It is hard to keep up with the torrent of Bad Ideas coming out of the Democrats in Washington. The latest is the extension of a scheme to borrow billions of dollars from Chinese investors to induce people to change residences, as long as you make the move by November 30th of 2009. The proposal would change the deadline to April 30th, 2010.
What is this, you ask? Why in the world should we spend tax money to get people to move?
Exactly, but after all, this is Washington, and any time politicians can buy favor with tax money, temptation and stampede comes before the dawning of common sense.
In this case, it is realtors, moving companies and house buyers who win. As usual, there are a lot of those who vote, and the program is naturally popular. Who is against free money?
As usual, it is harder to finger the losers, but two of the big losers are clearly the Taxpayers, and their children.
Mr Obama was talking today about a "post bubble" economy, while doing everything possible to ensure that bubble-sustaining incentives remain.
This is insane. Until the taxpayers wake up and refuse to pay the bill, the insanity will continue.