Looks like the Congress can’t wait until the new year to begin running up massive deficits for the next calendar year. According to a new report:
Troubled by the rising jobless rate, President Barack Obama and the Democratic majority in Congress are assembling a jobs package that would devote billions of dollars to projects meant to put people back on payrolls in 2010 and keep them working.
Since even Congress realizes that the growing debt is now threatening to crush the Republic they are considering new and creative ways of paying for the next round of “stimulus” funds, including a 25 cent fee for each stock transaction. How kind of them, but don’t worry about the proposal being revenue neutral, either:
House Speaker Nancy Pelosi, D-Calif., said this week that if the public were given a choice between a job and an uptick in the deficit, the answer would be easy.
So in the interests of short term job gains that the last, much larger stimulus completely failed to provide, they are not only going to do it again, but they now simply don’t care what the long term effects are on interest rates and inflation.
If this Republic continues to spend this way eventually the consequences will catch up with us. Whether that takes the shape of a worthless dollar, massive inflation, sky-high interest rates, or some combination thereof is unclear now. What is clear is that the day is coming when we won’t be able to charge our absurd spending on credit and, when that day comes, this nation will be a very different place.