Column: Borrowing to Fix the Problems Borrowing Caused
Washington,
Feb 13, 2009 -
The United States government has a much looser borrowing money policy than most children have growing up.
Our country borrowed our way into this economic mess, and now, with today’s passing of the stimulus bill, and President Obama’s imminent signing of the legislation, we’re attempting to borrow our way out of the problem. The legislation may be billed as a mere $789 billion, but when you add in the interest, it totals nearly $1.2 trillion. This reckless spending will only stimulate our federal deficit, which is already at record levels – not our economy. A beer may seem like a good treatment for a hangover at the time, but it’s not a cure.
Like that beer, the legislation does little to solve the immediate problem. The private sector is hurting. The private sector is where jobs are being cut. The private sector is what needs immediate relief. However, this bill doesn’t focus on the private sector – it grows government bureaucracy. Growing government doesn’t help the employees of Harley Davidson, Johnson Controls or GE Healthcare who have recently lost their job. And growing government doesn’t help the mom and pop shops that have closed their doors because business has stopped.
The Democrats made a bad bill even worse by cutting back on the tax relief Republicans had put in the bill and rejecting the alternative bill Republicans put forth that offered positive incentives for job growth and tax policy. Buying green golf carts, giving money to organizations like ACORN and rationing health care does little to stimulate the economy or put people to work. And while funding an additional $100 a month for 553,000 Wisconsinites who have lost their job will offer some needed immediate help, funding additional unemployment benefits doesn’t get anyone back to work or spending more money.
In addition to supporting the Republicans alternative bill, I support a two-month tax holiday – so money goes not to the government, but to where it’s needed most – the peoples pocket. The small business owner in Wisconsin knows much more about how to make their dollar go further than the federal government ever will.
The legislation the Democrats passed today will have lasting economic consequences that will burden our children and grandchildren. Let’s hope our children and grandchildren learn a better lesson about borrowing on their own, than they will from the federal government.
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