Washington’s Fiscal Profligates

Sometimes I wonder if I’m stuck in a bad dream. As I contemplated Patrick’s comments on the government’s latest contribution to the national debt, I wondered about our nation. What have we become? We seem to have exalted our government to savior of the world’s economy. We’ve abandoned free market capitalism for a new socialism for the rich. Here’s what I mean.

On Sunday, President-Elect Barack Obama talked about granting more oversight while distributing the public largesse. On speaking about the remaining $350 billion in bailout money he will inherit from the outgoing Bush administration, he said, “We can regain the confidence of both Congress and the American people in that this is not just money that is being given to banks without any strings attached and nobody knows what happens.”

Despite Obama’s assurances of financial accountability, I have a more fundamental question. Since when should a new President have a $350 billion spending spree the day he steps into office? At what point did the American people go to sleep and allow the President and Congress to pass this neo-socialist funding for bankers?  Are we really so deluded?

Forgive me for beating a dead horse, but where are those original TARP dollars going – schools, roads, bridges? Not at all. The initial round was earmarked for the bankers, those same bankers that donated to Democrat and Republican campaigns. That’s right, your kids, their kids, and possibly your great-grandkids will be financing banker-owned Manhattan penthouses, Gulfstream jets, and Martha’s Vineyard mansions. Why? Because they knew the right people in Washington.

It seems I’m not the only one with a bee in my bonnet. Congressional Republicans might actually be growing a backbone. With Democrats controlling both sides of Capitol Hill and the White House in a few days, Republicans could be donning the mantle of loyal opposition. Here’s a refreshing take from the other side of the aisle…

“Congress cannot keep writing checks and simply pass IOUs to our children and grandchildren” Sen. John Cornyn, R-Texas

“How much debt are we going to pile on future generations?”
House Minority Leader, John Boehner R-Ohio

“We would like, on the spending side, obviously, to avoid funding things like a mob museums or water slides.”  Senate Minority Leader Mitch McConnell, R-Kentucky

Like almost everyone in Washington, I question the sincerity of these Republicans. Where were these guys when Bush and Congress gave away the biggest chunk of Wall Street favors in the history of this country? Were they sleeping when they voted for the original TARP? Now that a Democrat is spearheading this neo-socialist rubbish, they somehow care? I suppose it’s better late than never. Staring at $1.2 trillion of Obama deficits next year, I welcome any hope of fiscal restraint.

photo credit: krossbow