Is anyone else scared of where we are heading?

[Ultralite]

The so-called stimulus is bad Keynsian economics which long ago was proven not to work. Problem is that the funding from the stimulus comes from tax revenue. Assume a 30% tax rate and that means they need $2.73 trillion of revenues to generate the funds for the stimulus plan. The stimulus plan itself is suppose to generate 3 million jobs. Again, do the math and that's $273,000 per job! Where's the line, I want that f'ing job.

[Glenn W]

The so-called stimulus is bad Keynsian economics which long ago was proven not to work. Problem is that the funding from the stimulus comes from tax revenue. Assume a 30% tax rate and that means they need $2.73 trillion of revenues to generate the funds for the stimulus plan. The stimulus plan itself is suppose to generate 3 million jobs. Again, do the math and that's $273,000 per job! Where's the line, I want that f'ing job.

This is a dumb question on my part as it is clear from your mathematics that you do not understand even the most basic principles of economics, but humor us anyway.
What doesn't work? BAD Keynesian economics or Keynesian fiscal policy period?

[canyongear]

Dow down 381..on bailout non-action..and

this little ditty:

Both General Motors (GM) and Chrysler may be forced into bankruptcy by the government as it seeks protection for bailout loans totaling $17.4 billion. Given concerns about a bankruptcy-related sales collapse, it could inadvertently kill what it's trying to save.

[Reel Fanatic]

Glenn-

You have to do all of the math. There is a great deal of hidden spending in the bill that automatically kicks in and begins to grow like a computer virus:

The recently passed U.S. House of Representatives stimulus bill contains $816 billion in new spending and tax cuts. Of this sum, $264 billion (32 percent) is new means-tested welfare spending. This represents about $6,700 in new welfare spending for every poor person in the U.S.

But this welfare spending is only the tip of the iceberg. The bill sets in motion another $523 billion in new welfare spending that is hidden by budgetary gimmicks. If the bill is enacted, the total 10-year extra welfare cost is likely to be $787 billion.

The claim that Congress is temporarily increasing welfare spending for Keynesian purposes (to spark the economy by boosting consumer spending) is a red herring. The real goal is to get "the camel's nose under the tent" for a massive permanent expansion of the welfare state.

In the first year after enactment of the stimulus bill, federal welfare spending will explode upward by more than 20 percent, rising from $491 billion in FY 2008 to $601 billion in FY 2009. This one-year explosion in welfare spending is, by far, the largest in U.S. history. But spending will continue to rise even further in future years. The stimulus bill is a welfare spendathon, a massive down payment on Obama's promise to "spread the wealth."

Once the hidden welfare spending in the bill is counted, the total 10-year fiscal burden (added to the national debt) will not be $816 billion, as claimed, but $1.34 trillion. This amounts to $17,400 for each household paying income tax in the U.S.

Even without the extra spending in the stimulus bill, means-tested welfare spending is already at a historic high and growing rapidly. In 2008, federal, state, and local means-tested spending hit $679 billion per year. Without any legislative expansions, given historic rates of growth in welfare programs, federal, state, and local means-tested welfare spending over the next decade will total $8.97 trillion. The House stimulus bill adds another $787 billion to this total, yielding a 10-year total of $9.8 trillion. The total 10-year cost of means-tested welfare will then amount to $127,000 for each household paying federal income tax.

Is that the math you were looking for?

I guess my childrens' college education savings just went to the bums, druggies, and the wo-iz-me's.

[GALAZIO]

...get 'em Reel...