Fresh from a State-of-the-Union-style speech that CNN ridiculously declared as Reaganesque, President Obama hoped his optimistic talk would allay concerns and fears over the economy, concerns and fears that were largely stoked by himself and his own party to grease the wheels for the passage of the massive economic stimulus bill. Unfortunately, the market, which enjoyed a slight increase during the day, took a sharp nosedive shortly after Obama promised more government intervention. The rhetoric last night might have been flowery, but the hard reality is that Obama cloaks his liberal spending agenda in moderate to conservative tones to make it palatable to the American public. Massive spending and government control are his tools of choice, despite all his talk of tax cuts and supporting the middle class.
To add insult to injury, little more than a week after we spent $787 billion in a lot of spending that was hardly designed to stimulate, the House has today passed a a $410 ominbus spending bill, loaded to the gills with pork. That’s almost $1.5 trillion, gone in less than two weeks, in addition to the $700 billion TARP money and Geithner’s coming second bank bailout, dollar amount to be determined but sure to be north of $500 billion. All this wasted money is before we even consider Obama’s budget, and $634 billion for nationalizing health care alone doesn’t instill me with any confidence that Obama is going to be frugal.
If Obama signs this omnibus spending bill after the Senate passes it, then proposes a mammoth budget with a monstrous deficit, there is no way he can ever claim any modicum of fiscal responsibility, not that he really could now. These wanton spend, spend, spend tactics will not save us and instead will put us in even further trouble. Look at California – massive government spending does not solve the problems of a sick economy. Is it any wonder governors, including Democratic Tennessee Gov. Phil Bredesan, are becoming reluctant to accept the stimulus money?
One last thought – Bobby Jindal deserved better than the panning he got from the media and from pundits. He’s an intelligent and articulate man, and an effective politician. That people react towards him with such visceral dismissal and childish hatred says more about their lack of acknowledgement of character than it does about Gov. Jindal. I hope he keeps up the good fight, as he seems to be a fundamentally decent man.