Gov. Steve Beshear expressed excitement and an interesting economic theory Thursday afternoon in response to hearing President-elect Barack Obama's plan for a bailout of the states.
"Without fast and comprehensive action," Beshear said, "our nation and state will fall into a deeper recession."
Beshear didn't provide any information to back up his suggestion that "fast and comprehensive action" -- which simply means spending some borrowed tax money -- will prevent a deeper recession.
The worst thing about a bailout of the states is that inefficiently allocated assets don't get a chance to be put to better use. The second worst thing is that the money will be gone all too soon.
Beshear, meanwhile, is still talking:
"We are ready, as a state, to invest this stimulus funding. To that end, I will continue to work aggressively with Kentucky’s congressional delegation, state and local officials and the incoming administration to ensure that we are prepared to maximize the impact of funding to create jobs and ensure that we are moving our state forward with responsible investments in infrastructure."
This is not going to end well.
1 comment:
Obama's economic theory comes from Alexander Hamilton's 1791 report to Congress on manufacturers. Conservative Republicans, and their wing-nut religious right bedfellows have no use for American values.
Kentucky does need to stop its welfare payments to Toyota of Georgetown. That's a bounty on the head of American autoworkers and a duty on the sale of American made cars.
Too, Beshear and the Kentucky General Assembly (KGA), need to face up to their failed social policy of incarcerating non-violent marijuana users for extended periods of time with little or no prospect of parole or early release.
Serial killers and sex offenders have a better chance of parole than do non-violent marijuana users. Other than conservative economist Milton Friedman and conservative columnist William Buckley, conservatives today repudiate hemp as a viable economic alternative, and champion prolonged incarceration of non-violent marijuana users.
Conservatives also repudiate Alexander Hamilton's views on hemp. He wrote: "This is an article of importance enough to warrant the employment of extraordinary means in its favor."
Apparently Gov. Steve Beshear and the KGA are as uncomfortable with Alexander Hamilton's views on hemp as are today's anti-American values conservatives.
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