bailouts – Don Boys https://donboys.cstnews.com Common Sense for Today Sun, 05 Mar 2023 04:46:50 +0000 en-US hourly 1 https://wordpress.org/?v=4.6.29 Will COVID Push America Off a Financial Cliff? https://donboys.cstnews.com/will-covid-push-america-off-a-financial-cliff https://donboys.cstnews.com/will-covid-push-america-off-a-financial-cliff#respond Fri, 30 Jul 2021 18:27:45 +0000 http://donboys.cstnews.com/?p=2891 Former Secretary of State Henry Kissinger warned in a Wall Street Journal article the coronavirus crises could lead to global economic doom. He wrote an opinion piece with a catastrophic proclamation that “failure could set the world on fire,” The elderly internationalist believes the Trump White House did “a solid job in avoiding immediate catastrophe.” He says the US needs to work quickly to find a cure, pitch in to rebuild the global economy, and protect the “liberal world order.”

Others express the same conclusion as expressed in headlines I’ve gathered: Complete collapse of economies’ ahead in Africa; Recession Bread Lines Forming; The evidence is clear: Democrats are pushing America toward economic disaster; and others.

If this economy brings America to her knees–it might be a good thing!

In an interview for his New York Times best-seller, Aftershock, Robert Wiedemer said, “The data is clear, 50% unemployment, a 90% stock market drop, and 100% annual inflation . . . starting as soon as next year.” Wiedemer has an outstanding record in that in 2006, he and a team of economists foresaw the coming collapse of the U.S. housing market, equity markets, private debt, and consumer spending and published their findings in America’s Bubble Economy. So, it would be prudent to assume he knows of which he speaks.

Hidden in the American Rescue Plan Act of 2021 is a new $570 million family leave account exclusively for federal workers. It provides a payment of $1,400 for a single taxpayer ($2,800 for joint filers), in addition to $1,400 per dependent. It provides National Endowment for the Arts $135 million; National Endowment for the Humanities $135 million, Institute of Museum and Library Services $200 million; Native American Language Preservation $20 million; Assistance to State Governments and District of Columbia $195.3 billion; Local governments $130.2 billion; to Tribal Governments $20 billion; and Territorial Governments $4.5 billion. There is over $166 billion to various boondoggles for public education; and much, much more.

I don’t usually write obscene statements, but the above paragraph is outrageously obscene. It is shocking that taxpayers have not flooded the Capitol and confronted the House and Senate and assorted bureaucrats. It seems Socialism is the drug of choice for leftist radicals in both parties.

Wow, in the past, such a spending bill would turn the town folk into raving anarchists rushing down the streets with flaming torches and pitchforks to tar and feather every Congressman and Senator who voted for such a monstrosity. But it was no big deal which shows how far we have traveled on the Road to Socialism.

We are almost there.

With the massive federal bailouts and loans to almost any entity, it is evident that we are slowly becoming a socialist nation functionally. The federal government is bailing out various cities and states that spent money like a drunken sailor. A good example is Chicago, where their deficit in 2019 was over 8 million dollars! Don’t you delight in bailing out cities or states that have been misruled by corrupt Democrats? We are also going to underwrite many insolvent pension funds and may forgive student loans.

But then, you paid your student loans, sucker. Or maybe you didn’t go to college, but you get to pay for those who did.

Of course, the money give-away is no surprise to many of us. After all, Socialists are in control. Obama told us he wanted to spread the wealth, and all informed people knew he was a Socialist. In fact, his talk and actions smell like old-fashioned Marxism! His former fellow comrade, Joe Biden is now Spender-in-Chief, and he is proving what we have always known him to be.

With the COVID lockdowns, hundreds of thousands of businesses have been permanently closed, while others are teetering on bankruptcy. Home foreclosures and job losses will continue in a free fall resulting in more business failures, and that will result in more job losses! Fewer autos, homes, television sets, appliances, etc., will be purchased, accelerating the slide into massive national and international chaos. Power bills and accelerating gasoline prices will push most suffering families over the edge. This will require families to live together, possibly even three and four generations.

