More Obama Lies
Posted Under: Uncategorized
WedNEWSday - January 7th, 2009
In referring to his proposed federal “stimulus” plan as the “American Recovery and Reinvestment Plan,” Barack Obama is quite deceptive to say the least. The federal “stimulus” plan is the largest federal spending bill in the history of The United States. Its primary intent is to bail out state and local governments who have already proven themselves to be poor stewards of taxpayer dollars. Obama’s plan is like taking a cash advance on a credit card to pay all the credit card bills. Perhaps he should consult with Peter Schiff of Euro Pacific Capital. Unlike Barack Obama, Mr. Schiff seems to have a clue as to how the economy works. Mr. Schiff states:
“Governments cannot create but merely redirect. When the government spends, the money has to come from somewhere. If the government doesn’t have a surplus, then it must come from taxes. If taxes don’t go up, then it must come from increased borrowing. If lenders won’t lend, then it must come from the printing press, which is where all these bailouts are headed. But each additional dollar printed diminishes the value of those already in circulation. Something cannot be effortlessly created from nothing.”
This from Accuracy in Media - January 4th, 2009
http://www.aim.org/aim-column/obamas-lies-about-government-bailout-plan/
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