The latest price tag for bailing out the financial sector is $7.4 trillion. That's equal to half of the value of everything produced in the United States last year, and we still don't have a guarantee that it's actually going to work or that it will be temporary. The latest financial institution to get a bailout is Citigroup, which will receive $20 billion in direct federal investment and $306 billion in loans, all paid for by our tax dollars.
Other industries are lining up for bailouts, including builders and the ski industry.
In addition to the bailouts, the Democrats are also trying to outbid each other on an expensive "stimulus" package. Right now, the plan could reach up to $700 billion. He is also considering holding off on raising taxes on the evil rich, but his economic team will make the decision on when to raise taxes for him.
President-elect Obama says that there are "millions of jobs" in danger next year, and he has a goal to create (or save) 2.5 million jobs by 2011. In a growing economy, 2.4 million jobs would be created each year without any government stimulus. Way to aim high, Barack.
Here's another reason the Big Three are in so much trouble (and you can blame it on the unions again): they are forced to pay up to 95% of wages to people who are no longer working. At least one business group is willing to step up and blame the unions for what they've done to the Big Three.
The Los Angeles Times printed the story of the free market origins of Thanksgiving in its kids section yesterday.
The Oklahoma Insurance Commissioner wants that state to create a mandate that everybody should have health insurance. Residents who choose not to get insurance would lose their driver's license and college football season tickets.
President Bush has taken the first steps towards production of oil from shale in the West. With the number of Democrats coming into office, I wouldn't expect this to happen.
A government teacher in San Diego came up with a creative idea when the school district cut his printing budget: he sells advertising on the tests to pay for printing costs.
Michael Jackson has reportedly converted to Islam. At least now his pedophilia will be acceptable, if not the fact that it's with little boys.
1 comment:
Am I the only person who remembered Citi offering to bail out another bank? Now they are begging the elitist illuminati for a bailout? The liberals need to wisen up, it's a hoax.
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