Dining at the Taxpayer Buffet
politics, government, socialism, nanny state, liberalism, left wing, ideology, funding, crisis
The law of unintended consequences strikes again. Where do the handouts end?
OCTOBER 31, 2008
It was probably inevitable given the allure of $700 billion, but the speed with which the business and political classes are lining up for a stake from the Troubled Asset Relief Program (the Tarp) is still remarkable. It's as if they think the taxpayers have graciously laid on a buffet and anyone seeking cheap capital can tuck in.
General Motors and Chrysler are looking for a little extra cash to smooth over their potential merger, never mind that Detroit's auto makers were only just blessed with $25 billion in taxpayer loans. State governments also want a chunk, notably those that have been most spendthrift. As recently as fiscal 2007, former New York Governor Eliot Spitzer raised spending by 11%. Now, with Wall Street's implosion, current Governor David Paterson is predicting a deficit of $47 billion over the next four years. But why should Pensacola pipefitters finance welfare benefits in Buffalo?