Obama And The Democrats Never Met A Borrowed Dollar They Couldn’t Squander


Remember the Troubled Asset Relief Program (TARP) that was originally passed to purchase toxic assets from banks but then, in a classic bait and switch, was spent on bailing out troubled banks instead? Well, the good news is that some of the banks, to escape onerous government interference and micromanagement, are actually paying back their TARP funds, with interest, and it looks like the American taxpayer won’t take as big a hit in the shorts as previously thought.

The bad news is that, instead of using the recovered TARP funds to pay down part of our record $12 trillion national debt, as the original legislation required, Obama and the Democrats now want to squander it on a new “stimulus” program. It seems they just can’t help themselves. Of course, once they waste the recovered TARP cash on even more useless Democrat pet projects, the money will be gone forever, the American taxpayer will never see it again and be even deeper in debt.

Bernanke speech: financial stability is returning

It’s welcome news for US taxpayers: The cost of the great bailouts of 2008 is coming in smaller than some forecasters had predicted.

Exhibit A this week is the financial rescue program called TARP – the $700 billion Troubled Asset Relief Fund. The money paid out in loans or investments to banks and other corporations is being paid back faster than expected, the Obama administration says. Although the US Treasury still expects a loss rather than a profit from the program, it now predicts that the 10-year cost will be no more than $141 billion, which would be $200 billion less than the administration predicted as recently as August.

Using TARP funds for job creation: creative or reckless?

President Obama and congressional Democrats haven’t even announced their latest job creation plans, but already they’re stirring controversy with an idea on how to pay for it – by tapping the Treasury’s so-called TARP funds.

The Troubled Asset Relief Program (TARP) was created by Congress 14 months ago to save the financial system from a collapse that threatened the whole economy. Now, as many banks are repaying money that the government had invested, Democrats say the unexpected windfall can be used to finance a jobs bill that may cost $50 billion or more.

But Republican lawmakers argue that the plan still expands the deficit, whether or not TARP is cited as the source of money. They put it this way: Borrowing less on the TARP bailout doesn’t mean the Treasury should then borrowing more for a jobs program.

The spin from both sides regarding the TARP funds could shape the broader debate over a jobs package. Mr. Obama and congressional leaders could try several tactics to boost employment. The possibilities include a new infusion of federal infrastructure spending, additional aid to state and local governments (to reduce planned layoffs), and tax incentives for businesses to hire.

See also:
Obama: Use TARP for job creation
Obama’s Setup
Obama May Use TARP for Jobs
US bank bail-out money could boost jobs, says Obama
Use of Cash From TARP Hits Hurdle
Tarp travels down a hazardous road
US Sen Gregg:Using TARP Cash For Jobs Package Would Be Illegal
TARP makes a profit! Washington immediately blows the profit!
How’s That Trillion Dollars In “Stimulus” Working Out?
Setting Records
You Can’t Stop Them, You Can’t Even Hope To Contain Them
Spending Like A Drunken Sailor On Crack

So far, less than 25% of the original trillion dollar “stimulus” has even been spent and now Obama and the Democrats want to spend another few hundred billion dollars on more “stimulus”? HELLO? What’s wrong with this picture? If their first “stimulus” was so wonderful, why do they need a second “stimulus”?

I’ll tell you why. Their first “stimulus” sucked big time, it’s not doing [expletive deleted] except flushing money down the toilet, and now Obama and the Democrats are panicking because unemployment is at 10% and the 2010 midterm elections are looming in the not so distant future.

/doubling down on their original “stimulus” mistake by squandering even more borrowed money on Democrat pet projects will only exacerbate our national debt and the inflation that’s eventually coming down the road, but don’t expect long term economic reality to stop them, they think they can buy 2010 votes through constituent targeted deficit spending, it’s the Democrat way

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