New Debt for Your Children

Today President Obama signed into Law the Economic Stimulus and Recovery Bill. The money is aimed to save and grow government jobs, bolster union employment and begin an FDR-style public works program. Some of this money may provide a small uptick in the economy, but any positive move will be short-lived.

Ultimately, this 'plan' will give Americans a hangover much worse than the collapse of the financial system and our housing market. This plan simply does not address the underlying root of the financial problem at hand, and it puts government in control of how to spend our money -- never a good idea.

More evidence is the stock market moved against President Obama today; the market would have moved up if it was optimistic about the plan. Apparently the financial wizards of America don't think this is a good deal for America. It's a foreshadowing of tougher economic times.

Government should be adding more money into the financial system for refinancing of sub-prime mortgages, and suspending the mark-to-market rules for real estate appraisals. We are faced with a 10 trillion dollar problem (or more). A mere 800 billion dollars will not fix the problem. It can only prolong and exasperate the inevitable. In addition to bolstering the financial and housing crisis, government should be providing real and tangible tax rebates to individuals. And government should get out of the way of private business.

This stimulus package has only one ending: more government, more taxes, poorer America. Thanks President Obama, we will remember.

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R. Scott Roberts : Political Activist