Tuesday, April 7, 2009

Obama Fiddles While America Burns

While Obama is busy "saving the world" (with his trusty TelePrompter), he's doing a terrible job protecting the U.S. . . .

With TARP (Troubled Assets Relief Program) and the Stimulus Package, Obama has essentially thrown money (nearly $1.5 trillion) in the direction of his favored groups (bankers, unions, and big city governments) -- and done little or nothing for the American people.

How much is $1.5 trillion? Basically, it adds up to $5,000 for every American -- men, women, and children. In other words, if the Obama Administration had been so inclined, which it was not, it could have sent a family of four nearly $20,000. The "Octomom," with a total of 14 children, would have received $75,000.

Instead, Obama has favored financial institutions, the same ones that caused the global economic crisis. AIG has received nearly $175 billion, the equivalent of nearly $600 from every Americans. Other firms, including the Bank of America, have also received huge sums. Famously, of course, AIG executives received $165 million in "Chris Dodd bonuses." That adds up to about $555 from every American. By the way, did you receive even $1 as a bonus?

Of course, Obama/Geithner pretend that this is "free money." They don't link it to taxpayers. Instead, they imply that the government has a money tree that it can pluck to give payments to favored groups. They forget to mention the huge campaign "donations" Obama and other leftists received from financial institutions like Fannie Mae, Freddie Mac, AIG, Citigroup, Goldman Sachs, Merrill-Lynch, and other entities. (Note: Goldman Sachs received the government money indirectly, the better to protect its executives' huge bonuses.)

In fact, giving every American $5,000 would have produced much better results. Because part of the money would have been spent and part invested, the results would have been much better. People would have bought houses, cars, and other goods. How would it have helped, say, banks? Frankly, a lot of the money would have been deposited, which is exactly what banks need. With a big infusion of deposits, banks would have had a great deal more money to lend.

As usual, Obama's politically driven approach has shortchanged the American people. Americans want to believe in the man, but he's giving them precious little reason to do so.

1 comment:

Rick said...

While I agree with your premise and most of what you wrote, I have to question your math in this article. 175 Billion divided by 291,666,666 people = $600 per person. But the AIG bonuses, at $165 Million divided by 291,666,666 = about 56 cents per person - far from the $555 per person you stated.

This plays right into the hands of the MSM effort to exaggerate the bonus money. The bailout funds are best stated as $175,000 Million if one is to compare with the bonuses of $165 Million.