Monday, February 09, 2009
Posted by: Michele Bachmann at 3:21 PM
If you thought that the $827 billion "stimulus" package being hashed out this week in Congress was bad enough, you're going to be really upset to find out that if this package is signed into law -- you the taxpayer-- will be on the hook for $9.7 trillion dollars in total funds to carry out all the economic bailout/stimulus/relief plans of the past year.

According to the Bloomberg report:

"The $9.7 trillion in pledges would be enough to send a $1,430 check to every man, woman and child alive in the world. It’s 13 times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office data, and is almost enough to pay off every home mortgage loan in the U.S., calculated at $10.5 trillion by the Federal Reserve."

Just like you, I'm getting pretty tired of these rushed multi-hundred-billion-dollar snap reactions. Months ago, we were told by then-President Bush and the Democrat-majority in Congress that we needed to act NOW to save our struggling financial markets. Without my support, we rushed through a $700-billion bailout bill (TARP) that was supposed to unfreeze the stagnant credit market. Guess what? It didn't work. And now, here we are again about to flush more money -- money we don't have -- down the drain in a sloppy and irresponsible spending spree that will leave the prosperity of our nation in great jeopardy.  And, President Obama is insisting that we push this bill through by Monday, February 16th.

I understand that Americans are hurting, and I want to help them; but there are wiser ways to go about this.  Congress should be working smarter, not faster.  And, Congress should focus on passing legislation that will allow our private sector to do what it does best – create jobs and prosperity.

But sadly, we're on the verge of placing free-market capitalism, the proven mechanism responsible for America's resounding wealth and prosperity throughout our nation’s existence, on the scrap heap of history.

Remember, it's going to be your children and grandchildren who will be paying the bill for our irresponsible spending spree.


View in ascending order View in descending order
Kenny Z writes: Monday, February, 09, 2009 3:29 PM
Hurt
The thing is you don't hurt everyone just because a few are hurting. We all try to help, but don't take it away from us let us decide how to spend our money - what is left of it.
dskerman writes: Monday, February, 09, 2009 3:37 PM
The question isn't...
...wouldn't you rather get a check

it's what will be the most effective stimulus to get us out of our current recession/depression
dap260 writes: Monday, February, 09, 2009 3:38 PM
This is McConnel's Failure
The fact is that after the heroic stand by the GOP in the House, Harry Reid had more squeemish Blue Dog Democrats to keep in line, than McConnell had RINO's to deal with.

Mitch once again failed us. First he tries to double down on the housing fiasco by yet again letting GSE's take over the housing market.

Secondly he cannot keep his own caucus in line, in opposition to what will be the largest act of inter-generational theft in our nation's history.

If he had any strength, and any willingness to use his leadership power, the Republicans would have been able to walk out of the Senate with their heads high, knowing that they stood against the taxation without representation that this inter-generational theft act represents.

They also could have held their heads high in opposition to the "representation without taxation" that is occuring through the refundable tax credit welfare state that is being expanded through this bill.

For McConnell to get abused by three of his supposed party members has neutered him for the next two years. Remember the Maine (RINO's that is)

Kathy writes: Monday, February, 09, 2009 3:50 PM
Dap 260
The Maine Rino's are:

Olympia Snowe: 202-224-5344
Susan Collins: 202-224-2523

The Pennsylvania RINO is:
Arlen Specter: 202-224-4254

All lines have been busy since last Friday.

