29 December 2010

$787 billion + $850 billion = ???

A couple of years ago a lot of people screamed loudly about the $787 billion bailout of Wall Street, banks, and a load of other things. It was called the Troubled Asset Relief Program and, if I remember correctly, people were upset.
       Most folks blamed Barack Obama for this mess, although President Bush recently reminded everyone that it was his administration which passed TARP.
       A couple of weeks ago the U.S. Congress and President Obama passed an $850 billion bill which , among other things: extends tax relief to wealthy people (those earning more than $250,000 per year; extends tax relief to middle class folks, extends unemployment benefits, and gives tax breaks to small businesses.
       Here is what is bizarre to me: I have heard very little from people complaining about this $850 billion and what it will do to the national debt, while I heard many, many people screaming bloody murder about the $787 billion.
       So what gives? Are we yet again avoiding the pain of fiscal responsibility so we can line our pockets with loot? Answer: YES.
       OK, let's ADD Up the $787 billion and $850 billion and see what we get. I think it is a whopping $1.637 trillion!
Can you say RED INK?



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