It is a foregone conclusion that the Senate will pass the aptly renamed Economic Recovery Act that the House failed to pass on Monday. It has now ballooned from 110 to over 400 pages and includes all kinds of incentives, essentially additional expenditures, to make it palatable for those who were formerly against it.
At this time, we the public are completely in the dark about what these additional expenditures are only that the bill includes an increase in the threshold for FDIC insured deposits from $100,000 to $250,000 and that it includes tax breaks for whom we do not know. Unfortunately for the taxpayers, these are unfunded tax breaks; what's another few billion added to the tab?
I still contend that there were other alternatives to loosening the credit markets, which is the fundamental problem that needs correction, without taking a bad $700,000,000,000 bill and adding sweeteners to it. The bill is still poison; it will still kill us but now it will taste better going down. Cold comfort.
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