I’m sickened as an American taxpayer today
I have been against any type of taxpayer bailout or “stimulus package” since Congress and America’s most liberal-spending president first passed the $700 billion one in October. I even asked my representative not to vote on the bill, which he did anyway.
As the majority of Americans predicted (60% in both a CNN and Gallup poll), the bailout didn’t work, according to today’s report in The Washington Post. Banks aren’t lending the $200 billion they received from taxpayers back to taxpayers. How kind of them.
But what did proponents of the bill think would happen? Can anyone show me one unconditional act of grace in history that actually worked? It doesn’t exist. It can’t. Though well-intentioned, unjust handouts only cripple the receiver, like a spoiled five-year old instead of fostering responsible adults.
And what’s more “shameful,” Mr. President: that congress (including you at the time) and our former president got duped into believing (or colluding with) persuasive salesmen (investors, bankers, financial CEOs, etc) to pass an unconditional handout using your constituents’ money? Or that wealthy Wall Street speculators and private-jet flying automobile honchos effectively secured one of the biggest welfare checks in our country’s history, to already rich individuals even? Some would call the latter group clever.
Bankruptcy was help enough to slow the economic bleeding. It protects risk-takers and ensures they can get back on their feet, and in many cases, continue to operate. Yet suddenly, this option is no longer satisfactory, because the consequences of job loss sting. Seemingly overnight, America has forgotten that natural consequences like forest fires (recession, depression, etc) must take place to replenish the soil (our economy).
Meanwhile, President Obama and the House of Representatives have already approved a ballooning $800 $900 billion second bailout that’s filled with wasteful, political, irrelevant, and ineffective spending (read it here, but it will crush your spirits). Only our elected Senators can save us from such a mess, but opponents still want to pass some kind of bailout, just one in line with their preferred agenda.
After studying the issue, I believe the only thing that pulled our country from the Great Depression — in addition to patience — was justified over-spending, using American purchased war bounds (as opposed to the foreign-bought bonds of today, mainly from China), to fund World War II’s victory. Without the American taxpayer, the war would have been lost, and we would all be hailing Hitler or suffering the consequences (death). I can’t think of a more just cause to warrant borrowed spending. Without a just cause, said spending is spent in vain.
What we need now is more patience and FDR-like charisma, leadership which helped our country endure tough times, even though it didn’t solve them. We have to let the bad parts of our market fail, even if it hurts. All we’re doing now is wishful thinking, crossing our fingers, trying to get elected to a second term, and unjustly spending other people’s money — mine — which will likely lead to hyperinflation, making our dollar worthless.
Pile on the recent cabinet scandals, and my optimism has quickly faded. Again, I feel like I’m taking crazy pills.
12 Comments
Yup banks are not loaning the bailout money. In fact the opposite is happening, they are actually cutting available credit to consumers. I mean why would they used the bailout money as it was proposed when they can use it on things like Super Bowl parties and sponsorships.
http://www.foxnews.com/politics/2009/02/02/bank-america-takes-heat-sponsoring-super-bowl-festival/
Our country is screwed.
The only silver lining in all of this is Canada is only about 12 hours from here.
This is unreal, and this is why I was a Kucinich supporter. Guess who voted “nay” back in October? This is what happens when you live amongst a bunch of idiots who like to vote for the guy they’d most like to sit down and have a beer with.
“What we need now is more patience and FDR-like charisma, leadership which helped our country endure tough times, even though it didn’t solve them.”
Or another Hitler? Just saying….
@ Chatelain
I’ve already started growing the stache.
I definitely think people’s fears are founded, especially considering what this country has been through; however, if you look for a silver lining, there are things to still be optimistic about.
For instance, the last stimulus was rushed through in a week or two. It was pushed through without proper oversight and restrictions in place. This president has stated that this stimulus is necessary and an immediate need … yet it’s been given about a month and a half to be worked out. (He asked for it by the Feb recess…) That’s twice or three times as much time to work on it. No matter how much skepticism you have, surely that time will make some difference. In addition, even in the house, specific portions of the bill were stripped due to criticism.
In addition, other important legislation is still getting passed including the fair pay act and the SCHIP expansion, both of which have had broad support. But what heartens me the most is a voice of accountability. Finally, I feel like something might be done about the FDA. After all those food recalls, I can’t remember President Bush ever saying anything about the FDA’s many failures, much less looking into it.
It may not be as radical as many wanted, but it’s definite change. This stuff simply wasn’t happening before. We didn’t crawl into a hole overnight, and we’re certainly not going to crawl out overnight either.
Nick — In addition to galvanizing the country, FDR passed legislation that helped Americans endure the difficult times, never instituting such disproportionate spending as we see today.
There’s a big difference: current officials want to “fix” the problem while pork barreling agendas instead of easing the burden like FDR. Our government cannot “fix” free markets, which naturally ebb and flow, but it can help with regulation and supportive legislation. What they’re trying to do now is futile, and on my dollar even.
President Obama’s stated oversight is refreshing yes, but he didn’t even oversee his own bill (see the “read it here” link above). Talking the talk and walking the walk are two very different things.
I believe your points are very valid. But I’m trying to inject optimism by saying while the political process and our government are far from perfect, they have improved and can continue to improve.
I agree! We need a crippled, four-term, adulterous P.R.esident.
Clever, Josh. 🙂 I don’t think FDR was the best thing since sliced bread, but his personal life aside, I feel he did a good job during the depression years.
Many, many economists cite evidence that FDR’s actually prolonged the great depression.
http://www.google.com/#hl=en&q=fdr+prolonged+depression&fp=Rhq7p-mUk-o
Okay Mr. President. The honeymoon is over. What the hell are you thinking? How can ANY of that stimulate the economy? Or even help me in the least way? This type of spending can, if viewed another way, look like a payback. Money to Hollywood producers to buy film is going to help me how if I don’t have the money to go to a movie? How many people does it take to “design” an icebreaker? And of course, not being an FBI agent, I’m surely not going to benefit from any of that money.
What you need to do is trim off that fat. We can not afford it. Also, instead of rushing to throw more money out the window, look at what has taken place with the money already out there. Banks have been really helpful to us with the money you loaned them to head off foreclosures and to generate loans; they’ve raised their credit card rates – which is really going to encourage us to use them more – and made borrowing money impossible. Wall street has given out quite a few bonuses with their 350 billion — oh, wait, we didn’t get any of that either. I hear casino owners are asking for money. Why? Not enough people are gambling? No, we’re all saving our money to go to Hollywood movies.
I’m trying to figure out how I can go before the committee and beg for bailout money. I’d represent the average American since no one is looking out for us. After Reganomics, I thought we were finished with trickle down economy; either that, or I hoped I moved up enough to get some trickle. Nope. Still too far down.