Tuesday, August 10, 2010

Obama Signs $26 Billion "Jobs" Bill for Public Union Workers

which in fact was a bill for the modernization of the FAA (H.R. 1586). Go figure.

Obama Signs Measure for $26 Billion in State Aid (8/10/2010 Bloomberg)

"President Barack Obama signed into law legislation providing $26 billion in aid to cash-strapped state governments amid fears the U.S. economy is stalling just months before this year’s midterm elections.

"The House, taking a one-day break from the campaign trail, returned to Washington today to approve the measure 247-161 before lawmakers adjourned once again for their August recess.

The bill, designed to prevent thousands of layoffs of teachers and other public service employees, cleared the Senate last week after a pair of Republicans joined Democrats in breaking a filibuster.

"“We can’t stand by and do nothing while pink slips are given to the men and women who educate our children or keep our communities safe,” Obama said earlier today in a White House Rose Garden appeal for passage." [The article continues.]

Hahahaha that's rich. He has no problem seeing nearly half a million Americans go unemployed every single week. For many non-ruling class people who have been unwillingly footing the bills for his government, pink slips to these public union employees aren't coming fast enough.

$26 billion, of which $16 billion will go to Medicaid help and $10 billion for education, is supposed to help save 150,000 jobs, according to Mark Zandi, chief economist at Moody's who avers, "Even with the $26 billion, they are going to be cutting into real bone".

Hahahahaha that's even richer. $26 billion divided by 150,000, that is $173,333 per "saved" public union job.

This is nothing but recycling the campaign donation. Dems want to distribute this money to their core supporters (public unions) so that these supporters will donate to the Dems campaigns.

Obama defends that it won't add to the deficit. Uh huh. This $26 billion is to be funded by cutting the funding for a renewable energy loan program and ditching $12 billion worth of food stamps, and taxing multinational corporations to the tune of $10 billion. Further burdening the businesses in an economy threatening to go "double-dip" and taking away from people who are struggling so that the public union employees get to keep the jobs and benefits (and in gratitude they will vote Democratic come November). Make sense, doesn't it?

In case you aren't aware, the federal help for public union workers like teachers, firefighters, and police have been scattered all over the bills that this Congress have passed. Tens of billions here, another tens of billions there.


Anonymous said...

At this point it doesn't really matter. The fed gov't is completely bankrupt and is living on credit cards. Federal gov't entitlement + interest payments for FY 2010 is 2.13 Trillion. Federal gov't revenues 1.987 Trillion. They are now paying more in entitlements and interest payments than they are collecting. Might as well go on borrowing until the creditors figure out they can't pay. The gov't has noting to lose at this point. No matter what they do, the result will be the same. If they came clean today and told the world they are bankrupt the US will be finished as a nation by the end of the month. By continuing Business as usual, they buy us citizens a few more years before the SHTF!

arevamirpal::laprimavera said...

I see your point. At the same time, though, for people on the receiving end of this taxpayers' money, it is a real money. Just like TBTF banks received the real money that allowed them to survive. The government is playing favoritism with a borrowed money, and it favors anyone but people who actually create wealth and pay taxes.

Anonymous said...

Fairness died a very long time ago. Consider that favoritism gave us huge entitlement liabilities that took off about 40 years ago. Polticians played favoritism to buy AARP voters, that continue to this day.

On the food stamp issue, My understanding is that the the food stamp cuts happen four years from now. The Dems plan to roll back the cuts before it affects the budget. Of course four years is an awful long time when your spending 1.5 Trillion more than you taking in. Who knows if there will even be a federal gov't by then. All it would take is one spark of lost confidence in the dollar to send the dollar into a death spiral.

The bottom line is that we are all screwed. The cynic in me says: At least the polticians will be just as screwed as the rest of us when the dollar collapses. I hope the lot of them end up getting tried and convicted for high treason. I recall that is crime to debase the US dollar, punishable by death. Pretty much all of them are guilty of that crime.

Post a Comment