Wednesday, January 28, 2009

The case for doing nothing !

An interesting article from the Plitico points out additional spending versus tax cuts may be the wrong solutions to getting the United States out of the recession and that doing nothing may be the best option.

....dissident economists and investment professionals offer a much different take: Most of Washington is dead wrong.

Instead of fighting over what should go in the economic stimulus bill, pitting infrastructure spending against tax cuts and contractors against contraceptives, they say lawmakers should be fighting against the very idea of any economic stimulus at all. Call them the Do-Nothing Crowd.

“The economy was too big. It was all phantom wealth borrowed from abroad,” says Andrew Schiff, an investment consultant at Euro Pacific Capital and a card-carrying member of the stand-tall-against-the-stimulus lobby. “All this stimulus money is geared toward getting consumers spending and borrowing again. But spending and borrowing were the problem in the first place.”....

To read the rest click on the title for a link.


The alleged "stimulus" bill passed the U.S House of Representatives without a single Republican vote and with 11 Democrats voting against! The battle now goes to the U. S. Senate.