A little over a year ago, in what was probably the last major bipartisan piece of legislation passed by Congress, Republicans and Democrats alike came together to pass what became known as TARP. It was sold to the American people as a bill that would buy up troubled assets from banks to make them stronger in order to secure the financial system of the United States. What it actually did, was provide continuity to the financially shaky financial institutions which allowed them to meet payroll including huge bonuses to their CEOs. Whether or not this was good, it allegedly kept the United States from total economic collapse. For some large banks, it was intended to be alone to be paid back possibly at a profit for the taxpayers. It was sold once as a short-term investment that was going to make money for the taxpayers.
What TARP became was corporate welfare, and when the banks again became stable, except as of TARP funds was an invitation to new and greater government regulation. When receiving TARP funds became invitation to Democrat rule and regulation, banks decided to repay the funds. This should've been viewed as good news. The taxpayer loan money to troubled banks and they paid it back. Whether or not the taxpayer made a profit remains to be seen. But what becomes of the money once it's paid back?
Well, the Obama administration views this windfall as more pennies from heaven. Instead of reducing a hugely overgrown budget deficit, the Obama administration has decided it will spend it. The Obama administration is trying to sneak it past the American people as a second stimulus bill. Of course, they will not admit that it is a stimulus bill because that would be an admission that the first stimulus bill did not work. But in true Democrat fashion, this admission will not be made. The last thing this administration will do is admit a mistake.
I'm surprised Vice President Joe Biden has not come out touting how well the job summit had worked because on the second day of the summit, unemployment recorded a drop. Yet, in a highly publicized speech on the economy, President Obama spent the first nine minutes of his speech blaming the past administration for creating the circumstances that he chose to confront as president. Obama is clearly in over his head. Obama has been president for almost a year. If he is not going to accept responsibility for the political climate in the United States and the economy which he chose to further screwup, how are we supposed to look to him for leadership?
Even the left, his political base, is no longer showing the love that they inundated this president beginning in January. Obama tries to be all things to everyone. He takes both sides of many issues. That way, if one side were to fail, Obama can claim that he consistently stuck with his position. Economic recovery will continue to be stalled because of the uncertainty being forced upon us by Obama and his Democrat allies in Congress. Obama is accusing Republicans and small business owners of not creating jobs. How can they? Business owners do not approach spending the way politicians do. Business owners cannot invest in the future if they are uncertain about the regulations, insurance costs, Cap and Trade, and offers socialist programs that are coming down the pike.
Government spending to create jobs will only create government jobs. The ministration touts all the jobs saved which cannot be quantified. They claim thousands of police officers, firefighters, and teachers would have been laid off. I find this hard to believe. There may have been some cuts that were prevented, but nowhere close to the thousands as claimed by the administration.
How is this administration get the right to spend money that has not been allocated by Congress? Returning the TARP funds was not intended to create a slush fund at the discretion of the executive branch. Obama wants to spend his way out of the recession. This will only create more economic discord in the future. It is going to create a mass that is going to take years for the next president to fix. When that happens, there will be legitimacy in placing the blame.