With one stroke of the pen, President Obama vaulted into the record books yesterday, signing what may stand as the largest spending bill ever passed in the history of America. The legislation itself is eight inches thick, so large, a White House aide joked, that it "needed to be strapped in with a seat belt on Air Force One."
Instead of relieving debt, President Obama's "stimulus" is expected to add $9,400 more debt to every family in America. According to the Congressional Budget Office, that may be a modest estimate. If the programs created by the stimulus are made permanent (as the late President Ronald Reagan said, "A government bureau is the nearest thing to eternal life we'll ever see on this earth!") the 10-year cost of this bill will be $3.27 trillion--almost triple the initial amount. Let me put that into perspective. If we spent a dollar every second, it would take 31,688 years to spend one trillion!
Unfortunately for U.S. taxpayers, there seems to be no caboose on this money train. The ink had barely dried on the stimulus before President Obama called for another $50 billion to stabilize the housing crisis. The auto industry is also striking while the money press is hot, lining up for another $17 billion handout--on top of the roughly $20 billion carmakers already received from Washington. Wall Street's finest are not far behind, as plans for a TARP 2 (Troubled Assets Relief Program) are already underway.
