Is it possible that the Obama Administration will start off with some kind of "Truth in Spending Act/Law" for all these bailouts and recovery plans? Make them transparent and open to public scruitiny?
When I went for my first home loan, it showed the money I was borrowing, the total interest over 30 years and the total I would PAY BACK over the life of the loan.
Why doesn't Congress include "Truth in Spending" information to Americans when they promote all these rescues? At some point, it becomes meaningless with regard to exactly what they spend it on, and who benefits. How much is this going to cost me in lost money? Money 'pissed' to the winds of government spending? Money that represents lost opportunity to future generations?
Money spent on debt service IS NOT available for loans to new and small business, education, or entitlement programs. What is the total cost when government spends $300,000 on Project X? How long does it take to pay that $300,000 back? How much for debt service? How much is the total TAXPAYERS have to come up with when they fund all these pork barrel projects? Would taxpayers still be on board if they knew the cost over say 30 years was really something like $100 trillion dollars?
Would taxpayers want to know how Congress and the President plan on paying for this never ending river of money sent into the black hole bailout of 2008-2009? Would taxpayers want to know today, what the "good bye" Obama tax increases will be a to future generations? Tax increases that will be scheduled to start after he leaves office? I want to know how the administration plans to pay for all this spending.
How much is the federal government going to raise taxes in the future to pay for all these past bailouts? The coming Obama porkfests? I think it would be a good thing to put on the internet - the real cost to future generations for all this spending.
In contrast, one could say $300,000 divided by contributions from say 100,000 residents of the city that benefits...$3 bucks each person. So, the nation ends up paying like $100 trillion dollars for a project that may have cost 100,000 present day residents $3 bucks each... not a good deal for taxpayers...
"Many will focus on the cost of it," Pelosi told the House Democratic Steering and Policy Committee. "While we are not discussing small sums, the bill is fiscally responsible because it will provide a fiscal dividend by returning 40 percent of the cost to the Treasury — at least that much in increased revenue."
Huh? Why not just increase revenue/taxes today? Or, just NOT put out the money and let states/cities/counties fund these things themselves? Will taxpayers recover all the 'juice' for these loans? Interest above and beyond the juice? Maybe fees for taking on this financial burden from all these pork and special interest groups? Service fees for those groups receiving money that go bellyup over the next few years?
Are the economic experts from Wall Street? Enron? GM? Anyone care to publish a list of these experts, please? In the name of public information and transparency?"This is not your grandfather's public works bill."
The nation is drowning under the weight of the unfunded, underfunded, and missing 'trust' funds created during my grandfather's public works bill. The country is broke. Who is going to pay for grandpa's public works bill? The Obama porkfest?Acknowledging the risk of deficits, however, Feldstein noted: "There should be an exit strategy. The spending should not create a political dynamic that makes it hard to stop."
Why not start the "exit strategy" by cancelling the remainder of TARP and fixing the budget without increasing spending? Work on paying down those juice loans? I would expect the Obama administration to be responsible for good works, not business as usual - driving up the deficit and public spending. With all those Wall Street finance people out of work, there are any number of people available to focus on the Obama creative financing for dummies strategies. just my humble opinionsWe cannot borrow and spend our way back to prosperity when were already running an annual deficit of more than one trillion dollars," House Republican leader John Boehner of Ohio said in a statement. "I was pleased to hear the President-elect say yesterday that we need to stop just talking about our national debt and actively confront it."
Suzie O., "The Color of Money", and other financial gurus have been advising people (I've see this on tv and read the columns) to PAY OFF THEIR DEBTS AND LIVE WITHIN THEIR MEANS.
How is it possible for anyone to spend themselves out of a DEPRESSION? Blue Dog Democrats would like to see legislation that would force Congress to pay for spending proposals with equal spending cuts or with new revenue...
http://www.google.com/hostednews/ap/article/ALeqM5inrEKORts9qm_kHvrkASSZ5Dqq8QD95IEJFO5Good discussion. just my humble opinions
