The Dillard Doctrine

Urban Conservative Commentary on Politics & Life

Bobbynomics

Last night, I attended a town hall put on by Rep. Bobby Scott in Norfolk. The topics were the American Jobs Act, and his rationale for letting the Bush tax cuts expire. Which, during the Q&A, prompted this question from me:

Depending on whose numbers you’re looking at, we spent between $700 billion and $1 trillion on the stimulus in 2009. We were told unemployment would stay below 9%; it got there, and it got to 16.7% in the black community. What guarantees can you give us tonight that spending $400-500 billion on the American Jobs Act will change anything, given the performance of the stimulus?

A fair question…and one that surprisingly got some applause.

Rep. Scott said that he believed (or rather, “most economists said”) that the 2009 stimulus wasn’t big enough; that the government would need to put in about $2 trillion to do what the stimulus was supposed to do. His proposal to end the Bush tax cuts would put in about $400 billion into the economy.

Fair answer…so I said:

Well, if we take the low end stimulus number, and your $400 billion, and $400 billion from the jobs bill, we still don’t get to $2 trillion…and we still don’t know if this will work or not.

He said he couldn’t guarantee that the jobs bill would have the effect it is intended to have. At which point (because there were many more behind me with questions), I thanked him and took my seat.

Had time permitted, I would’ve said this in conclusion:

So, you’re asking us as taxpayers to commit another $400 billion to what is basically a second stimulus program. If the first one didn’t work, and if, according to the numbers you gave, this really ends up being just another bandage on a problem that’s hurting all Americans, but especially those you represent, then why do it? If you can’t guarantee it will work, how can you convince anyone, much less yourself, to go along for this ride again?

Unfortunately, I won’t see him in DC this week, so I’ll have to ask him the next time I see him.

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Written by Coby Dillard

September 27, 2011 at 8:00 am

Posted in Editorials

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3 Responses

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  1. Bush, Dodd/Frank, Wall Street and Obama (spend-a-holics all) have pushed this country to the brink of financial disaster. We have had 11 years of fiscal irresponsibility. And it is time to stop. Any way you could arrange an in depth interview with Scott for a future posting on The Dillard Doctrine?

    Debbie

    September 27, 2011 at 10:06 am

  2. Coby:

    There is nearby farm land, which fields are chock full of nutrients & minerals, sufficient to support an exceedingly abundant crop yield – yet that field is barren, producing nothing but a few species of weeds.

    How can that be? The farmer has had a soil analysis performed, which confirms that there is absolutely no need for additional fertilizer – there is already a superabundance in the soil.

    But the soil analysis discloses another critical condition that effects fertility – the soil PH. The soil is acidic to the point of toxicity – and despite the superabundance of nutrients and minerals in the soil, the acidity of the soil has caused a chemical condition in which these nutrients are “bound up” with the mineral elements, and are not available to the crops which the farmer has planted.

    What must be done to correct this condition? The farmer must “sweeten” his soil with liberal amounts of lime (calcium carbonate), so as to raise the PH level to the point that the nutrients are able to be accessed by the crops.

    What is the relevance of this anecdote?

    In answer to Bobby Scott’s argument that the federal gov’t has not “fertilized” the field of the U.S. Economy with enough “money” – the fact is that the major corporations and major financial institutions in the United States are sitting on unprecedented amounts of cash. Never before in history as so much liquidity been held by strictly economic entities. But despite this superabundance of liquidity – precious little of it, if any, is being made available to the U.S. Economic “crop.” Why? Because the economic/political condition of the United States is toxic, it is more acidic and poisoned than it has ever been in history.

    The cause of this acidity: It is twofold: 1) Uncontrolled deficit spending by the federal government; and 2) Uncontrolled regulation of the economy by the federal government.

    How to “sweeten the soil” and restore it to productivity? Immediately correct these two causes (which are broadly stated, but could be dispatched in their particulars).

    What is needed is not more “funny money” (Bobby Scott’s mindless recitation of Geitner’s spin), but rather a cold, calculated, pitiless cutting back of the federal government on every front. That includes the military-industrial complex as well.

    The federal government has long been singlemost active threat to the rights, liberty and happiness of the American people – a fact that is finally beginning to dawn on a majority of Americans (at least that what a recent Gallup poll would indicate).

    Michael Tocci

    September 27, 2011 at 11:28 am

  3. Coby,
    I wish you had asked him that question. You would have heard massive applause, because there were apparently many of us in that room that want the answer to that same question. Linda Gunn

    Angelica

    September 27, 2011 at 5:31 pm


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