Of course we can spend the money
There is something to be said about a politician that understands the law, and sticks to it. It’s not a common thing. I’m sure it is something we all haven’t seen often, but when it does happen it is worht noting.
The key to this video is perhpas the part most are not paying attention to. Sen. Gregg quotes the law as it exists which requires the TARP money to be paid back to lower the national debt. And the Obama Administration simply states they will change the law to use the money as they see fit.
Does that not sound like an abuse of power? Is that not a lack of concern for the public welfare? How is that not purely a political machination to prop up Democrats for the mid-term elections?
Only an Administration that was so confident that it could manipulate any law, due to the overwhelming control of Congress, would make such a blatantly egotistical statement. How dare the President decide that Congress was wrong, and that his plan is superior. And what a plan it is.
The Obama Administration is saying:
Just for a second imagine if this were the Bush Administration saying this. Do you for a moment believe that Demcrats or the major news media would let it fly? This would be attacked as an abuse of Presidential power. It would be hailed as wild spending on failed ideas that serve only to increase the power of the Government. There would be economists and politicians screaming from the rafters that it is the means of bankrupting America.
But the Obama Administration says this is only $30 billion of the TARP. That it will create jobs in a time of need. That the priority today is not the deficit but jobs.
The reality is a bit more involved though. The Government has never had a grip on reality, under ANY Administration. Any money the Government can get a hold of is money that has been spent, and then overspent, during my 40 years of life. And while the proposals might create some jobs, the national debt interest due since the beginning of the year was $100 billion. For this plan to re-use the TARP funds to be successful, it would have to be more successful than any Government plan ever created. How likely is that?
Senator Gregg is correct. The deficit will bankrupt America. The debt must be addressed now, while we have at least some of the funds to do so. Because if we do not, in maybe 5 years or so, we will get a kick in out ass so hard America will be on it’s knees.
