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.