Unsatisfied by wasting $3 Billion on the Cash-for-Clunkers program, today the Senate approved more economic "adrenaline shots", extending unemployment benefits, extending a popular new home buyer tax credit and expanding the tax credit for people who already own homes. Also, they approved tax breaks for companies that are losing money...a move backed by the chamber of commerce.
It's repulsive. Its like trying to address a hangover by downing more booze. Worse actually. At least the alcoholic doesn’t force taxpayers to pay for the booze.
The Chamber claims it support “free markets.” Yet it backs all sorts of special interest handouts—even Cash for Clunkers. Very sad.
Add the National Association of REALTORS to the gimme list. I am a member for 32 years. They have yet to NOT back any big-government bailout or solution to come from Washington, no matter what the overall cost or value.
November 9, 2009 at 2:38 pm
Tony DeMuro
Government types just don't care about you and me. They think they always know best and everyone else are just dumb asses.They have ignored the will of the people and they will pay, one way or another.With all the stupid things they do, I think their willful disregard of our desires is the most hurtful. They are stealing our money and freedom and must be stopped!
November 8, 2009 at 9:22 pm
Tom Jensen
John,
Great article, as usual. Could I offer to contribute (voluntarily, of course) to a fund that would be used to purchase copies of "Atlas Shrugged" for our MOCs who back this sort of folly? The parallels are remarkable. I truly hope the outcome of this nightmare is not.
Tom
November 7, 2009 at 3:14 am
Jordan
Love the blog, but I'm confused. Why is "extending a popular new home buyer tax credit and expanding the tax credit for people who already own homes" repulsive? And how are "tax breaks for companies that are losing money" a handout? Aren't these people just keeping more of their own money? Even though it's a small, selfish victory, I still want to applaud because someone is succeeding in keeping money away from Big Government.
This socialist government is sickening. These little packets of government dope will only hurt the folks that live only to get something from big brother.
I cannot adequately describe the disgust and pity I have for lazy useless people waiting around for a hand out that will come from productive citizens
November 6, 2009 at 11:49 am
DEllison
I agree with you, John, 100%. When did anyone ever spend money in order to keep from going broke?
We need someone who isn't so full of himself -- stops wasting taxpayers money to go play golf -- Why isn't he more concerned about the "real" unemployment rate instead of throwing money down a rat hole.
I fully agree. There is no longer a consequence related to poor decison making. This is true whether it is the individual, big business or our really big government. We will collectively pay a big price over time in both a change in our culture or ability to enjoy personal liberty and pursue happiness as we each define it.
Sad days. When my grandchildren are old enough they should take old grand pa out behind the barn and wear me out.
November 6, 2009 at 11:26 am
EdgarM
The Chambers of Commerce need a major overhaul. They are way, way out of line, with todays business model. They have become a government function. How sad.
November 6, 2009 at 8:04 am
Mark Montgomery
I, as a small business owner became so fed up with the status quo I now host a talk show on sat. morn. 9-10 am on KTKZ 1380 in Sacramento Ca. I am also forming a new business coalition that is for taking money from politicians not giving. The only group I see as haveing enough potential power in Calif. is small business. I hope to organize business and change Ca. A large trade organization that is activist and able to fight public unions must take hold in this state.
I am confused how the extended home buyer tax credit will help stimulate anything. The original credit would boost the market by giving incentives for people without homes to buy homes and lower the supply on the market. The old rules said it had to be your primary residence, so this new credit, if the rules are the same, is merely giving people $ for buying a different house, where they will have to move to get the credit and put their old home on the market. solves nothing but wasted tax $'s
November 5, 2009 at 10:10 pm
LAD
As Hayek explained, recessions are caused when workers produce things they don't want to buy. When the real estate bubble burst, people in construction, mortgages and related industries had to transition to new industries. Since the government subsidies described in this article are temporary, they serve to misdirect workers into unsustainable jobs. In short, these programs extend the recession. Politicians mostly hurt people.
November 5, 2009 at 9:15 pm
PeteR..
I feel the same way about the insurance companies. In fighting for capitalism and freedom, we fight to keep government out of their businesses. But a lot of the insurance companies, Chamber of Commerce, and auto companies brought this stuff on themselves by trying to cut deals good for them. They danced with the devil. They should get burnt. But I'll still fight to keep the government off their backs.
