During the first 100 days of his presidency, Obama has signed a $787 billion stimulus bill into law, proposed an eye-popping $3.6 trillion budget for the 2010 fiscal year, taken over a massive $700 billion Wall Street bailout program and created other billion-dollar programs to help grease the economic wheels.
I have seen $180 billion given to insurance company AIG, stating they are simply too big to fail. How dies AIG use it? Instead of following an austere policy to use the money wisely to help chart a course of recovery, the executives of AIG send themselves to luxurious spas and golf outings and give themselves bonuses from the millions of tax-payer dollars given to them. The public is outraged after the disclosure of the bonuses paid by AIG. In response the House of Representatives passed a bill that would impose a 90 percent retroactive tax on those bonuses. Thankfully the bill failed. In March of 2009 eleven of the individuals who received “retention” bonuses of $1 million dollars or more have resigned, including 1 executive who received $4.6 million. These bonuses made more than 73 millionaires of executives who work in AIG. In a feeble attempt to justify this insanity, government-appointed AIG boss Edward Liddy told Treasury Secretary Timothy Geithner that the bonuses were neccessary to retain “the best and the brightest talent” – the same bright talent that lost so much money it brought the company to bankruptcy forcing the taxpayer bailout. In the end, the U.S. government managed to end up owning nearly 80 percent interest in the firm.
Not stopping there, the United States government, now lead by Mr. Obama, has given over 70 billion dollars to General Motors and Chrysler serving only to delay an inevitable bankruptcy. Before the eyes of a disbelieving public the leaders of these firms are asking for more. In response, Mr. Obama acts quickly and forces the resignation of Rick Wagner, the longtime head of General Motors. General Motors is expected to soon file for bankruptcy while the Feds force Chrysler to accept a merger with Italy’s Fiat. At the end of the day Mr. Obama has potentially saved the labor union’s contract – almost the largest single reason GM and Chrylser failed to be a viable company in the first place. The heads of these labor unions remain in their offices.
In his first 100 days, his spending policies will mean deficits amounting to 31.3 trillion dollars which will last well into 2017.
In his first 100 days, he has taken over the nation’s banking industry and now threatens to nationalize them.
In the first 100 days, he forces the GM head to resign and presides over the bankruptcy. There is indication Obama’s government will determine which cars will be marketed and which cars will be discontinued.
Is his vision of America the America we need?