Thursday, March 19, 2009

Pass the Buck, Hold the Bonus

How is the economic recovery plan working for you? Did you get your bonus? No, of course not. Such an extravagance would be absurd during these troubled economic times. That is, unless you are an employee – at the executive level, no less – of one of the companies that have received taxpayer bailout money. Whoever did not see that happening probably should apply for a position on the Obama economic team – the same one that blindly forced a bailout plan upon the American taxpayer, paid for with their money, without any oversight in place. Next time, how about sending the American taxpayers the check, and let the ones who got us into the mess foot the bill?

Speaking of the Obama Administration…has there been one in more disarray during its first months in office? For one, Cabinet nominees – including Bill Richardson and Tom Daschle – have dropped as much, and as rapidly, as Wall Street. And due to the uproar across the nation over the bailout plan, there are already calls for the Treasury Secretary, Tim Geithner, to resign. Meanwhile, three key Cabinet-level positions – Secretary of Commerce, Secretary of Health & Human Services and U.S. Trade Representative – have yet to be filled. Guess they are trying to find a Democrat who paid their taxes.

Forget the economic crisis, though. From the start, the new administration has had, in general, an incoherency among its team in setting policy that would give whiplash to a schizophrenic. Not everyone seems to be on the same page.

Even more, President Obama likes to point out inheriting a one trillion dollar deficit, vowing to cut it in half by 2013. However, by the time the bailout plan has run its course, the reality is that he will face an almost THREE trillion dollar deficit (and counting, presumably). Last time I was in a math class, which was a long time ago, 1 + 2 \ ½ =1.5. The only thing cut will be the next administration’s ability to reverse the failed economic policies of its predecessor – while inheriting a trillion dollar plus deficit, if not more, because of Democrats’ current spending plans. There will be no taxpayer money to spend, no executive bonuses to recoup. Only economic catastrophe.

From the President on down, the inexperience – touted as an asset by Democrats and a liability by Republicans during the Presidential campaign – is showing, if not telling. And were only two months into it.

©2009 Steve Sagarra

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