C., home of the Durham Bulls, wants to construct the first Minor League Baseball Hall of Fame. Dayton, Ohio, wants $1.5 million to reduce prostitution with education programs, and Ponce, Puerto Rico wants $5.7 million to improve its cruise ship terminal (which will create all of 60 jobs). We could go on.
No doubt some of these proposals would enhance urban life, but then why can’t the cities build them with their own money? Perhaps because the projects don’t really measure up against more urgent local priorities. But when the federal taxpayer does the financing, everything suddenly becomes affordable. If Durham wants a tourist destination, how about hitting up Kevin Costner, Susan Sarandon and Tim Robbins, who did so well by the film “Bull Durham”?
The other truth about most of these projects is that they don’t come close to representing an economic “stimulus.” They may put a few people to work for a while, albeit while taking money out of the private economy to pay for them. But the test for a useful public project should be whether it contributes to a net increase in productivity after accounting for that lost private investment.

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10 Comments

1

It’s only bad spending when its spent on defense and job creation. If you spend it on any liberal idea its a good thing. Just ask them, they will tell you.

2

Bush exported money and jobs. Obama wants to use the money and create jobs in the US. Big difference.
$6 million to renovate a beach is $6 million in the pockets of unemployed Americans.

3

When Bush spent it was not a repair, it was a digression. Obama is spending to repair which I don`t think will work, you can`t fix the Republicans from giving our industrial might to China overnight.

4

Obamarx and his communist policies will either fail
OR RUIN America

5

We were lead to the edge of financial ruin and now Obama is going to push us over.

6

the (4?) Trillion bush spent on Iraq was wasted.
money sent overseas to people (arabs) who don’t even like Americans.
I can see from your partial list that the Obama money is going to stay in the U.S.
thats why its called a stimulus.
—————–
to be 100% honest
I took an economics 101 class over 20 years ago and I cant explain anything the damn “experts” tell us.

7
Reality has a Liberal Bias
January 6th, 2010 at 1:34 pm

Bush pissed a $ trillion into the sand in Iraq. We got nothing in return.
There *is* a return on upgrading the electrical grid, fixing bridges, building schools.

8

If Obama put us this far in debt can YOU explain how?

9

It has to do with what the money is spent on.

10

Good points. The question is what is the best way to re-start normal economic activity so the economic forces will keep it going.
The current economic crisis has at least two obvious causes. Neither is completely W’s fault but he was responsible for NOT preventing both.
1) An unnecessary war. 2) Lack of oversight and regulation of financial operations.
Remember; Economics is not a “hard science” like physics where nature always follows the same rules and you can do experiments.
There are at least two basic and somewhat contradictory ideas:
1) The government is bad and should stay out of the way of “free enterprise”. Also called “laissie faire” (sp) and summarized as “Every man for himself, and the Devil take the hindmost”.
2) Society, through the government, makes rules and regulations that are supposed to provide for the common good even if some (usually the wealthy and powerful) are inconvenienced, and restrained.
3) Other approaches would include Theocracies like the Taliban enforcing their version of “God’s Law” or true Communism, both of which have obvious faults.
The very meaning of “wealth” is tricky to define.
Are you wealthy if you own the biggest diamond in the world? What if you own the biggest rock?
Why?
What is your recommendation to make things better?

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