07.31.2009 0

Giving Back to the American Taxpayer

  • On: 08/18/2009 09:44:47
  • In: Fiscal Responsibility
  • By Justin Williams

    The worst is over and we can all rest assured that the economy will recovery thanks to Barack Obama and the Federal Reserve. The good news is that they can give back all the money that they allocated to help get us out of this recession.

    CNN reports that even after all of the bailouts, stimulus, and TARP funds the government handed out, it did not have to spend $8.2 of the $11 trillion allocated. And, of course, every American (man, woman, and child) would enjoy the roughly $27,000 each citizen would get if Congress simply gave the allocated money back to the citizens.

    It would surely make every member of Congress popular as a recent FoxNews poll states that 72% of Americans want whatever is left of the $787 billion in stimulus money returned to them.

    So health insurance reform: done. Poverty line: eliminated. Who could ask for anything more?

    Except for one minor detail. As with all great offers “too good to be true,” there is one small catch: the government never actually had the money. In fact, the government has no money at all!

    Congress along with the Obama Administration is expected to run a budget deficit of historical proportions, while it has been almost a decade since the government brought in more than it spent. The CBO, back in February, estimated that the budget deficit for this year would reach $1.85 trillion.

    The logical move then would be to not spend the money while saving America from such a large deficit. But that, of course, is not what Barack Obama has in mind.

    Instead, with roughly $5.1 trillion left in the Federal Reserve’s “rescue efforts,” the Obama Administration will surely solidify complete control over an already overregulated financial industry.

    And, of course, don’t forget about the Bush tax cuts, they are soon set to expire raising the income tax on all Americans. CNN Money reported last year that if – no make that when — the tax cuts are allowed to expire, it would add “$1,900 to the tax bill of a family of four with an annual income of just $60,000.

    Even if Obama was banking on a revenue increase from what is going to be one of the most crippling tax hikes in American history, sadly (or not so for some) it will not help him until 2011.

    So what does this all mean for Americans?

    In short, Socialism is not coming; it is already here in different sectors of the economy.
    High taxes with near complete control of some of the most important industries in the economy, bears all the earmarks of a European welfare state.

    But not to worry — because America has Barack Obama who has already declared in the New Times, “I am not a socialist” all the while claiming to defy the laws of economics with stimuli, health care, and cap-and-trade. As he portends to be the only person who can bring about neo-Marxism without all the invariable bad side effects, including mass killings, shortages, and redistribution of wealth.

    Well one out of three, ain’t bad.

    Remember this when the disaster finally beings to evanesce: Big Government got us into it. Bad government kept it going. And no amount of “Hope” or “Change” is ever going to get the Obama government to give the money back to the people they took it from.

    Justin Williams is the Senior Commentary Editor of ALG News Bureau.


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