And I agree with your assessment of McConnell. He should have known better after his very difficult narrowly won election this time around.
William writes: Monday, February, 09, 2009 4:04 PM
Goodbye to the Free Market
I totally agree with your assessment that we are moving farther and farther away from a free-market economy.
point2ponder writes: Monday, February, 09, 2009 4:21 PM
Palin one of GOP Gov's wanting Pork Pie
Palin is one of the GOP gov's that has her hand out for her piece of the porkie pie. IMO, she is now disqualified from running for President. She's not a conservative, but a tax and spender like the rest of them.

http://news.yahoo.com/s/ap/20090201/ap_on_go_co/stimulus_go p_governors

Exeye writes: Monday, February, 09, 2009 4:25 PM
Better idea
Nah, no check for me. Cut my tax rate, instead. Eliminates the middle man.
Brookit writes: Monday, February, 09, 2009 4:32 PM
point2ponder
Cite Palins quote saying she supported the stimulus bill.
Rip's Flagon writes: Monday, February, 09, 2009 4:40 PM
No check
Cutting checks for people doesn't work because you have to take money out of the economy to cut those checks. Why do people keep suggesting this? It didn't work when Pres. Bush did it twice. Cut corporate tax rates and FICA and people will get more money in their paychecks this week. That works. It is mind boggling to me that we keep repeating mistakes. Does anyone in gov't know anything about the economy? Maybe if I run into the brick wall at a faster speed I'll finally get through it. We are all dumber than fence posts. Hopefully we don't get so much debt that the world loses faith in the U.S. economic system. If that happens, hold onto your hats.
point2ponder writes: Monday, February, 09, 2009 4:43 PM
Brook
Read the flippin article.
point2ponder writes: Monday, February, 09, 2009 4:45 PM
Brooklit
Read the article. She went hat in hand to get her share. But she talks a good game, and you all buy it hook, line and stinker. She's for it, she's against it. She's for it... Geeze. When will some learn that when the Ice melts, walking on water becomes impossible?
Brookit writes: Monday, February, 09, 2009 4:51 PM
points2ponder
EVERY state will get their share because the govt. will force them to take it. And if YOU look into it, you'll see that EVERY Governor from EVERY state will ask for their share. It goes with the territory.
Tea Party writes: Monday, February, 09, 2009 5:15 PM
No
I want the 60,000 page tax code scrapped, and a
FAIR Tax enacted..no more government tryanny of representation without taxation.
Michelle please enlighten us about the Healthcare provisions within this porkulus and
the ramifications. I've heard some egregious
provisions are within it, as to the government
dictating to doctors as to treatment, timing of treatment and who can be treated. Somewhere around pg. 400.

Obamb had the nerve to lie, saying there wasn't any pork in this pie..baldfaced lying thug.
Edward writes: Monday, February, 09, 2009 5:34 PM
Stimulus for the Rich
This "stimulus" package only serves to bail out and thus reward ineffective leadership.

How can a CEO believe that he/she deserves millions in bonuses when the company is faltering? How can a CEO believe that he/she deserves millions in bonuses when so many others within the company have worked equally hard or harder to make things work? How can a CEO believe that he/she deserves millions in bonuses when that money comes at the cost of thousands of jobs and a scaled-down company?

Times where that leaders were compensated for bringing success to companies and setting them on a bright path to the future. Of course, many if not most of those leaders were ones whose blood, sweat, and tears founded or formed the companies, fought for their survival, and stayed long-term in order to create something of lasting value.

Today, leaders just want money, believing they are deserving simply because they are in a leadership position. This is morally wrong and should be legally wrong. CEOs in this country have now literally taken trillions of dollars out of company coffers. Their greed has done more to hurt our economy than any other single factor.

I am in favor of prosecuting these thefts. Our judicial system has the power to do so. Does it have the moral willpower to do so?

Public pressure needs to continue to decry this greed. News media needs to continually investigate and bring the information to light for the public good. We can no longer bear this burden.

Our government would do better to stimulate education, re-education, and buy down much of this bad debt from citizens not corporations. Tax breaks and stimulus should go to small- and medium-sized businesses, not corporations. It's time we went forward toward the future with or without them. Let them decide whether or not they want to fail by giving millions to CEOs and board members or by reinvesting in the future of their corporation.


