Glenn Beck is a moron
Sure, we all knew it, but how big of a moron could he be?
Today, he writes about the economic stimulus package passed by Congress, which would put cash into the hands of taxpayers. Beck thinks the plan is flawed, but not for the right reasons. The real reason the plan is flawed is that consumers -- who got into this mess by racking up more debt than they could pay off -- are expected to use their $600 tax rebates to buy more stuff, especially durable goods, to boost the revenue of corporations, which will in turn have more money to buy capital goods from each other, invest, and hire new employees.
This will not happen.
For one, consumers will take that $600 and immediately pay down their debt. They're dumb, but they're not cretins. They already bought the 42" plasma TV. Now it's time to pay it off.
Second, with the number of jobs being outsourced, companies will indeed turn around and hire new labor -- in another country! China, Mexico, and India will benefit from this portion of the stimulus package. And it looks like companies don't want more labor, at least, not skilled labor. GM wants to buy out the contracts of 74,000 North American employees and replace them with less-experienced workers because the new workers are cheaper. You'll recall that Circuit City tried this last year, and it was a rousing success.
Just kidding. The fired employees were furious and customers were frustrated by the inexperienced new employees.
Glenn Beck objects to the stimulus package because it doesn't do enough for big business. The old supply-side theory works only if companies are investing in labor in this country. And they're not.
So, Beck's brilliant idea is to issue debit cards -- debit cards! -- for quick spending. Yes, that's the ticket: spend more money. He cites the success of the $2000 debit cards given to victims of Hurricane Katrina in 2005 as an example of why his idea works. But his own precious FOX News reported in 2005 that FEMA scrapped their debit card program after it had existed for only two days. Cards were issued only to evacuees in Dallas, Houston, and San Antonio.
See, debit cards give people money now, whereas tax breaks take some time to go into effect. Welcome to fiscal policy, Glenn. He also proposes that the cards have a six-month expiration date, forcing people to spend their money immediately or they lose it. What planet is Glenn Beck from? Does he really think that this is the answer: mandatory spending to fill the coffers of companies that may or may not, in their infinite sense of charity, use the money to make the economy better?
Then again, he is the same person who told Keith Ellison (D-MN), America's first Muslim congressman, "[W]hat I feel like saying is, 'Sir, prove to me that you are not working with our enemies.'" He also supports an amendment to the Constitution prohibiting flag burning.
I'd make him a SEDHE Villain of the Forever, but to be a Villain of the Forever, a person has to take actions that harm the United States. Glenn Beck just spouts stupidity, and thankfully, no one listen to him.
