Friday, January 02, 2009

A Trillion Here, A Trillion There

On the second day of the year, we learn that at least five Democratic Governors are pushing for their own version of an economic stimulus package-worth a whopping $1 trillion:

Five Democratic governors today urged President-elect
Barack Obama and the incoming Congress to pass a broad, $1 trillion economic
stimulus package, placing particular emphasis on an item that hasn't been
discussed much before - education aid to the states.

Governors have been most vocal about pushing for help
in repairing and building infrastructure and boosting the federal share of
funding for Medicaid, a government health insurance program for the

There was, of course, no discussion whatsoever about how the Democrats intend to pay for all of this new speding. The standard reply is that they intend to raise taxes on "the rich." There are, of course, not nearly enough rich people in America to fund the entire federal budget, which is what the incoming Obama administration would seemingly have us all believe. Unless, of course, the President-elect defines "rich" as "all those who earn a living."

Because of increasing pressure from inside his own party, I fully expect Barack Obama to give an address to the nation within three months of being sworn in declaring that he will be unable to deliver on his promised middle class tax cuts. In response, expect the markets to tank even further in the new year.



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