Much of the recovery package is exactly that, although admittedly there is much waste in their too.
What about the Recovery Package indicates the majority of the money is going to increasing productivity?
And please don't tell us "alternative energy" because that does not make us more productive. It might enhance our domestic energy security (in an economically inefficient manner from what the numbers indicate), but it doesn't create productivity.
Face it, the Government issued a bunch of debt because the financial freeze threatened to take interest rates below 0% as frightened money sought safety. This also is indicated by the massive Naked Short Selling in Treasuries as supply fell FAR BEHIND market demand. Obama provided that supply and interest rates are STILL low. So I'm not particularly opposed to deficit spending under such circumstances.
But the government, in providing a "parking place" that provides taxpayer supported "yield", has a responsibility in making sure that the money is used wisely for the purpose of creating productive jobs, or providing retraining that prepares workers for transitions.
BTW, look up Kurzarbeit. That's something we're lacking in this recovery package. Probably a better idea than the government creating new government jobs to employ people.
Furthermore, how much of that $700 Billion TARP money, intended for "repurchasing assets", has been spent for that purpose? Bush got it passed, but Obama's been primarily responsible for implementing it.
en.wikipedia.org
Alot of trade with China is a one way street, incurring new debt and loss of jobs for us and enriching them.
I'm not particularly big on the US-China relationship either. But right now we're both joined at the economic hip. They can't afford to sell US treasuries lest it disrupt their own export based economy. And we need to prevent a run on our national debt so we can't erect tariffs. But if either party opts to attempt to disrupt this balance, it will free both parties to follow their selfish, and disruptive, agendas in order to make it as difficult for the other as possible.
Do you really want a US-China confrontation?
Hawk |
