Syndicated radio show host Rush Limbaugh famously said he hopes President Barack Obama fails.
After last week’s vote on the president’s plan to save and create jobs and to revive the spiraling economy, it appears the Republican Party has fallen in line as Mr. Limbaugh leads the parade. No House Republicans and only three Senate Republicans voted for the $787 billion stimulus package Mr. Obama is to sign today in Denver.
Apparently, Republicans believe a continued policy of tax cuts for the wealthy is the best way out of the recession. After all, look at the lack of prosperity that policy has spawned during the past 12 months, when more than 4 million jobs were lost.
Fortunately, the American people — including those of us in Alabama represented by Sens. Richard Shelby, R-Tuscaloosa, and Jeff Sessions, R-Mobile — will benefit from the stimulus package. The more than $600 million in infrastructure improvements in this state will put people to work and pump public and private capital into the economy while strengthening crumbling roads and bridges we all use. The legislation sets aside more than $38 billion for similar projects across the country.
Like any legislation this broad in scope and dealing with near-unprecedented problems, there are bound to be drawbacks to President Obama’s plan to revive the economy.
But the private sector and free markets alone have not sparked economic recovery. Quite the contrary, unregulated banking and trading are the main reasons we are in this mess.
On Wednesday, President Obama is expected to unveil a second part of his strategy, designed to help homeowners on the brink of foreclosure. It will likely include renegotiated interest rates and longer terms on troubled mortgages.
Soon, the president will present ideas to shore up the troubled domestic auto industry.
Something has to be done to help the American people in these troubled times. How ironic that the party whose election theme was “Country First” is betting against the prosperity of the American people.
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