The Gross Domestic Product (GDP) is the economic worth of all finished goods and services produced within the U.S. during a quarter or annually. With so many businesses and industries shut down or bankrupt, the GNP growth in the U.S. will increasingly look like other dying nations in Africa and Latin America.

The debt ceiling is the maximum amount of money the United States can borrow cumulatively by issuing bonds. It limits how much debt the federal government can carry at any given time but does not permit additional spending. Once the ceiling is reached, the Treasury Department cannot issue any more bonds to pay the national bills already incurred. The debt limit suspension expires July 31, and the debt limit must be raised (again) if federal obligations are to be fulfilled. However, raising the ceiling does nothing to address what caused the problem. Raising the ceiling in the past is the reason America is over 27 trillion dollars in debt! Consequently, Republicans are saying they don’t want to raise the debt ceiling again, fearful that the Democrats will show no restraint on additional spending.

Former Federal Reserve Chairman Ben Bernanke opined that not raising the debt ceiling is “like a family saying, ‘Well, we’re spending too much—let’s stop paying our credit card bill.’” How about cutting spending and paying the debts!

If you came home tonight and found your house full of sewage to the ceiling, would you remove the sewage or raise the roof? I would start shoveling the sewage and do whatever is necessary to stop the constant inflow. That means paying off our national debt, but that is like making payments on a new automobile you recently wrecked. Or making monthly payments on a dead horse. Moreover, raising the debt ceiling to get us out of trouble is like committing suicide because of fear of death!

This government is being run by Curly, Larry, and Moe resulting in all kinds of corruption and administrative failure. Moreover, it may become the most destructive, deceptive, and dangerous administration in American history. Biden’s star is fading fast, very fast, and he will be stumbling around in a dark White House long before his term ends.

If you are planning on Social Security or a corporate pension to support you, you may be standing on a bridge of mist.

With more masking mandates and more lockdowns, our economy appears to be blindly stumbling toward a precipice. It is so bad, big city businesspeople have restricted themselves to one, not a two-martini lunch, and big time CEOs are now playing miniature golf. And billion-dollar corporations cut their monthly bribes to various Congressmen; moreover, young Mormons are only taking one wife. But the worst is Motel Six won’t leave the light on for you.

The party is over, and you are in the dark.

(Dr. Don Boys is a former member of the Indiana House of Representatives who ran a large Christian school in Indianapolis and wrote columns for USA Today for 8 years. Boys authored 18 books, the most recent being Muslim Invasion: The Fuse is Burning! The eBook is available here with the printed edition (and other titles) at www.cstnews.com. Follow him on Facebook at Don Boys, Ph.D., and visit his blog. Send a request to  DBoysphd@aol.com for a free subscription to his articles and click here to support his work with a donation.)

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Bailouts: Compassionate Conservatism or Loony Liberalism? https://donboys.cstnews.com/bailouts-compassionate-conservatism-or-loony-liberalism https://donboys.cstnews.com/bailouts-compassionate-conservatism-or-loony-liberalism#respond Wed, 03 Oct 2012 17:06:53 +0000 http://donboys.cstnews.com/?p=112 [Flashback to one of my timely and germane columns will apprear each Wednesday depending on how they are received. Most blogs should be (according to experts) less than 600 words. My columns are almost twice that length. Anyway, let me know what you think of these old columns. The following column was published in 2008.]

Well, the Federal Welfare Agents (members of Congress, Bush, Obama, etc.) are at it again—giving away money that is not theirs. Even little children know that it is stealing to take from the haves and give to the have-nots. Do sane people really believe that it is right, by any standard, to take from the producers and give to the parasites? By what logic should taxpayers bailout banks and mortgage companies? After all, the feds don’t rescue a small businessman who doesn’t make it in the food business or a machine shop.

I don’t want to be cruel, condemning, or critical but the people who signed a loan for a home should be held personally accountable. Why must taxpayers who have paid their loans faithfully, often sacrificing to do so, have to come to the rescue of those who did not read the fine print or were caviler in taking the loan?

