Dear Madame, What in the World are You Doing?

In a letter to Nancy Pelosi the CBO recently estimated the total outlay for the stimulus bill and if we look at it we can see just how thick it really is:

"Combining both spending and revenue effects, CBO estimates that enacting the conference agreement for H.R. 1 would increase federal budget deficits by $185 billion over the remaining
months of fiscal year 2009, by $399 billion in 2010, by $134 billion in
2011, and by $787 billion over the 2009-2019 period."
-As quoted on <http://www.cbo.gov/ftpdocs/99xx/doc9989/hr1conference.pdf>

To me. these dollars are a smothering weight for any country to bear. It is offensive because of the insullt it poses to my intelligence. On Wednesday, I outlined the bill's spending with numbers. As you should already know, this bill has been percolating so if the numbers have changed a little bit since then it is to be expected. But more or less, it is going to remain very close to that when it hits Barack's desk next week some time. Remember he has a line item veto, which given his political posture in the first couple of weeks of his presidency, I am not so sure he is too bashful to use right off the bat.

If God wills it, by 2019 I should be mid-career and in the middle of my life and we (you and I)will still be paying for this gargantuan behemoth of an appropriations bill. On the same CBO (Congressional Budget Office) letter referred to above it says that the net impact on the federal deficit is 1.298 trillion dollars. That is trillion with a "T". Reminder - government does not earn money, it taxes or it prints. In this case government is doing a little of both, and selling some bonds in a diffused manner as well.

Frankly, today I don't feel criticism is necessary. You have heard enough to make your own opinion. This thing is about to pass whether you or I like it. I just wanted to point out those specifics listed above because they are poignant and if you are speaking to people you would do well to present those facts.

Have a great day! - C