The city of Troy, Michigan says no thanks to federal stimulus money. In a 4-3 vote, the Troy City Council turned down 8.5 million for the development of a multi modal transit center that has been in the works for over a decade. The transit project called for a combination of high-speed rail, bus, and taxi and would have created a hub for a regional system clearly missing from the city. While no one would object to investing in a city’s future, the problem so aptly stated by Mayor Janice Daniels is “there’s nothing free about government money.”
Federal money comes from taxes, but the government hasn’t increased taxes—so where is the 8.5 million coming from? It is being printed from out of thin air, as the government continues to borrow from the Federal Reserve and subsequently diminish the purchasing power of the money supply. The government continues to destroy wealth by spending money that it doesn’t have and taxing its citizens in the name of corporate welfare.
Troy has set the standard for the economy recovery. Take heed towns, counties, cities and states; reject federal dollars and let the private sector fund such projects.
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