Moreover, why should American taxpayers go into debt to provide aid to anyone especially in other countries? Senator Obama’s Global Poverty Act, now before the Senate, is a Give-a-Way Program that will cost every U.S. taxpayer at least $2,500.00! Furthermore, the $50 billion AIDS bill (sponsored by Obama and McCain) was passed by the Senate and amendments were rejected that would have forbidden the funding of abortions and sterilization in China! The bill also lifted the ban on HIV infected immigrants entering the U.S.! Have our lawmakers gone mad or are they simply carrying on as usual? Even without a major depression looming in the U.S., such a bill should be shot down in defeat. “Conservatives” who voted for it are dumb as a box of rocks!

It is easy to give away someone else’s money; however it is wrong, evil, wicked, immoral, illegal, etc., to give it away when the owner of the money has not authorized it. While I will be accused of being unchristian, unkind, and uncaring, I cannot be accused of being unconstitutional when I declare that public money (taxpayer’s) should not be used to bail out flood or tornado victims! Or any other victims. Nevertheless, Bush and other politicians are always quick to dip into the pot, using “federal” money for altruistic purposes. It also helps one’s next election or legacy to point to “all I did for the poor victims.”

Many will say my position is cruel, crass, and contemptible. However, no one has convinced me that public money should be used for private bailouts or to support AIDS victims in Africa, or in the U.S.! Federal politicians seem to look for opportunities at home and abroad to send in the cavalry with saddlebags full of money to rescue some needy group.

As horrendous as the nine-eleven attack was, it was not the obligation of the federal government to rush money to those victims and their families. That is what insurance and lawsuits are all about–holding accountable those responsible. The horror of the incident does not justify a generous but illegal reaction. Of course, private contributions are another matter.

My critics cannot stand on the “general welfare” clause of the Constitution to support these efforts. It is a misreading, misinterpretation, or mishandling of that document to suggest otherwise. Thomas Jefferson aptly said, “Congress has not unlimited powers to provide for the general welfare, but only those specifically enumerated.”

Many later presidents had the moral courage to stand foursquare on the Constitution and veto welfare benefits for private, yes, even hurting individuals. President Cleveland correctly said of one bill that came to his desk: “I can find no warrant for such an appropriation in the Constitution.” In fact, he vetoed numerous unconstitutional spending measures during his presidency. George Bush seldom uses his veto pen! Any future Republican politician who talks about “big-government Democrats” or “tax and spend Democrats” should be horsewhipped on the steps of the Capitol.

Bush admirers will suggest that he is only doing what he promised: to be a compassionate conservative. However, I must point out that he does not even come close to being a conservative. No true conservative would support the No Child Left Behind education bill, his prescription drug bill, his many huge spending bills, his outrageous border policy, his appointment of many homosexuals, ad infinitum.

As to being compassionate, I am all for that but he cannot be compassionate with my dollar. He cannot honestly and constitutionally give away money that is not his to give. He is only the president of the United States, not the CEO of a charity organization with unlimited funds. What is different in principle with the federal government giving aid to Africans with AIDS, or mortgage bailout money and giving aid to a local businessman who was attacked and burned out by hoodlums?

When David Crockett was a member of the U.S. Congress from Tennessee, he was asked to vote to provide a financial benefit to a widow of a distinguished naval officer. It seemed everyone was in favor of the bill; however, Crockett rose to the floor and spoke against the bill! He said, “We must not permit our respect for the dead or our sympathy for a part of the living to lead us into an act of injustice to the balance of the living.” He pointed out that every member of the House knew there was no constitutional authority to give public money to private individuals. The bill was defeated.

He ended his speech by saying that he was the poorest man in the House but he would be willing to give a week’s salary to the widow and if every member did the same, the amount of money would be more than the bill would have provided. Not one member of the House agreed to give anything to the widow! It seems hypocrisy was a requirement for political office then, and now.

Mr. Bush, it is easy to give away money that belongs to others, but Mr. Bush, the money isn’t yours to give and congress has no right (power yes, right no) to give a dollar to victims of any disaster unless the federal government directly caused the disaster. Moreover, the federal government no matter what the Rev. Jeremiah Wright says did not cause the AIDS plague nor did the feds force the banks to make loans to people without checking their ability to make the payments.

As Daddy always said, “This world is crazy as a bedbug.” Daddy was a philosopher.

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