Day Late & Dollar Short

Endless debate about an economic stimulus package is a waste of time and energy. Congressional incompetence on economic policy has soared to new heights and the socialist Washington landscape is in full bloom.

The letter below was published in the Gwinnett Daily Post on February 5, 2002
— 02/05/02

President Bush is correctly trying to give the American taxpayer additional tax relief. Most of what we will hear over the next several weeks regarding economic stimulus will be superfluous. Incompetence will come from Democrats and Republicans. Both parties will peddle prescriptions that tend to reward favorite constituencies with taxpayer loot. Both parties will argue endlessly about cutting taxes, but very few Senators and Representatives will discuss growth of government spending.

An economic stimulus package may have been effective in 2000, but because our lives and property are reduced to political football, our leaders chose to wait until 2001 before passing a tax relief bill. This bill didn’t kick in until 2002 with most of the benefits loaded on the tail end of a ten-year implementation schedule. In addition to be being two years late and a dollar short, Congress had the audacity to sunset the relief after it was implemented. If they want to sunset something, they should try term limits or down sizing the $65 billion a year they spend on corporate welfare.

How can opponents blame the President while making the bizarre claim that tax cuts have hurt the economy, when the bulk of the cuts haven’t been implemented yet? It is laughable for national leaders to say tax cuts are dangerous and government spending is good for the economy. Unrestrained and corrupt spending by political parties–is–the problem. We don’t have a tax crisis. We have a spending crisis that every politician in Washington perpetuates.

Government spending–will not, never has, and never will–grow an economy. Increased government spending has exactly the opposite effect. Economies dominated by powerful central governments end up poverty stricken instead of prosperous. If government control of economic resources were good, socialist nations like North Korea would be dynamos instead of hollow bankrupt economies.

When it comes to economic policy, the best policy is to leave the economy alone and remove barriers to equal and free trade. The politicians and Federal Reserve created the recession. Our economy will eventually recover despite the economic interference from Washington. Economic strength comes from producers in a free market located on Main Street USA, not Washington.