Coleman and Franken weigh in on stimulus plan
Today, with the Senate about to vote on a nearly $800 billion economic "stimulus" package, I am reminded of that famous Hubert Humphrey quote: "Government will either do something to you, or for you, but government is going to do something."
Unfortunately, the something that government intends to do to us in the next week or so may do far more harm to our economy than good. Both legislation passed by the U.S. House of Representatives and the proposal before the Senate would spend breathtaking amounts of taxpayer money on too much, too broadly and too ineffectively to jump-start our economy. We do need government action, but that action needs to go hand in hand with the faith and trust of the American people.Read the rest here.
The vote on the stimulus package represents a significant step toward the change we chose on Nov. 4. In this package, the federal government serves its correct purpose as the spender of last resort.
That is a difficult pill to swallow for all of us who have seen the consequences of running huge deficits over the past eight years.
But we are indeed at the point of last resort. While targeted tax cuts are and should be an important part of our response to this crisis, we can't hope for a trickle-down answer. And with interest rates already approaching zero, we have run out of monetary solutions.Read the rest here.