According to a column by Dan Juneau, president of Louisiana Association of Business and Industry, the federal government’s answer to the present financial crisis is bringing about some alarming figures.
“A recent analysis by Bloomberg News caught my eye,” Juneau states. “It estimated that the total federal response to the financial crisis thus far (the stimulus legislation, bailouts, plus the vast infusion of “liquidity” into the financial system) comes to $9.7 trillion. It is almost impossible to envision how big $9.7 trillion is, but here are some illustrations:
“- – It would pay off 90 percent of all the home mortgages in the United States.
“- – It would take spending $13.2 million a day from the birth of Christ until today to equal $9.7 trillion.
“- – It is 13 times more than what has been spent on the Iraq and Afghanistan wars combined.
“- – It could be used to write a check for $1,430 to every man, woman, and child alive on the planet today.
“- – It is more than three times the annual federal budget.
“Our leaders had better come up with a plan that will work to solve this crisis,” writes Juneau. “There isn’t another $9.7 trillion available for them to take a mulligan on addressing the problems. It is incredible that Congress has rushed to pass a stimulus bill that will cost taxpayers over $1 trillion once the interest on the borrowing is figured in. It is the biggest single piece of appropriations legislation in history, and it is supposed to help reverse a dire economic crisis—yet few will know exactly what they are voting on when the votes are cast. That is a bad way to do business.”
Jindal gains nomination votes
Gov. Bobby Jindal probably picked up a few thousand more potential votes for Republican presidential nominee with his interview on Fox and Friends Wednesday morning. He explained his reasons for turning down the $100 million federal stimulus offer in extending unemployment compensation in the state. His reason was that it would require the state to increase taxes on businesses permanently, which he had said before. But this time, he recited it fluidly and, we’re sure, influenced every conservative, and some not so conservatives, watching.
Right now, Jindal is probably running third in the race for the nomination. He’s behind Mitt Romney and Larry Huckabee. Not bad for a guy who says he’s not running.
Levees are not enough
A new brochure from Lake Pontchartrain Basin Foundation gives a clear outlook on just what is needed to preserve and restore Louisiana’s valuable coast. And levees won’t do it.
The ingredients are the natural defenses of the coast that existed until our manmade “progress” started tearing them apart. Included are barrier islands backed up by shallow sounds, marsh landbridges, cypress swamps and natural ridges. And of course the overflowing of the Mississippi River which built up our coast from the Gulf of Mexico.
Now, the future is obvious. We have to return to those natural protections we enjoyed for so long. Building up barrier islands, pumping sediment into the open water in our wetlands, diverting fresh water to make them healthy is the way to protect and restore our coastal protection.
With that in place, we can then add levees to benefit populated areas.
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