Maybe opposition is growing because of the vast amount of money it entails (787,000,000,000...that's a lot of zeros, my friend), but the initial amount doesn't even include interest or payback schedules. Others have voiced concern that many Americans and politicians alike are viewing this as a magic wand (which I have seen while in my internship), that people believe money is going to solve the problems of our current peril.
The latter of these statements is what I find most amusing. Lets say that a man has smoked all his life and is dying from lung cancer, to which the doctor prescribes more cigarettes to 'cure' his cancer. Laughable. Our current state of the economy is like the man who has smoked his entire life, except our addiction is with poor personal and public fiscal policy. Most Americans do not know how to handle money, as is evident that a majority of Americans have tens-of-thousands of dollars in credit card debt, on top of mortgages, car payments, student loans, etc. A large chunk of the stimulus bill is being injected into the housing market; quite possibly the hardest-hit sector of the American economy which has some of the most long-lasting implications. I have yet to have someone explain to me in a clear, concise, and logical manner how giving individuals money who mismanaged it in the first place will solve anything. This goes for both citizens and public municipalities.
I've been accused of having 'ideological blockage', but sue me if I raise questions when someone wants to tap more tax-payer resources for people who mismanaged their life and want a ticket out of the trials. Could it be that more and more people are objecting to this plan because it is placing too much weight upon people who have learned fiscal conservation (either through choice or experience) to bailout those who have not? Let us not depend upon a discussion in Congress to address these questions; 12-hours of night-time deliberation is all we get to pass the largest spending bill in U.S. history.
In regards to municipalities, our President has stated that this will give our local governments much-needed resources to complete projects which will create jobs and help stimulate local economies. My oh my...how stimulating. As I read a press release on this very issue, the President was quoted in saying:
"This is not a blank check...we're going to work with you closely to make sure that this money is spent the way it's supposed to."
Not a blank check? What if (and when) the money dries up and the economy still is not 'stimulated', what then? Will be have Stimulus II? Stimulus III? And so on until the economy is finally 'fixed'? For anyone that has worked within the government, whether it be an hour or years, the simplistic statement of government oversight (which Obama is advocating in this statement) is comical. Maybe the terms and conditions for government oversight, to make sure "this money is spend the way it's suppose to," were stuck somewhere in the pages of the stimulus bill, or maybe they'll just run with the punches. Regardless, vague statements and empty promises will not fix problems, they only create such.
Put another cigarette in the cancer patients mouth and give him a light. More of the same could fix him up, or kill him faster. Want to wager which it will do?
I was watching a very interesting program where a professor of economics from NYU was arguing that we built a false economy and now we are seeing it tumble. He stated that credit should be used for only one thing-- investment, which includes education and a house-- that's it. Unfortunately, people have being using credit to sustain themselves on extravagant lifestyles-- living far beyond their income. Thus, a bubble over all consumerism has formed and it is popping. Unfortunately, this new stimulus may help that bubble form again-- which just makes us question, when is the next fall?
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