Here is my latest (I send an average of about two per business day, nowadays) letter to Obama, my Senators and my Representative:
Please stop spending the stimulus--cancel what has not already been committed. That should save us about $1.5 Trillion over the next 18 months.
A couple of facts:
The average US recession (negative GDP) has lasted for 14 months. The longest was about 16 months. This recession started in December 2007, which means we are about 18 months into it. The preponderance of economic indicators indicate that this recession is ending (employment is a lagging indicator, of course).
Anyone who has taken Economics 101 in college since about 1950 knows that Keynesian macroeconomic Government-spending-to-stimulate-aggregate-demand theory has been totally discredited. Empirically, it has *never* worked. FDR's own Treasury Secretary stated that "government spending never worked." Even Bush's idiotic 2007 $150 billion tax rebate did nothing. Specifically regarding the Obama and Bush stimulus plans, let me remind you that even Keynes' theory did *not* include long-term deficit spending.
The only thing that has worked--every time--to stimulate the economy (and increased gross tax revenues)--is tax cuts, epsecially at the top. From Coolidge to Kennedy to Reagan it works.
So this recession is about to end or has already ended. Less than 20% of the Obama stimulus funds have been expended. I personally think that all the ridiculous gyrations of the government actually extended this recession, because you have made the same mistake that FDR made by implementing change too rapidly; Few knew what the next surprise was, and so held on to their money. One proof of this is the same proof given during the great depression: a wildly fluctuating stock market. In short, as always, government meddling has harmed America and Americans.
So please stop the idiocy. We don't need 600,000 new government jobs. The cost of government is far to high already. Stop the stimulus, stop the rapid socialization of this country: The massive debt and radical changes are scaring the very people who create growth and new jobs.
Sincerely,
Not that it will do any good. But, at least I can say I tried!
