Arlen Specter: I Supported The Stimulus Because Without It Our Economy Would Collapse
Arlen Specter tries to defend his break with Republican ranks to support the “economic stimulus” spending spree by indicating that he’s bought in to the fear mongering the Democrats are using to generate support for this crap sandwich.
Or, more likely, he’s using it himself.
I am supporting the economic stimulus package for one simple reason: The country cannot afford not to take action.
The unemployment figures announced Friday, the latest earnings reports and the continuing crisis in banking make it clear that failure to act will leave the United States facing a far deeper crisis in three or six months. By then the cost of action will be much greater—or it may be too late.
The problem, of course, is that if the government did nothing the Congressional Budget Office suggests that the economy would recover on its own by the end of the year.
When you add that reality in with the fact that, even if you buy into the idea that all this government spending can actually stimulate the economy, less than 50% of the bill’s spending will come in the next two years. Meaning that the economy might recover despite the stimulus.
Of course, if that were to happen Democrats would (with a hefty assist from their mouthpieces in the media) declare victory for their “stimulus” spending spree. And that would be a real shame. Because in the long run, all that spending is going to be a burden. Not a boon.
