President Obama’s “American Jobs Act” (Stimulus II) is a politically-inspired $447 billion in additional spending for 2012 using borrowed money.
It’s “more of the same” from Mr. Obama, who has added $4 trillion in additional debt since taking office. Mr. Obama has already supported and signed $830 billion for Stimulus I, $3 billion for Cash for Clunkers, $30 billion in small business loans, $30 billion for mortgage modifications, the GM-Chrysler bailout, Obamacare, Dodd-Frank financial regulation, credit card price controls, Build America Bonds, and jobless benefits for 99 weeks.
Gallingly, Mr. Obama’s request for hundreds of billions in further “stimulus” came at the same time we learned details about the first batch of stimulus being squandered. The bankruptcy of solar panel manufacturer Solyndra included the loss to taxpayers of $535 million in loan guarantees. The Solyndra fiasco underscores both Obama administration financial incompetence and political cronyism involving the company’s investors who were also large Obama campaign contributors. Why should we borrow more money and have that misused as well? Jim Hartman Berkeley, California