Question for Our Congressional Delegation: What is the Revenue Source for All of this Spending?
On Thursday, our delegation unanimously applauded the legislative progress being made on the nationalization …er, the reform of our healthcare system.
In the last eight months, two Congresses and two Presidents have spent the following sums.
TARP (bank bailout): $700 billion pledged; $200 billion distributed of which $66 billion has been repaid.
Bailout of AIG: $182 billion
Bailout of Fannie and Freddie: $290 billion
The mortgage bailouts: billions spent or pledged
Bailout of auto companies: $83 billion & rising
The 2010 budget: $3.6 t-trillion
The general stimulus package: $789 billion
(Quick question on this one: as most of the money has not been spent, can we just return it to the Treasury? I’m reluctant to suggest returning it to the taxpayers as someone might injure himself laughing. Back in the Treasury to fund more legitimate programs would be fine. Thanks.)
To a greater or lesser degree, all of these spending programs have been of questionable value and/or questionable as to the efficacy of their ostensible purpose. Each is either indefensibly riddled with pork or conceptually comprised of pure pork.
Honorable Solons representing Rhode Island. To this already incomprehensible level of spending, you propose to add one hundred billion dollars annually for health care “reform” that fails to reduce health care costs as originally advertised as well as an unknown amount on a carbon cap and trade program whose sole effects will be the further depletion of American wallets and the driving away of ever more manufacturing companies. (Sidebar: can we perhaps learn from the experience of others and decline to implement this highly questionable scheme?)
It is only natural that we would ask not only the proposed funding source for all of this spending but whether it is wise. As for the former, the senior senator gets one point for honesty.
Reed was non-committal on the question of how to raise money for the health-care overhaul. “Let’s see what develops in the Finance Committee,” he said, referring to the Senate panel still embroiled in drafting its portion of the health care plan — the provisions dealing with taxes, Medicare and Medicaid.
But does it not demonstrate serious irresponsibility to contemplate, much less advance, gargantuan spending programs without identifying the means to pay for them and, more importantly, demonstrating that they will do less harm, short or long term, to our country than simply doing nothing? We respectfully request answers, Messrs. Reed, Kennedy, Langevin and Whitehouse, or we request that you cease and desist your efforts in these matters.