I think most Americans have high hopes for the stimulus package Obama's team begins to employ in 2009. After all, who doesn't want to believe that our future is bright and that recovery is just around the corner?
But I hope, as I think you'll all agree, that Obama's team also has a limit to gov't spending and federal deficit in mind. If he is as smart as he seems to be and if his economic team is a bright as Obama himself believes they are, then they have already discussed what these limits will be.
The economic death of this nation would be an attitude of "We'll do and spend whatever we must to turn this economy around". Oh no Mr president, we hope that is not your thinking. For the fact is, your stimulus plan may or may not work. And if it doesn't, we don't want you to keep stimulating away regardless of our future and our children's future.
CNNMoney has an article today that supports exactly what I'm saying here and it's extremely interesting. Here's a couple of quote;
Obama's big bang: Sizing up risk
"But to win a war, it's a good idea to map out or at least have a sense of the endgame before deploying the troops. That is, lawmakers must think about establishing yardsticks, curbs and deadlines for the money.
Otherwise, there's a risk that the historic recovery package morphs into a boondoggle that mortgages the nation's future by adding hundreds of billions to the deficit while creating a hard-to-tame bureaucracy.
The breadth and time limit of stimulus efforts are two areas that pose potential concerns for stimulus supporters and opponents alike.
In his view, spending would be best focused on foreclosure prevention and helping households with strained budgets. Holtz-Eakin proposes three measures: buy and write down mortgages held by troubled borrowers; overhaul the unemployment benefit system so that benefits better support jobless workers; and provide a one-year payroll tax holiday for everyone -- the payroll tax is the money workers pay into Social Security.
Dan Mitchell, a senior fellow at the libertarian Cato Institute, doesn't think any stimulus package can succeed in "priming the pump" of the economy. He concedes, however, that Congress is likely to enact one."
Obama's big bang: What's the risk? - Dec. 19, 2008
The one in bold probably concerns many of us the most. Very, very few Americans support allowing someone to own a home they could not afford in the first place and have not been able to meet their obligation to. And most Americans do not support the ridiculous notion of writing down anyones principal at a cost to responsible taxpayers.
Who deserves to have their mortgage principal written down?
Answer: NO ONE!
Who deserves to live in a home they could not afford to begin with?
Answer: NO ONE!
Anyone who believes in prayer, we need to pray hard that President Obama has an end game in mind and is not thinking "We'll do whatever we have to do at any cost to turn the economy around"