It’s apparent to serious economists that ARRA hasn’t been effective. Despite the stimulus’s failure, House Democrats are scrambling to “come up with enough votes to pass” an IMF stimulus bill. Here’s Leader Boehner’s statement from earlier today:
â€œWe may be able to borrow enough money to solve Americaâ€™s problems, but I guarantee you we donâ€™t have enough money to solve the rest of the worldâ€™s problems. And going down this path is going to lead to more economic harm here.â€
â€œNow, just think about this a moment. Weâ€™re going to provide the International Monetary Fund $108 billion that we donâ€™t have. So weâ€™re going to borrow $108 billion from the Chinese, weâ€™re going to give it to the IMF, and weâ€™re going to expect our kids and grandkids to pay for it. Americans arenâ€™t buying this. And I tell you what: Republicans in the House arenâ€™t going to buy it, either.â€
The IMF provisions aren’t popular. Rep. Brad Sherman, (D-CA), is upset with the provisions:
â€œWe face the very real possibility that some of the worldâ€™s worst regimes will benefit from the additional resources provided to the IMF, World Bank and other international institutions, unless the U.S. works vigilantly to deny this assistance.â€
It’s bad enough that we’re thinking about bailing out anyone. It’s worse that we’re thinking about borrowing money we don’t have to bail out other countries. What’s worst is that sizeable chunks of that money might wind up in the terrorists’ coffers.
Great Britain emptied its coffers in an attempt to revive their economy. As a result, Gordon Brown’s government is about to become part of British history. President Obama’s stimulus hasn’t provided the jolt he told us it would provide. Let’s remember that President Obama spent a month telling the American people that we’d dip into a catastrophe if we didn’t pass ARRA:
Republicans tried to push back against the ballooning size of President Barack Obama’s economic recovery plan Wednesday, even as he warned that the financial crisis will turn into “a catastrophe” if the bill isn’t passed quickly.
With the British stimulus bill having already failed and with ARRA on the brink of failure, it’s insane to think that another stimulus bill will change the dynamic of the world economy. The thought that generations of American taxpayers should pay for the IMF’s stimulus should disgust American taxpayers.
It’s time to stop President Obama’s bailout insanity. It’s time that the American people start organizing a revolt against the most fiscally irresponsible administration in American history before our economy doesn’t exist.
This administration’s policies aren’t just ineffective; they’re irresponsible and counterproductive. According to Fed Chairman Ben Bernanke, the Obama administration’s debt “threaten financial stability”:
â€œUnless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth,â€ Bernanke said in testimony to lawmakers today. â€œMaintaining the confidence of the financial markets requires that we, as a nation, begin planning now for the restoration of fiscal balance.â€
Notice Bernanke’s wording. He said that it’s vital the United States started “planning now for the restoration of fiscal balance.” If we were already charting a fiscally balanced approach, we wouldn’t have to start planning for following that course.
It’s time for the Obama administration stopped spending money we don’t have for something as sinister and ineffective as bailing out the IMF. It’s just that simple.
Cross-posted at California Conservative