Randy Neugebauer's latest Newsletter asked for comments on the Stimulus Package. He pointed out that 57 percent of adults say the “stimulus” is having no impact on the economy or making it worse. The poll also found that 60 percent of Americans do not believe the “stimulus” will help the economy in the years ahead.
I have replied to Randy as follows:
This refers to your Roundup comments on the Stimulus Package.
Contrary to the majority, I feel the Stimulus Package may already be improving the economy and ultimately will have a positive effect. However, the favorable aspect of stimulating the economy is completely overshadowed by the damage that results from this effort.
This distribution of money is loaded with pork, which is an expenditure of funds on unnecessary and wasteful projects. It creates a massive amount of debt, which increases budget deficits through payment of interest. It creates demand for products and services above what a normal market can supply and thereby leads to inflation. All of this becomes an intolerable future burden for present middle-aged citizens, their children, and grandchildren.
Finally, it leads to an increasing public dependence on government to solve all problems, which is a socialistic/communistic mentality historically proven to develop a society without personal responsibility or incentive to individually or collectively accomplish anything.
The stimulus package was a mistake, but it appears that nothing can be done to correct it now.
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