What Are They Buying – Thomas Sowell @ Townhall
Thomas Sowell has written What Are They Buying? today at Townhall.com. It is an interesting read as Mr Sowell provides us some insight on the so called stimulus package Mr Obama and the Democratic Congress is working on passing. So check it out.
I agree with Mr Sowell’s statement in regards to taxes:
If you cut taxes tomorrow, people would have more money in their next paycheck, and it would probably be spent by the time they got that paycheck, through increased credit card purchases beforehand.
If all this sound and fury in Washington was about getting an economic crisis behind us, tax cuts could do that a lot faster.
This is a change that would have great impact immediately and would be supported by the majority of the American people. I definitely would want this. And, I say ‘majority’, because the economy and jobs are the top issues of the American people. They want this done now and put recession behind them. However, this President and Congress do not want to do this, they want something else – power. Read Mr Sowell piece on this fact.
In Mr Sowell’s conclusion, he gives another history lessons of the consequences of FDR’s actions to redemy the Great Depression:
This administration and Congress are now in a position to do what Franklin D. Roosevelt did during the Great Depression of the 1930s– use a crisis of the times to create new institutions that will last for generations.
To this day, we are still subsidizing millionaires in agriculture because farmers were having a tough time in the 1930s. We have the Federal National Mortgage Association (“Fannie Mae”) taking reckless chances in the housing market that have blown up in our faces today, because FDR decided to create a new federal housing agency in 1938.
Who knows what bright ideas this administration will turn into permanent institutions for our children and grandchildren to try to cope with?
Remember, FDR and his policies did not get us out of the depression, World War II did that. Let’s hope that this change will not get implemented. It may prove to be costly for us all.