Dave writes: Monday, February, 09, 2009 6:00 PM
Michelle
Love ya, keep fighting for us. met you at Ogara's with Coleamn and Rudy G. I am the Anti Chris Matthews guy :-).
Brent writes: Monday, February, 09, 2009 6:32 PM
Stimulus aka Porkulus
Michelle,
Keep fighting against this runaway socialist response to the economic crisis. Why can't we get a hearing on the idea of a tax holiday (not just payroll taxation, but also FICA and federal and state unemployment insurance, i.e. ALL tax on your gross pay)? If Americans ever saw their pay without taxes, they would never stand for the spending frenzy of today. Of course, this can't happen as the government, like any addict, can't imagine life without our funding.

I became a Conservative the day I heard a discussion about what to do with the pending government budget surplus (remember that fleeting moment?)and was sickened that no one said the simple and best solution: give the money back to those who sent it. We have lost all perspective on who is paying taxes and the consent we have given to government on how to use tax monies.
Tazzmax writes: Monday, February, 09, 2009 10:46 PM
Michelle.
Good job.
The GOP needs to get rid of the RINOs in their midst,...they have destroyed the party.

I hold the highest contempt for the 3 Stooges, Ala, Snowe, Collins and SpectOr!
They should be run out of office!

McScamnesty and a few other "globalist,USCC sockpuppet suck @sses" should be close behind!
Tazzmax writes: Monday, February, 09, 2009 10:53 PM
dap260
I agree with you,....if Mc Connell woulda had any b@lls, he would have threatened those 3 RINO PsOS,....I'm sure there's ways he could have reined them in!.....Instead, he lay down on HIS job like the cowardly friggin dog that he is!

MAN, they need some NEW leadership with some gonies!
Paul writes: Tuesday, February, 10, 2009 8:20 AM
Rep. Bachmann
Rep. Bachmann is one of the staunch Republicans who only know how to say two things: "cut taxes" and "no." She doesn't want Congress to act but to allow the private sector "to do what it does best - create jobs and prosperity." It may have escaped the Congressperson's notice that it is the private sector that got us into this economic mess. As President Obama said last night during his press conference, "why would we choose to follow the failed policies of the past eight years?" Furthermore, what the private sector actually does best is swindle its shareholders (Enron), violate antitrust laws (Microsoft), create Ponzi schemes (Madoff), and pay outrageous bonuses to upper management to reward them for their failures. I'll take my chances with the current administration.
Les writes: Tuesday, February, 10, 2009 9:31 AM
Misconceptions
I've been reading the blog and find several misconceptions that direct the discussion in the wrong direction. This post is about what is socialism

Brent writes about the socialist response to the economic crisis. That is not accurate.
Socialism is an economic theory that directs wealth collected in taxes, back into society in the form of services and opportunities to everyone (poor and rich) in a society: for instance health care and retirement benefits. Socialism still permits individuals to determine there own paths to happiness. Don't confuse this with Communism which is much more structured.
On the other hand, what we have seen in the United States in the past 40 years is a growing form of Fascism, where wealth, in the form of taxes, is taken from the poor and middle class and redistributed to business and the powerful: individuals in business and government. Under Fascism, opportunity to follow your own path to happiness is severely restricted by creating a two tier educational and employment system. Poor education for most people, and excellent education for the powerful. The common educational system trains kids to be good workers, docile and not very imaginative. The wealthy kids go to schools that train them to be leaders.
Tax refunds only work for those people who have jobs, a shrinking number, and most of the tax refunds will go not to average hard working Americans, but to the top 2% -- the business and government leaders.
It's not Socialism, it's Fascism.
point2ponder writes: Tuesday, February, 10, 2009 9:46 AM
Brooklet
Several Gov's have already said they won't take it. Jon Huntsman, being one of them. Haly Barbor has just come out to say he too won't take any of it.

