Saturday, September 22, 2018

The American Taxpayer - Sold Out Again

by McEnulty (writer), Long Beach, October 02, 2008


The Pork Barrel Bailout

 The American Taxpayer - Sold Out Again



As I stated last week, we need a rescue plan for our financial system that will do the job and make sense for all Americans.  One would think, with all the smart people working on the problem and all the gridlock that needs to be overcome that a decent plan would result. 
Well, based on what I just read about the Senate plan we, the American taxpayer, are being sold down the river once again by Senators who are "buying" the votes of their colleagues with tax breaks and other sweeteners for the right and left.  In other words, how much of the taxpayers' money does the Senate spread around in bribes to get this done so they can go on vacation?  Time will only tell, but it will be a lot.
Excerpts from an article about the new Senate bill with my comments follow.
House GOP opposition appeared to be easing after the Senate added $100 billion in tax breaks for businesses and the middle class - what does this have to do with a financial rescue?
The increase in the deposit insurance cap was a bid to reassure individuals and businesses with accounts in banks and similar institutions - not a bad idea and costs us nothing at this point since there is insurance for this.
As revised by the Senate, the package would extend several tax breaks popular with businesses. It would keep the alternative minimum tax from hitting 20 million middle-income Americans, and provide $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana - what does this have to do with a financial rescue?
The Senate specializes in high-stakes legislating-by-enticement, and the long list of sweeteners it added was designed to attract votes from various constituencies - in other words using your money as bribes for votes.
Help for rural schools was aimed mainly at lawmakers in the West, while disaster aid was a top priority for lawmakers from across the Midwest and South Louisiana - what does this have to do with a financial rescue?
Another addition, to extend the deductibility of state and local taxes for people in states without income taxes, helps Florida and Texas, among others Louisiana - what does this have to do with a financial rescue?
And there were plenty of obscure tax breaks to go around, like one for certain wooden arrows used by children, and another benefiting litigants in the 1989 Exxon Valdez oil spill Louisiana - what does this have to do with a financial rescue?
Senate leaders were expected to try adding another goodie before the final vote: extending a tax break for homeowners who do not itemize their tax returns Louisiana - what does this have to do with a financial rescue?
Other provisions added by the Senate include a measure to require large companies' health plans to give equal treatment to mental health or addiction if they cover such illnesses. The House and Senate have passed similar "mental health parity" measures, but none has gone to Bush for his signature - what does this have to do with a financial rescue?
So it looks like we are going to get a financial rescue package, but after the Senate and the House get done piling on all the "sweeteners" they need to buy all the votes necessary for passage it will cost far more than anyone ever envisioned even if the investments pay us back.  Just like Congress, take a fairly good idea of investing in the financial well-being of the economy and turn it into "pork-barrel" politics for all comers.
If this doesn't convince you to throw out every Congressperson up for election in November, nothing ever will. 

With 1% of the money the Senate is throwing around to buy a few votes I would be the next President of the United States.

"Anything is Possible in America"

Frank McEnulty


About the Writer

McEnulty is a writer for BrooWaha. For more information, visit the writer's website.
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2 comments on The American Taxpayer - Sold Out Again

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By Jen on October 02, 2008 at 01:16 pm

Hi Frank.

1.  I like how you've taken the senates lead and decided to make a silk purse from a sows ear by calling this thing a rescue.  It's not a rescue...its a bailout.  Its a bailout same as the billions we spent back in the 80's to bail out the the S&L's and their shady speculative lending practices. this could happen...AGAIN!!!

2.  Of course those tax breaks and riders have absolutely nothing to do with the bailout plan.  Taxpayers are pissed and these provisions are meant solely to get us on board with shouldering the cost of these CEO's bloated salaries.  I mean...did you see that the new CEO of Freddie Mac will be earning $900,000.00 a year.  $900,000.00 for a company that we, the taxpayer, are being asked to bailout?  That is a crime.

As far as I'm concerned let the banks fail and let the market right itself.  That is what capitalism is all about and if we want to start acting like a socialist republic with our hands manipulating the markets then we better start giving the people something back for all this money we are care?  Education?  Actually spending some money on Education instead of just testing the hell out of our youth might be an idea.

And...I know...we run on credit so a credit freeze will paralyze the economy for a while but maybe that's what we need.  Maybe that is exactly what we need to bring us back to reality.   It might be hard and it will likely hurt but how long can we live on smoke and mirrors?  I mean...really?

Thanks for contributing :)

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By HouseofGauss on October 04, 2008 at 10:24 am

I'm  glad the Wellstone "mental health parity" bill passed, but why did it take 6 years and why was it tacked on to a bill that Rips off main street USA? As the rich get richer and the poor get poorer, somthing has to snap. Will the government bail out main street America when it goes down? What next, WallMart? Google? Microsoft? We are heading toward becoming a communist nation. We are losing our freedom and the main stream has their head up their ASSES! VOTE NOV4! AND DON'T LET THE PEOPLE IN OFFICE OFF THE HOOK!

Bush is worse than Nixon and he resigned! Bush should be put in prison like OJ, for the rest of his frickin' life......He'll get his! What come around, goes around!

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