Spending our way out of debt

In the Courier Post today”

According to the Star Ledger, the package includes $4.3 billion for New Jersey to help balance the state budget as well as for special education, programs for disadvantaged students, school construction, roads, bridges and mass transit.

“We have a bold program,” Corzine said. “I think it will make a difference in the economy, filling the gap for the slow down in GDP.”

There is a major problem with the president’s program. It seeks to spend our way out of debt. In doing so it is not even creating jobs despite a meltdown in the business sector.  Internationally 80,000 jobs were lost in a single day. Caterpillar was responsible for 61,000 of those jobs lost.

Every day we read in the newspapers of more layoffs, higher unemployment. And yet with this record-breaking infusion of cash that we don’t have, very little is being spent on creating jobs vis-a-vis Roosevelt’s New Deal.

It is disheartening to see Obama make this serious misstep so early on, and even more so to see Corzine, who should have the business acumen to see the folly, support it so whole-heartedly. Corzine is obviously grasping federal dollars with the welfare mentality that forgets that someone has to pay for it.

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