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American Wealth Management President Laif Meidell, WSJ Assistant Editor James Freeman and the Weekly Standard’s Steve Hayes on how the government sp...
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-- given the -- ends.
In taxpayer stimulus money never that shovel ready all that nonsense -- disposed to -- towards transportation.
Project I'm not crazy right you remember that.
Our money power -- The react seems free minute from the wall street journal of course -- my Dallas president America.
Management we have Fox News contributor Stephen Hayes from the weekly standard as well I mean I.
Hi I'm not a lot James I thought I could I wanted to sort of reached through the radio bear in sort of shake him.
A bold plan all the euphemism for really expensive and blowing all of your cash -- Porsche already renting out yet it's a good question and I think this is kind of have the best defense is the good offense where he's expecting people to say ray where right where it -- -- -- go out -- he's -- pretending that he's kind of apart from this problem and and decrying it part.
-- 800 billion dollar stimulus they sold -- about 10% of what you could call infrastructure.
And -- Of that not much went to fix those actual.
Roads and bridges that are in trouble because they figured out shovel ready means it's already had all the environmental reviews it's already got all the permitting we we can just do it now throw the money out there that usually.
Means roads that don't need stuff done because they were just recently -- so.
That's why a lot of the money went.
You know it went out quickly to go to where we needed it Steve I mean this is like here on the way out the door and everything's a Max and -- you just turn it wanes when outlets like -- -- I don't I can't ex finance.
-- I think James last point is that the as the key point it did the money didn't go where we needed it I mean.
-- look I didn't like the way that the stimulus was crap that thought it was it was -- spending from the beginning but if you're gonna spend that money.
More of it should have been on actual infrastructure programs which we know that we're going to need to fund.
At some point so about 27 point five billion dollars of that total 87 or 87 billion.
Went to roads and bridges there was some other money that went to other kinds of infrastructure projects but it wasn't really -- -- greater percentage.
Of the original stimulus idea what Ray LaHood is -- is lamenting now is that he didn't have.
Even more money to do this because we know that Ray LaHood is in love.
With spending on these kinds of products remember he was that the secretary who sent back when Scott Walker sent back money for high speed rail that Wisconsin residents didn't want Ray -- in effect said.
You're gonna take it whether you like it or not.
Yet no idea where some of that stimulus money went late I mean for example just drilling down on the numbers.
Thirteen point seven billion dollars that was for infrastructure went to hide part of that went to rental assistance contracts for private property owners.
One point five billion went to homeless prevention activities is that infrastructure I mean.
You know it clearly isn't it you know the -- is -- crazy thing about you know secretary lahood is.
He has this this this bipolar personality on one side they're complaining about having problems with potholes and on the other turn.
We wanna we wanna build these high rail projects you know and he seemed to have this really this controversy about.
Be able to determine between needs and wants you know we need to have roads without holes we don't really we may want to have a nice rail project right don't really needed.
No that's a great point and I mean James well let's talk about that for example where some of this money went in all seriousness.
Some of it went to funding projects that were already on the books so in other words.
Federal money just replace state local money that was gonna get spent anyway that's part of the problem.
Yeah and also if you're wondering why the bottles weren't done now a lot of the stimulus didn't go to roads at all lot fifteen million for an airport to nowhere in Alaska well lot of major transportation -- got nothing.
And all of these rail projects a lot of money is gonna end up going to a a train to nowhere in the central valley of California -- there's no market for this and it's not even clear they'll ever completed so it's.
I just.
But it it's amazing that he's now turning around and and wondering why more money wasn't spent on -- No that's your -- -- we're talking about that nine point three billion dollars that went for Amtrak there was one point three that went for aviation projects I mean price it.
There's where your money wedding he wanted to help pot calls I guess -- -- should adopt that instead of putting it into we're looking on the screen on it to shipyards and almost prevention.
Right exactly and remember -- Governor Walker returned that four billion dollars in money for the Wisconsin high speed rail project that nobody wanted.
He tried first to have it re purpose he said you know what we've got pothole problems here Wisconsin yeah highways are terrible can we use this money.
For that and look -- was emphatic that that money could not at all be -- that would be unprecedented.
We.
So late what do you think about that I mean.
It's it's amazing that he's sort of has amnesia about -- it's amazing that in the interview he did on NPR he wasn't challenged and any of these issues he just -- -- -- freeway.
Yeah -- you know he's got this really incredible vision but the sad part about it is we don't have a budget you know the US budget can't really support his vision.
And you know what I think is the sad part is he talks about stimulus and that this stimulus is gonna help both the help of the small businessman.
But the reality is we really completely lost all of our trust.
In in any type of stimulus making -- down to that businessman.
And so you don't know the whole premise of where he's headed is is really doesn't have any credibility.
James last -- 21 billion went on tax incentives for energy efficiency for renewable energy projects.
And me media briefing but what should potholes have come first maybe -- -- -- yeah.
It's ashamed of some government doesn't work because this is actually the right general structure for attacks ideally it's a guest says it pays for roads in the user is paying and a unfortunately it doesn't go to -- dozen other -- right that's essential problem government -- doesn't work are right guys thanks appreciate your time.
Time now.
