Friday, January 25, 2008

Bush and Dems destroy stimulus plan

I should worry that I find myself agreeing with more and more of my Detroit News blogmates. But George Bullard is right that the stimulus/tax rebate plan won't do much good.

As economist Paul Krugman explains in the New York Times, the Dems caved on a stimulus plan that would have worked, by putting the money into the hands of people who need it and will spend it. A sensible plan would have included extending unemployment benefits, or paying folks good wages to rebuild our infrastructure, or targeting the money to low-income people.

But the Republicans fixation on taxes taxes taxes and the Democrats timidity and lack of vision conspired to produce a plan that risks spending $140 billion on a plan less likely to work than the alternatives that were quickly rejected. When Mitt Romney droned on last night about how our economy sucks because Washington is broken, we all know that he would be yet another MBA without a clue about the lives of real people.

Did you hear Romney talk about how great the stock market plunge was? While the rest of us worried that our retirement money was eroding to the point we could look forward to dining on dog food, Squire Romney looked upon the disaster as a great "buying opportunity."

But no wonder the multimillionaire Romney isn't worried. He has his money tax sheltered in the Cayman Islands, so that he doesn't have to pay income tax on it like the little people.

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