More Details On The Coming Spending Spree

I caught a fair amount of the First Rookie's speech this morning from George Mason University. I have to say, I'm very scared about how badly this novice and his party are going to screw up the American economic system, and the current economic situation, in the coming months.

The first thing I noticed is the Rookie's continued insistence that we are in a grave, terrible recession that will become worse if he is not given nearly $1T to spend immediately.

He warns that unemployment may rise to 'double digits!'

Hell, yes it's going to go to double digits. Nothing's going to stop that. Economists have been forecasting perhaps 10-12% peak unemployment. High, but way, way shy of the Depression's 25%!

Then the Rookie solemnly professes, with all of his lack of economic education and inexperience, that only massive Federal spending can fix the current, deep economic mess.

His list of areas he claims will magically improve is comical: education, healthcare, roads, employment, technology, and more.

It simply amazes me that the party that thought Republicans spent too much have decided that, in retaliation, they'll spend heretofore unheard of sums. And for nothing.

The economic rationale for this stimulus is tissue-paper thin. Apparently the naive President-elect has simply been told that, when joblessness is rising, the Federal government should print money and spend it. Period.

There's not historical precedent called upon as an example of the success of the concept. As one conservative pundit noted,

'If that's all it took to end recessions- large scale government spending- then we'd have done that and ended every prior recession. But it doesn't work that way.'

And, despite the Rookie's call for 'a national discussion' on this program, there won't be one. That's just hype and hyperbole to provide cover for ramming this incredibly inflationary, needless pork barrel through Congress.

Stay tuned for more on this evolving fiscal nightmare.