What do you call an unfathomable $2 trillion in new government spending when the budget is already trillions in deficit and the nation trillions more in debt? If you're President Obama, you call it "economic recovery." But a real, sober view calls it unsustainable. That is, unless you like the riots and turmoil going on right now in Greece and other countries on the brink of thorough ruin. While 10 percent unemployment, and millions more underemployed, is acceptable to many left-wing economists as the "new normal," most Americans find it unacceptable for a country with so much economic vitality. But there are some in Congress not willing to sit idle, even as the administration refuses to admit problems exist, when some obvious remedies are readily available. One of those Congressman is Virginia fourth district U.S. Representative Randy Forbes. Today the Republican announced he is co-sponsoring H.R. 5029, the Economic Freedom Act. The bill would:
» Terminate the TARP program;
» Repeal the remaining "stimulus" spending;
» Usher in several tax decreases to provide a real economic recovery plan to create jobs;
» Reduce the payroll tax in half for 2010, increasing workers’ paychecks and improving the bottom line for employers which leads to job creation;
» Eliminate the death tax, ensuring that small businesses and family farms will continue creating jobs for future generations;
» Eliminate the capital gains tax, which would encourage the risk-taking and investment that is at the heart of the entrepreneurial spirit; and
The so-called "stimulus" bill, which was supposed to keep unemployment below 8 percent, has stimulated nothing but government growth, budget deficits and the national debt and the unintended consequence of higher unemployment, has been an utter disaster, needlessly costing hard working Americans their jobs and throwing our books helplessly out of whack. It has been wracked by delays, fraud and incompetence in its management.
The common sense approach of letting people keep more of their income and businesses more of their cash flow would generate a thriving economy through a growing private sector and restore not only America's economic strength and stave off a Euro-like collapse, but also the pride of work so many crave. It's time to stimulate something other than government and debt.