Sunday, January 18, 2009

House Republicans Want an Inadequate Stimulus Bill

Eric Cantor writes:

We Republicans believe we can help mitigate those risks if we are given a meaningful place at the table ... Specifically, we want to keep the stimulus bill -- as well as all other future economic "rescue" measures -- limited in scope and transparent. Our country has no other choice. The Congressional Budget Office (CBO) issued a sobering report that this year's deficit will likely climb to over 8 percent of U.S. gross domestic product, or $1.2 trillion. That's higher than at any point since World War II -- and those figures don't even account for the forthcoming stimulus. Such heavy borrowing runs the risk down the line of rampant inflation, which scares away foreign capital while making the purchasing power of the dollar weaker for American consumers.

The stimulus may be too big? Inflation and higher interest rates? This guy really doesn’t get it – does he? The letter to President Obama by Paul Krugman should go to the top of the read pile for Representative Cantor.

1 comment:

Ken Houghton said...

Cantor has been in Congress for all of W's term (and possibly two years before).

Anyone taking bets which way he voted in 2001 and 2003?

Likely just another f*ck*ng EconomistMom pal (but at least Diane Rogers posted a semi-honest evaluation of the past eight years*).

*Semi-honest because she doesn't bother discussing that the sh*t she's spewing was given the imprimateur of that Administration, and indeed the entire 2006 ff. "Fiscal Responsibility Tour"--that is, after most of the damage she cites had been done--is sh*t she's swallowed whole. But you get your 30 pieces of Ag wherever they are available, I guess.