Those gov that take it, and talk out of both sides of their mouths, need to be un electable in the future. If that includes the Palin, it icludeds palin. I refuse to support bad budget decisions. Basing your budget off something that may not exist in the future, is not the way to budget. It is like my family basing it's budget off what husband might make a few years down the road. If my household is expected to live with its means, I fully expect governors to balance their budgets based on realistic figures.
Melissa writes: Tuesday, February, 10, 2009 9:49 AM
of course i'd rather have a check...
But the problem is that I'd spend it on a television made in Taiwan or a car made in Japan or go on a trip to Europe. It didn't work the first time. What makes you think it'd work this time?
Brookit writes: Tuesday, February, 10, 2009 10:56 AM
point2ponder
I will contact Palins website and get a more accurate assessment of ust exactly what she meant about taking stimulus money. I don't like that either, but am not convinced yet that she will.
Gail writes: Friday, February, 13, 2009 10:16 AM
Rep Bachmann not qualified in Economics
What qualifications does Rep. Bachmann have to be giving such easy answers to our economy problems?
I have never seen her name come up as one of the leading authorities on economic issues. I agree with Paul when he said"It may have escaped the Congressperson's notice that it is the private sector that got us into this economic mess." Let's support the president. He has consulted the top economic minds in the country.
Raelei writes: Friday, February, 13, 2009 10:30 AM
Ms. Bachmann's free market
The source of our current economic crisis has its basis in the "free market". It was part and parcel of the Bush administration, and its failure is why we need to move forward with regulation and oversight. The private sector, not government or government-backed programs got us into this crisis, and reining them in a way forward.

Not since Phil Gramm, (R) and McCain's economic advisor during the election) fought to end the Glass/Steagall Act in '99 - bill which prevented the kind of reckless market practices we've seen since he successfully buried it - have we seen such devastation in our economy.
Dustin writes: Tuesday, February, 17, 2009 4:09 PM
stimulus bill
http://minnesotaindependent.com/26721/bachmanns-statements- on-stimulus-raise-a-few-eyebrows

Michelle Bachmann again proved how unintelligent she is. She says that this new stimulus bill has enough money in it to write a check to every man, woman, and child in the world for the amount of $1,430. So I got my 50 cent calculator out and divided 787 billion (amount of dollars in the stimulus bill) by 6.8 billion (amount of people currently in the world) and I came up with $115.74. I calculated it three times to make sure I was correct. I’m not sure how Michelle learned to do simple math but she really needs to go back to elementary school to get it right. We need intelligent people who can not only do simple math but can also comprehend stimulus bills far beyond our expertise in office.
Jake writes: Tuesday, February, 17, 2009 9:02 PM
Head. Spinning.
Wow. Despite the fact that many, many economists disagree, we are STILL hearing this silly meme?

The level of misunderstanding and basic economic failing that Bachmann (and others) put forth is staggering.
anne writes: Tuesday, February, 17, 2009 9:26 PM
Free Market
You people will reject the free market at your peril. It is NOT the free market that got us into these problems ... which, by the way are fairly recent. Tax cuts worked for 7 years.

What makes you think that the mtg industry was free market? It was totally regulated. Bankers are fools .. they should have refused to follow the rediculous edicts from Congress about who to lend to via the CRA.

What in God's name makes you think there is less greed in government? Look at the state of California, for God's sake. It is the greed of the teachers' union, the prison guard union and the state workers union that is screwing this state.

You people hate the free market? Wait until someone tells you can't double your money on a timely real estate deal. Or how about a lucky stock tip? Calling Al Gore ... the free market got him rich and I don't begrudge him one penny.

Do you want the government telling you how much you can sell an antique for on eBay? How about your grandma's jewelry? You got it for free ... why is it fair that you should sell it for more, even though there's a willing buyer?

That, people, is the free market. And I will trust millions and millions of Americans to know where best to spend their money ... not through a stimulous check, but through PERMANENT TAX CUTS. Will people make mistakes, ala John Kerry, and spend their money "wrong"? Sure. But I am betting they are going to be a helluva lot smarter than the government.
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