I heard this morning that the Senate has the cost of the “stimulus” package up to $932 billion. That’s $68 billion short of borrowing a trillion dollars from the Chinese and the European Union and does not include the trillion dollars we already plan to borrow this year because our budget is a trillion dollars over revenue.
The stimulus plan represents $3,106.67 borrowed for every man, woman, and child living in the United States. That’s $7,456 dollars per household. Those amounts are just the principle owed, without any kind of interest applied.
How many of us have $3,106.67 to hand the government beyond our current tax obligations? How many have $3,106.67 for every one of their children? I doubt very many.
Yet, most Americans sit quietly while the Congress and the president plan to put them in debt $3,106.67. The claim is that debt will help stimulate the economy. Since when did spending borrowed money stimulate anything? Unless we go bankrupt as a nation, we have to pay every dime of this stimulus back.
We are going to pay for this mistake for the next hundred years.