Well, it sorta had to happen after President Barack Obama called the lack of his stimulus bill and the resultant cataclysm a “catastrophe.”
Now a Republican Senator, Richard Shelby, Republican of Alabama, told CNN’s “State of the Union” that the stimulus and efforts to shore up the struggling banking system will put the United States on “a road to financial disaster.”
Hoisted on his own petard?
Speaking of the stimulus and the huge debt now anticipated for the United States, Shelby says we’ll be on “a road to financial disaster.”
“Everybody on the street in America understands that. This is not the right road to go. We’ll pay dearly.”
Shelby is the ranking Republican on the Senate Banking Committee.
Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., left, waves as he and the committee’s ranking Republican Sen. Richard Shelby, R-Ala., arrive on Capitol Hill in Washington, Thursday, Feb. 5, 2009, prior to the start of the committee’s hearing on the Troubled Asset Relief Program (TARP).(AP Photo/Susan Walsh)
Polls seem to shore up what Shelby said, with more than 50% of voters now against or unsure of the stimulus according to the Rasmussen Reports.
That’s why President Barack Obama is hitting the campaign trail today and tomorrow and has scheduled a prime time news conference tonight. The president is working overtime in an effort to convince the American people that the stimulus, and the debt that goes with it, are needed and necessary.
Obama’s foes include the American people, who are largely against the stimulus, the Republicans who have a decades long commitment to fiscal responsibility and lower taxes, a flock of very bad spokesmen trying to peddle the presidents plan, dozens of economists, Democratic leaders who have failed miserably to explain why this stimulus is so good and the Congressional Budget Office.
The CBO said, “CBO’s basic assumption is that, in the long run, each dollar of additional debt crowds out about a third of a dollar’s worth of private domestic capital.”
The CBO analysis was requested by Senator Chuck Grassley a Republican from Iowa.
Grassley was unable to deliver the facts on the Senate floor on Wednesday due to what one staffer called the “carnival atmosphere and overdrive speed” of the Senate during the stimulus debate.
Sunday morning talk shows featured talking heads on both sides of the stimulus issue.
“Those who presided over the last eight years — the eight years that brought us to the point where we inherit trillions of dollars of deficit, an economy that’s collapsing more rapidly than at any time in the last 50 years — don’t seem to me in a strong position to lecture about the lessons of history,” Obama economic advisor Larry Summers told ABC’s “This Week.
John McCain said, “We need to spend money on infrastructure and on other programs that will immediately put people to work. But this is not it.”
Sen. John McCain, R-Arizona, is last year’s GOP presidential nominee.
McCain appeared on the CBS program “Face the Nation.”
“We’re going to amass the largest debt in the history of this country, by any measurement, and we’re going to ask our kids and grandkids to pay for it,” McCain said.
But Shelby said we are doing the economic recovery effort backward.
“Until we straighten out our banking system, until there is trust in our banking system, until there’s investment there, this economy is going to continue to tank,” he said.
On the CBO:
Stimulus Debt May Destroy U.S. Growth for 10 Years
Obama Economic Chief: House, Senate Stimulus Chasm Still Means Trouble
Stimulus? Senator Unleashes “Gay Insult” During Debate Tongue-Lashing
Obama, Dems Go To a Spa After Tough First Weeks But No Stimulus
Senator Critical Of President for Not Leading on Stimulus; Calls Effort “Crazy,” Bill “Monstrosity”
Stimulus: Its All In His Hands; Spokesmen Fail To Explain
Stimulus: Democrats Exhibit Zero Convicing Arguments, Spokesmen