Thursday, December 25, 2008

Bailouts Renamed!

The American people are getting fed up with the government bailouts. Surveys indicate the majority of the people were against the intervention into the auto industry. Since Bush ignored the wishes of the people, and the votes in Congress, I think that just added to the lack of support. This is an "end around" in what I deem an abuse of power.

Now, we are going to get another wave of bailouts under Obama. However, he is terming them "economic stimulus". His idea is that huge influxes of cash by the Federal Government will get the economy going again. Of course, everyone seems to ignore the $175 billion stimulus implemented over the summer and how little that did.

What is interesting is that they are already lining up to get into the action. The Wall Street Journal is reporting that the heads of the largest retailers sent Obama a letter asking him to include them in a stimulus package. It appears they want to have 3 tax free days to help their sales. They believe that people will spend more money if they do not have to pay sales tax. What a farce. (Here is the article).

Anyone who reads this blog knows I am anti government and against all kinds of taxes. However, the idea that people will spend more because of a removal of sales tax is absurd. Florida does this every year during the "back to school" shopping period. From what I can see, the results are mixed at best. Of course, it is a situation where people are spending since children need clothes and supplies for school. The belief that people will take money out of their pockets and spend because of a 6% sales tax removal is asinine. They will not do that. Period!!!

Nevertheless, the government opened up Pandora's Box with the bailout mentality. We are going to see every organization with representation (i.e. lobbyists) knocking at the government's door. Wasn't this something that Obama and McCain campaigned to put a stop to: the power of the lobbyists? Well, with such a bad precedent set, we are going to see more of the same. And, once again, the American people are screwed in the process.

It is time to put a stop to this stupidity.

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