ALG Urges Congress to Vote Down Economic “Stimulus” Packages

September 26th, 2008, Fairfax, VA—Americans for Limited Government President Bill Wilson today called upon Congress to oppose twin proposals in the House and Senate to again hand out checks from the Treasury in an effort to stimulate the economy.

“The $61 billion House and $56 billion Senate so-called economic ‘stimulus’ packages are yet another futile proposal by Congressional Democrats. They think if you just hand out money that the economy can be rescued,” said Wilson.

“It doesn’t quite work like that,” Wilson declared.

“Government has tried repeatedly to ‘stimulate’ the economy this year to no avail,” said Wilson.

“There was a $150 billion ‘stimulus’ package earlier this year. No stimulus. There was a $300 billion Foreclosure ‘Prevention’ Act. Since then, foreclosures have actually increased. There has been $114 billion in loans to bail out Bear Sterns and AIG, a $200 billion nationalization of Fannie Mae and Freddie Mac, and taking up $9 billion in risk from Indy Mac. And yet the global financial system is on the brink of ruin,” Wilson added.

“We are awash in debt, already passing $10 trillion this year. And somehow, the Congressional majority believes that spitting out another $60 billion in boondoggles, earmarks, and kickbacks is going to in any way solve the massive problems facing the economy?” asked Wilson.

“That’s like going all in on a 2 and a 3 unsuited before seeing the flop,” said Wilson. “Now is the time to be saving the American taxpayer’s money for the hard times to come, and yet when faced with a challenging economic crisis, Congress’ first instinct is to spend, spend, spend.”

“It’s sickening,” he said. “These people are like crack addicts. And they need to be put into rehab. $1.83 trillion of the privately-held national debt is coming due in the next year, and yet we’re not planning for that. Instead, we’re going on a spending binge.”

Wilson emphasized alternatives to help stimulate the economy in the long-term: “We need honest credit, hard money, low taxes, and fiscal discipline by lawmakers. That means putting an end to housing welfare program that created the current mortgage securities meltdown. It means eliminating the dual mandate at the Federal Reserve and stabilizing the dollar. It means a flat tax at a lower rate. And it means balancing the budget and eliminating needless federal bureaucracy.”

Wilson noted prescient historical lessons about how governments tend to react to economic hardship: “Government’s first inclination whenever the economy hiccups is to grow government, make it bigger. Spend more. Raise taxes. Regulate businesses. Artificially control wages and prices. And that’s exactly what many politicians are doing today. It’s never worked, and it never will.”

“And yet, that’s what they’re doing,” said Wilson.

“Why don’t we try something different just this once? Why not shrink government? Why not reduce taxes? Why not cut spending?” asked Wilson.

“Never has the need for limited government been more apparent,” Wilson declared. “Congress needs to draw a line in the sand and vote no on these economic giveaway packages.”

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