D.C. Bankrupting S.C.

Congress passed a $787 billion bill in Feb. 2009 to “stimulate” the economy. What happened next?  Rising unemployment rate, staggering national debt, and a massive increase in the size of government.

§  When the stimulus expires, South Carolina will be left with a $694 million budget hole. There are only two options:  cut spending or raise taxes.  Legislators have refused to examine programs for inefficiency.  They will not examine the budget and make targeted cuts.  That leaves a tax increase,  

§  Politicians said unemployment would fall below 8% after the stimulus.  They were wrong – today it’s still above 10%, and hit 12% in SC.  

§  The country is in a recession – spending money we don’t have won’t improve the economy. Government spending cuts are more effective than tax increases at righting the economy.

§  Stimulus dollars are being wasted all over the country. For example, the Medical University of South Carolina is receiving $110,625 to investigate the role of cilia in teeth formation. If the project is so important, it would be able to obtain private funding. Millions more has been given out to similar research projects.