The Final Minority Report

Because Even Minorities Oppose Liberalism & Statism

How to blow $6.5 TRILLION in 100 days – The Obama Way

FIRST, there is news that the Treasury Department REFUSES to keep tabs on how money is being spent:

It is safe to assume, however, that the investigations now in progress represent not even the tip of the iceberg. The most troubling feature of the SIG’s report is its documentation of reluctance on the part of Tim Geithner’s Treasury Department to make even modest efforts to protect the interests of the taxpayers. To take just one glaring example, Treasury has refused to require banks to account for what they do with the billions of dollars they receive in TARP money:

Treasury has indicated, however, that it will not adopt SIGTARP’s recommendation that all TARP recipients be required to do the following:

• account for the use of TARP funds
• set up internal controls to comply with such accounting
• report periodically to Treasury on the results, with appropriate sworn certifications

In light of the fact that the American taxpayer has been asked to fund this extraordinary effort to stabilize the financial system, it is not unreasonable that the public be told how those funds have been used by TARP recipients. Treasury is now conducting regular surveys of the banks’ lending activities; however, with the exception of Citigroup and Bank of America, Treasury has refused to seek further details on TARP recipients’ use of funds.

Not just failed, but “refused.” The report adds:

The American people have a right to know how their tax dollars are being used, particularly as billions of dollars are going to institutions for which banking is certainly not part of the institution’s core business and may be little more than a way to gain access to the low-cost capital provided under TARP.

SECOND, the Obama administration has proposed $6.5 TRILLION new dollars in debt OVER what we have already spent:

Barack Obama’s hundred days have not gone as badly as Napoleon’s. In money terms, however, they have been considerably more expensive. Since his inauguration on January 20, 2009, President Obama has proposed new spending programs that will add over the next 10 years $6.5-trillion (all figures U.S.) to the American national debt. That’s $6.5-trillion over and above the debt that would have been incurred had the existing policies been left alone. (Not that those existing policies were so great either.)

That’s $65-billion in new debt every single day of the first 100. Expensive.

And this figure is surely too low, because it is based on (1) almost certainly unduly optimistic assumptions about the growth of the U.S. economy over the next few years and (2) unduly optimistic assumptions about the costs of President Obama’s health-care ideas.

Advertisements

04/28/2009 - Posted by | Free Market Economics, Government Debt, Redistribution of Wealth, TARP, tax cheats, Useful Idiots

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: