Today was a good day for democracy. When the bail out deal was announced the American people finally had had enough. Americans took to their phones and email accounts and bombarded Congress with calls and letters saying “NO WAY!” I have been listening to the radio and reading the news, doing my best to follow this issue. I know there are economic factors at stake that are beyond my grasp, but I think that the common sense of the every day American won a great victory here.
Most people understand that if you do something stupid, you pay for it. Over the past few weeks the government has been using the tax dollars of Americans to pay for blatant stupidity. There seems to be some sentiment among Americans that even if not passing this bail out leads to some tough times that we will all be better off in the long run. Why? Because people will learn that stupidity and outright greed will not be rewarded.
I expect the government to go back to the drawing board to try and come up with some other type of bail out plan to rescue the economy, but I think they are completely missing what we really need to stabilize the economy. I agree with Mike Huckabee that the best way to fix the economy is to dramatically cut taxes on investing. Imagine if the taxes on investing were completely eliminated, money would pour into the American markets and more people would be encouraged to invest.
Washington only knows how to spend our money. They think that they can spend their way out of this mess, when what America really needs is more incentive to invest. Hopefully, the defeat of this bill will help them to realize that Americans don’t want to see stupidity rewarded.
On a side note: isn’t it funny that the Democrats, who claim to stand for “the little guy” seem intent to pass this bail out that will cost every single little guy thousands of dollars while rescuing big business?