Stop these bailouts Congress!

Many of the young people who are graduating from college looking to start careers in a market with 22% less jobs than in recent years - and who provided much of the campaign energy to get Barack Obama elected president - are having second thoughts. They are beginning to wonder if Obama's huge spending programs are depressing the job market and, indeed, if it could be a continuing problem for them in future years as they later seek better jobs.

Most Americans who read newspapers or a newsmagazines, and even those getting their news only by television, know by now that Obama's gargantuan government spending programs will create more debt than ALL the presidents of the United States created from George Washington to George W. Bush according to the Heritage Foundation. Even the 40 some Democrats who are in seats which were safely in President Bush's column in 2000 and 2004, and whose congressional districts which John McCain won, are getting a little worried.

Indeed, it is just a matter of time, as the next congressional election approaches, that they will begin bucking Obama and Nancy Pelosi. Thus far, they have provided Obama and Pelosi near unanimous support.

Congressman Todd Tiahrt has introduced a Resolution which these Democrats in Republican districts might want to consider co-sponsoring, if not only to provide them cover in next year's election. The Tiahrt Resolution is called the "No More Bailouts Resolution."

In his resolution, Congressman Tiahrt says that among the massive government bailouts passed so far totaling one trillion dollars are bailouts of Fannie Mae and Freddie Mac ($200 billion); Bear Stearns ($29 billion); AIG ($85 billion); Wall Street (on both Bush's and Obama's watch: $700 billion); automakers ($25 billion); and Citigroup ($247.5 billion.)

And after a few more whereas clauses, the Tiahrt resolution ends by saying: "Now, therefore, be it Resolved, That it is the sense of the House of Representatives that Congress should stop passing massive Government bailouts." Since, thankfully, every single Republican in both the House and Senate voted no on Obama's first massive budget, it would behoove these 40 some Democrats in Republican districts to think about joining such efforts and co-sponsoring and voting for resolutions as Congressman Tiahrt's "No More Bailouts Resolution."

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As a young college student about to graduate, I am more concerned with viable economics than panic over future debt.  This is coming from someone who for the last two years has been extremely vocal about excessive spending.  Econ 101 tells us that when the average citizen is saving and cutting out most expenditures, it becomes a necessity for the government to spend.  Government has to create the demand in order to sustain supply and jobs.  Secondly, investment in infrastructure generates 1.59 for every dollar invested while tax cuts make about a dollar for every dollar.  Other investments within the stimulus bill have the potential of generating even more.   

As for the bailouts, I believe the bank bailout was a necessity, but I believe it could have been done more responsibly.  As a young person, I am fearful of a complete collapse of our financial system, which would have happened if the government had not stepped in.  On a positive note, for every dollar invested in these banks eight dollars of credit can be generated. 

I'm not a fan of these bailouts, because I believe businesses should be held accountable for their actions, but American livelyhood is at stake.  Just as Jeffry Sacs said, if our financial system were in tact and credit was available, a car industry bankrupcy could work for the America people but with the credit situation in such shambles, it doesn't look good for the little man. 

If you aren't happy with Obama or democratic style politics, then you probably proscribe to the ideology that got us here in the first place. (Conservatism has a nasty way of supporting deregulation.)  I hate to be frank, but if that is the case, I really don't think its your business what's in store for my future.                

Thank you for your suggestions GoodGlory007.  I will try to be more accurate in the future.

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