Wednesday, February 18, 2009

Does Money Really Grow on Trees?

Our government has reached a point it may never be able to return from.

A few weeks ago I quoted an article from CNN Money. According to CNN, in 2008 our government allocated $7.2 Trillion in rescue funds for the failing economy. On Tuesday, President Obama signed the largest economic stimulus package in our nation's history. It carried with it a price tag of around $800 Billion. No one is sure just how much this bill will cost us over the next four or five years. President Obama signed this bill after demanding that congress act quickly. He said our economy is in a crisis and time can't be wasted. Congress violated the very bill it wrote, and passed the bill before any member of Congress or the Senate could read the bill. I want my readers to think about that for one minute. Congress voted on the largest stimulus bill in the history of our nation without actually reading the bill. President Obama then showed us how quickly it had to be passed by waiting four days to sign it. Congress could have waited the 48 hours the bill required before a vote and still had it to President Obama on Tuesday.

As the ink is drying on this terrible bill, President Obama is putting a new spending bill before the American public. Now he wants to take $75 Billion of tax payer money to prevent home foreclosures. The President says the housing crisis is unlike any we have ever known. While our economy is in bad shape, I'm still not sure this is the worst housing crisis in our history. If this money is so important, why didn't the President ask Congress to include this money in the economic stimulus plan? Maybe President Obama thinks there are money trees in the halls of congress that can just magically give him $75 Billion whenever he needs it. He spent less than one term there as a Senator, and part of the time he was there he was campaigning for President so he may not be that familiar with the Capitol building.

$7.2 Trillion in 2008. $800 Billion on Monday. Today another $75 Billon. GM and Chrysler need Billions more each to stay afloat.

Where does our government get this money? They get it from taxes. The government forces working Americans to give it money so that it can then waste it however it sees fit. These bills are all going to come due one day, and the American taxpayer is going to have to pay for it. President Obama now asks working people who may have a savings, and may have managed their money for a rainy day to pay for others who gambled that home prices would never go down. President Obama says this $75 Billion won't go to people who knew they couldn't afford the home they were buying. He says it won't go to lenders who tried to profit off of others. How can he prevent that? There is no way to qualify that in a federal bailout.

President Obama has done alot in 30 days. It will take years to fix the damage he and his Democratic Congress has done. If he doesn't stop his runaway spending, our country may never be able to undo this.


pack04 said...

yeah from what I understand of his plan for the housing crisis I realize more and more that I am getting screwed because I did the correct thing. I got a house I could afford, in an area that did not have ballooning prices, and I make my monthly payments.

Heard a funny thing on the radio from a guying calling in. He said "*$%) you who all said Obama could do nothing as president. In 30 days he has already run up the country's debt more than Bush did in 8 years."

saint said...

Here's my prediction for 2009: Citigroup will officially change their name to Amerigroup. The official reason will be something about distancing themselves from the bail out they received, and restoring the public's faith in them. But, if you research the majority owner, you will see the real reason for the change.

I could be wrong, but we'll see.

Andy D said...

So if I own part of Citigroup as a taxpayer, can I demand a home loan with the same rates President Obama or Barney Frank get?