Last week, the Obama administration announced new plans to "rescue"
the economy with another round of bailouts.
Heritage economists David John and James Gattuso explain the plan's
flaws:
http://members.myheritage.org/site/R?i=1BR7bAisaPY7jf5z-Ms1cA..
As announced [last] Tuesday by Treasury Secretary Timothy Geithner,
the plan is a grab bag of policies of doubtful effectiveness and
uncertain consequences financed with $2 trillion or more in taxpayer
dollars. To make matters worse, key elements of the plan were merely
placeholders lacking concrete details about how they would be actually
work.
One thing seems certain. These massive new programs will increase
Washington's control over the financial system, placing politicians in
the role of bank managers and hedge fund investors, to the long-term
detriment of consumers and workers.
Open letter: The 'stimulus' is horrible for America
In an open letter to the Congress and the President of the United
States, sent before the final vote, Heritage President Ed Feulner
called the American Recovery and Reinvestment Act the so-called
'stimulus' bill the most "far-reaching and revolutionary" Heritage has
ever seen. "And never have we seen," Feulner says, "a bill more
cloaked in secrecy or more withdrawn from open public exposure and
honest debate."
http://members.myheritage.org/site/R?i=xO5Klqsic0P3uzigO7KUQw..
The process by which this law came about marks a serious blow to open,
republican government.
Feulner writes:
Both chambers of Congress suspended their budget rules to push it
along. And both the President and the leaders of the House and Senate
have violated their solemn promises that the bill would be available
for several days of public review prior to voting, so that the
American people might have a chance to learn what is in the bill and
to make their views known to their elected officials.