Since its last two forays into Keynesianism haven’t worked, the government is naturally gearing up for a third.
President George Bush XLIII’s “stimulus” package involved sending citizens tax “rebates” of up to $600. The economy drooped. Before the last “stimulus” checks had hit Americans’ mail-boxes, the President forced through his $700-Billion bail-out. The economy plunged.
Now, the Administration is starting to cave in to its fellow socialists’ predictable demands for even more spending. According to today’s Washington Post, House Speaker Nancy Pelosi is putting together a plan to channel another $300 Billion of taxpayers’ money into wealth-transfer efforts like state roads projects, unemployment payments, and food stamps. Her position got a boost yesterday, when Federal Reserve Chairman Ben Bernanke mildly supported such redistribution schemes. Later, White House Press Secretary Dana Perino said that the President would consult with advisors including Treasury Secretary Henry Paulson, prime perpetrator of the bail-out, in considering any plan.
That’s what I was afraid of.