Very informative look at how numbers and graphs are massaged to make us believe what they want us to believe.
General Motors is running ads on all the major networks this week claiming it has repaid its bailout from the taxpayers “in full.” But the claim isn’t standing up to scrutiny from lawmakers and government watchdogs who have found that the automaker was able to repay the bailout money only by dipping into a separate pot of bailout funds.
Gov. Sarah Palin & the legislature decided that taking the money from the Fed. would make life harder on Alaska in a few years when the money dried up. It’s awesome. Go read all about it over at Pink Elephant Pundit. Tabitha has done a wonderful job of summing it all up.
I have said, to anyone who would listen to me, that the government is currently printing money like it’s nothing to pay for all this crap the congress & Obama are pushing on us. Printing money will lead to the devaluation of the dollar. In plain English, that dollar bill in your hand will only be worth about $.75, maybe less, of it’s current value.
The world has taken notice. On March 25th, the UN will recommend that any country with US dollars in it’s reserve bank “ditch the dollar as its reserve currency in favor of a shared basket of currencies.”
Persaud, chairman of consultants Intelligence Capital and a former currency chief at JPMorgan, said the recommendation would be one of a number delivered to the United Nations on March 25 by the U.N. Commission of Experts on International Financial Reform.
“It is a good moment to move to a shared reserve currency,” he said.
The combination of America’s recent race to increase our National Deficit tenfold, with the hot printing presses in the Treasury is enough to make the world nervous about the strength of our dollar. The UN will urge countries to switch to the Euro or even a combination of currencies. They say this, because they see it coming, and they don’t want the world to take a huge hit when the dollar is devauled. And it will be, once the glut of money from the Treasury hits the streets. I’ve been saying 6 months. Heck, with this news coming out of the UN, it may not even take that long.
The ruckus over Nancy Pelosi’s contraception funding stripped Tuesday night by the House Rules committee along with the $200 million to refurbish the National Mall is the tip of the iceberg. Despite President Obama’s vow to prevent earmarks from bogging down the bill, the package is stuffed with goodies for every special interest group from left-wing fraudsters ACORN and other subprime shakedown activists $4 billion for “neighborhood stabilization” to Hollywood $246 million in new targeted tax breaks to universal health care promotion $600 million to dubious “green job” projects $24 billion. More fundamentally, there is no there there.
On Monday night, the Congressional Budget Office sent out a full analysis of the House stimulus bill — elaborating on the partial number-crunching that were disseminated last week by Republican Hill sources. The new report elaborates on what the first one illuminated: the vaunted infrastructure spending will take years and years and years to kick in. Just 7 percent of the total $800 billion-plus stimulus funding would enter the economy by the end of this year.
Make no mistake, this is no “stimulus”. This is a pork barrel. $650 BILLION, with a B, to fund more of those “digital TV Converter Box” things. What? 2.4 Billion, with a B, for some kind of “Carbon-Capture Contest”. What? <-source->
Please do not be fooled. This is no “stimulus” package! This bill is 80% pork. It has been said that the money won’t be available until mid 2010, 2011. This will do nothing but saddle my children’s children with a huge national debt.
Government is not the answer. The government is taking your money in the form of taxes, and essentially telling you they know how to spend your money better then you do. They don’t. Government is the reason we are in this mess.
So what would help? What would stimulate the economy quickly? The fastest way out of a recession would be to cut taxes, across the board. Why would that work? Economics 101, you ready? It would keep the money in the hands of the people. Seriously. Government types always fear that cutting tax mean they will have less money, but they are wrong! If you cut the income tax, I can keep more of my money. If I have more money, I can buy more things like, say, toys for my kids. If alot of us have more money, and buy more toys, then the toy company has an increase in demand. That means they will have to hire new people to make the toys so they can keep the supply up with the demand. More new hires mean more people paying taxes on their earnings. I’ve explained this before.