Opinion Source Information:
From Shelby's Website:
“Now, less than one year later, we are looking at spending $825 billion to create or sustain three to four million jobs. That comes to approximately $217,000 to $275,000 per job. With the average national salary at approximately $40,000 a year, does that sound like good economic value?
“Most importantly, Mr. Chairman, we must remember that Congress does not have access to a secret vault of money. The $825 billion has to come from somewhere, and that somewhere will have to be taxed or borrowed out of the economy in order to be repaid, burdening each of our children and grandchildren with thousands of dollars in new debt.
“As Harvard economist Robert Barro pointed out in the Wall Street Journal last week, the government cannot create wealth out of thin air.
“This bill is not stimulating the economy – it is simply more spending. Spending that is forcing our nation much further into debt.
“As we continue the debate on how to best stimulate the economy, we must focus on long term economic growth.
“We simply cannot spend our way to prosperity.
“While many have proposed massive new federal spending to solve our economic problems, history shows us that this type of quick fix provides few, if any, short term benefits with tremendous long term costs.
“There must be a better way.