One month in and we have our first bailout from the legislation that would prevent future taxpayer bailouts. I got it yesterday from the Morning bell. It is certainly interesting where the money went.
This follows the bailout for the states that was in part paid for by new taxes on corporations and evidently cuts to unused food stamp money. But just like the promised Medicare cuts, these cuts will not happen. Within hours of its passage Democrats were already promising that they will do everything they can to ensure the money will not be cut. Very similar to Obama’s plea to not cut the payments to Medicare doctors after those cuts were included to try to make the legislation deficit neutral (which it wasn’t).
It is things like this that amplify the spending problem in Washington and creates an atmosphere of mistrust between the American people and the elites who are blissfully unaware of their financial irresponsibility. To think…these are the same people that want to tax you more so they can continue their ways. Would you give a friend money who constantly wastes it? It does not take an MBA to realize that is a bad idea.
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