We dont have to hire historians to see where deficit spending will take us. We have only to look around now. Since the end of World War II, some of history's greatest national disasters have taken place right here in the Americas. North Americans used to laugh or shake their heads at the economies of the south that seemed always on the brink of collapse. Banana republics, we derisively called them. We're not laughing now.
President Obama’s stimulus package is reviving the economy and providing work for eager Americans all over the country. Don’t believe it? Just ask the folks that live in Arizona’s 15th Congressional District.
The Obama administration has recently reduced by 60,000 the number of jobs created or preserved by stimulus funds. The acknowledged overstatement of jobs underscores the problem with all government statistics: There is an inherent bias to report success and no real incentive to report problems.
Thanks to how the Internal Revenue Service implemented President Barack Obama’s tax break last spring, more than 15 million taxpayers may owe the government either $250 or $400 more for their 2009 income tax. The tax break has decreased the amount of tax withheld for 95 percent of working families, but millions will find that they need to pay back the government for not withholding enough.
General Motors has received $50 billion in taxpayer assistance, yet even as the company cuts thousands of jobs at U.S. locations, it is considering investing billions of those taxpayer dollars on overseas operations. GM maintains that only through a strong international presence can it remain competitive and profitable, but critics say that the taxpayer money was meant to preserve U.S. jobs.