Monday, February 09, 2009

Don't panic and cause damage, Senator Patty

A letter I sent via email this morning: Senator Murray, Slow down and do it right. Don't be scared into hasty action by the prophets of doom. [I meant The Prophet of Doom himself, but toned it down.] Distinguished economist Robert Barro of Harvard says Nancy Pelosi's and the Senate's bills are monumentally bad. They won't help, but they will hurt our economy.
This is probably the worst bill that has been put forward since the 1930s. I don't know what to say. I mean it's wasting a tremendous amount of money. It has some simplistic theory that I don't think will work, so I don't think the expenditure stuff is going to have the intended effect. I don't think it will expand the economy. And the tax cutting isn't really geared toward incentives. It's not really geared to lowering tax rates; it's more along the lines of throwing money at people. On both sides I think it's garbage.
Conor Clarke at The Atlantic - The interview has a lot more gems - I have to keep it short for the honorable senator. Read it. Tax cuts take effect quickly. And permanent tax cuts allow long-term planning and hiring by businesses that are afraid to hire now. They change the incentives - as Prof. Barro says is needed. Truly, Ron Hebron

No comments: