Digging Our Own Grave

Obama's Marvelous Bailout Plan and Waterslides is fast approaching the $1 trillion mark. "Where is this $1 trillion dollars coming from?", the enlightened American may ask. Should we borrow it from Bear Sterns? No, I don't think so. You see, Obama's Bodacious Bailout Bill is resembles in some ways some of the very problems that were at the root of our current financial crisis. Banks lent money to people who simply couldn't pay them back. Now, it seems the American government is on the other side of the coin. We are planning to spend a gargantuan amount of money that we just don't have.
Obama has warned that,

"This recession might linger for years. Our economy will lose 5 million more
jobs. Unemployment will approach double digits. Our nation will sink deeper into
a crisis that, at some point, we may not be able to reverse,".

Thank you, Mr. President, for doing your part in sinking us deeper. I don't believe for one minute that a vote against this bill "will sink us deeper", in fact, I think it will the opposite. Congress is on the verge of passing a bill that could dig the nation, and by extension, the world, a grave. And once we're in the grave, the Obama administration will wield the shovel to bury us forever.
Now, I don't think that we are in , or will be in a situation that "we may not be able to reverse,", I just think that a bailout bill, laden with blatant pork-barrel spending, and driven by the sheer force of liberal controlled Legislature and Executive branches, will make reversing the crisis quite difficult indeed.
What do I, with all my criticisms suggest? I suggest we scrap the bailout plan completely. Then, we lower the wage of high-level government officials, such as Congressmen and Cabinet members, and, yes, even the President himself, and then use that money to give tax breaks to all Americans. This would not be enough however, on its own. Tax breaks would have to occur on the state level, and although the Federal government can't force State Legislatures to lower taxes, I suggest that an exception be made in this case. State taxes have spiraled out of control. States like New York have obscenely high taxes, and this has to be stopped. We have to put tax caps, much lower than the current tax rates in NY, and leave them there, to protect all the citizens on the State level as well. (Because it does no good for the Federal government to lower taxes while the corrupt and dysfunctional state governments raise them). Then we take this opportunity to lay off, yes, lay off and consolidate useless government jobs. Fire the people that should never have been hired in the first place, and instead, use the money that would have gone to pay them to fund government paid infrastructure and urban renewal projects. Finally, offer tax incentives to companies that build factories here in the U.S., and operate them too. Obviously, it has some rough edges, and may be incomplete, but I'm open to suggestions. And, unlike our president, when I say that, I mean it.