Stop the insanity! Stop the Stimulus!

Larry Kudlow sums up my feelings towards the stimulus package rather nicely:

...Government spending, deficits, and debt creation of this magnitude is simply unheard of. So the added TARP money [$2 trillion on top of the nearly $1 trillion stimulus package] will surely imperil the entire stimulus package as taxpayers around the country begin to digest the enormity of these proposed government actions. Financing of this type would not only destroy the U.S. fiscal position for years to come, it could destroy the dollar in the process. What’s more, the likelihood of massive tax increases — which at some point will become front and center in this gargantuan funding operation — would doom the economy for decades...

...Financing of this type would not only destroy the U.S. fiscal position for years to come, it could destroy the dollar in the process...

...Former Ronald Reagan and George W. Bush economist Larry Lindsey criticized the Democrat package in Wednesday morning’s Wall Street Journal, describing it as “heavily weighted toward direct government spending, transfers to state and local governments, and tax changes that have virtually no effect on marginal tax rates.” Instead, Lindsey proposes a big payroll tax cut that would slice three points off the rate for both employer and employee...

This massive stimulus package will work as well as the bailout of the banks did...not too well. And I bet that in 12-14 months when the economy continues to creep along, another massive stimulus package will be suggested because if the first one didn't work why not try harder? Unemployment may get a small temporary tick down but the package will not create the millions of jobs the Obama administration claims since too much of it is essentially pork and transfer payments. Large tax cuts aimed at marginal tax rates are needed to create jobs which is nonexistent in this package. In fact, this package and any others like it will continue to increase the national deficit and it will make large tax increases a very strong possibility. Congressional Republicans did the right thing voting against this mess of a stimulus package.