November 5, 2009 at 5:39 pm
Tom Warner
The Chamber of Commerce has become just another of the many organizations that regularly feed at the government trough. Their guiding principles do not include "free market capitalism" other than occasional slips of the tongue that are merely lip service.
Their primary purpose is to continue grabbing for more federal pie in hope of getting more of it than other outfits that are doing the same thing.
Very sad indeed.
November 5, 2009 at 5:26 pm
aboutthis blog
John Stossel joined FOX Business and FOX News in October 2009. He is the New York Times best-selling author of Give Me A Break and Myths, Lies and Downright Stupidity. His "Give Me a Break" commentaries take a skeptical look at a wide array of issues, such as education, the economy, parenting, and more.
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Chris Furgerson
Add the National Association of REALTORS to the gimme list. I am a member for 32 years. They have yet to NOT back any big-government bailout or solution to come from Washington, no matter what the overall cost or value.
Tony DeMuro
Government types just don't care about you and me. They think they always know best and everyone else are just dumb asses.They have ignored the will of the people and they will pay, one way or another.With all the stupid things they do, I think their willful disregard of our desires is the most hurtful. They are stealing our money and freedom and must be stopped!
Tom Jensen
John, Great article, as usual. Could I offer to contribute (voluntarily, of course) to a fund that would be used to purchase copies of "Atlas Shrugged" for our MOCs who back this sort of folly? The parallels are remarkable. I truly hope the outcome of this nightmare is not. Tom
Jordan
Love the blog, but I'm confused. Why is "extending a popular new home buyer tax credit and expanding the tax credit for people who already own homes" repulsive? And how are "tax breaks for companies that are losing money" a handout? Aren't these people just keeping more of their own money? Even though it's a small, selfish victory, I still want to applaud because someone is succeeding in keeping money away from Big Government.
R Orton
This socialist government is sickening. These little packets of government dope will only hurt the folks that live only to get something from big brother. I cannot adequately describe the disgust and pity I have for lazy useless people waiting around for a hand out that will come from productive citizens
DEllison
I agree with you, John, 100%. When did anyone ever spend money in order to keep from going broke? We need someone who isn't so full of himself -- stops wasting taxpayers money to go play golf -- Why isn't he more concerned about the "real" unemployment rate instead of throwing money down a rat hole.
Claus Thormaehlen
I fully agree. There is no longer a consequence related to poor decison making. This is true whether it is the individual, big business or our really big government. We will collectively pay a big price over time in both a change in our culture or ability to enjoy personal liberty and pursue happiness as we each define it. Sad days. When my grandchildren are old enough they should take old grand pa out behind the barn and wear me out.
EdgarM
The Chambers of Commerce need a major overhaul. They are way, way out of line, with todays business model. They have become a government function. How sad.
Mark Montgomery
I, as a small business owner became so fed up with the status quo I now host a talk show on sat. morn. 9-10 am on KTKZ 1380 in Sacramento Ca. I am also forming a new business coalition that is for taking money from politicians not giving. The only group I see as haveing enough potential power in Calif. is small business. I hope to organize business and change Ca. A large trade organization that is activist and able to fight public unions must take hold in this state.
Aaron Pappas
I am confused how the extended home buyer tax credit will help stimulate anything. The original credit would boost the market by giving incentives for people without homes to buy homes and lower the supply on the market. The old rules said it had to be your primary residence, so this new credit, if the rules are the same, is merely giving people $ for buying a different house, where they will have to move to get the credit and put their old home on the market. solves nothing but wasted tax $'s
LAD
As Hayek explained, recessions are caused when workers produce things they don't want to buy. When the real estate bubble burst, people in construction, mortgages and related industries had to transition to new industries. Since the government subsidies described in this article are temporary, they serve to misdirect workers into unsustainable jobs. In short, these programs extend the recession. Politicians mostly hurt people.
PeteR..
I feel the same way about the insurance companies. In fighting for capitalism and freedom, we fight to keep government out of their businesses. But a lot of the insurance companies, Chamber of Commerce, and auto companies brought this stuff on themselves by trying to cut deals good for them. They danced with the devil. They should get burnt. But I'll still fight to keep the government off their backs.
Tom Warner
The Chamber of Commerce has become just another of the many organizations that regularly feed at the government trough. Their guiding principles do not include "free market capitalism" other than occasional slips of the tongue that are merely lip service. Their primary purpose is to continue grabbing for more federal pie in hope of getting more of it than other outfits that are doing the same thing. Very sad indeed.