I like Michele Bachmann because she is a straight shooter. Here is her email I receive talking about the abominable bailout:
Last week, while traveling around the district, I had the opportunity to speak face to face with constituents about their thoughts, current issues, and their concerns about the future of our economy. The recent bailout of Wall Street seems to be on everyone’s mind – and with good reason. Since the bailout package was passed, the stock market has whipsawed pretty violently, leaving all Americans frustrated and uncertain about their future.
Perhaps most disturbing about the bailout debate was that Congressional leadership added $110 billion in so-called “sweeteners” to buy the votes it needed to pass the legislation. As if public cynicism about Congress wasn’t high enough, this was a stark reminder that Congress needs to be more accountable to you about how it spends your money. I wrote a column on this particular issue that ran in the Investors Business Daily last week. It’s reprinted for you below. Rest assured, this is an issue that I remain focused on and I continue to call on Speaker Pelosi to reconvene Congress before January so we can address this matter more thoughtfully.
Bachmann Column on the $110 Billion in Bailout "Sweeteners"
When Will We Sour On The Sweeteners?
Investors Business Daily, Oct 8
With all the attention last week focused on the massive $700 billion bailout bill that the administration and Democrat leadership were pushing through Congress, there was little notice of the $110 billion in pork added to bait members of Congress into voting for the package.
The bailout bill was bad enough — a short-sighted bill that took a risky gamble with our children's future.
Instead of addressing the credit problems in ways that would minimize the exposure and risk for American taxpayers, Treasury Secretary Henry Paulson rolled the dice in a big, flashy way.
Not to be outdone, Congress added its own flare — $110 billion in sweeteners to buy the votes necessary to pass the bill.
I suppose the premise was that when you're spending $700 billion and lifting the debt limit already, what's an additional $110 billion between friends?
And Congress wonders why the American people are so cynical about their government.
What Relief?
Don't get me wrong. I'm all for tax relief. We should be cutting taxes and providing tax incentives to spur economic growth. Some of the tax provisions added to this bill were not only perfectly legitimate, but absolutely necessary.
For instance, the alternative minimum tax (AMT) was never meant to hit the middle class, yet because Congress failed to index it to inflation each year, it hurts more and more middle-class families. I support its repeal.
Other tax provisions added to this bill were much more insidious. Taxpayers for Common Sense, a nonpartisan advocacy organization, recently published a top 10 list of the mind-blowing tax provisions added to the Wall Street bailout. Some of these provisions will make your blood boil.
At a time when our nation's middle class is struggling to make ends meet — due to high taxes and rising fuel and food costs — the last thing American families need are more of their hard-earned tax dollars going to ridiculous programs that encourage Washington's irresponsible spending habits.
One tax provision is for wooden arrows used in bow-and-arrow sets for kids. The Joint Committee on Taxation stated this tax exemption would cost an estimated $2 million over a 10-year period. Interestingly enough, a company in Oregon makes these toys and stands to gain about $200,000 as a result of this provision, according to news reports.
Another provision would let the owners of motor sports tracks write off their racing facilities over a seven-year depreciation timetable. The two-year extension would cost a whopping $100 million.
Another provision would extend for two years a rebate against excise taxes on rum imported from the Virgin Islands and Puerto Rico. That's $192 million.
Then there's $148 million for five more years of suspended duty on wool products and $478 million over 10 years for incentives for film and TV production.
There's even $10 million in the bill to provide a fringe benefit for bicycle commuters. I suppose that would be the Democrats' energy plan as well.
The endless list proves exactly what it is about business as usual in Washington that the American people so despise.
The administration and congressional leadership said we had no choice but to pass this bill. Not one of them said this was a good bill. They all said they would hold their nose and vote yes because they had to.
They lamented the fact that they had to spend so much of the taxpayers' money to fix the credit crunch. Then without blinking they loaded this supposedly must-pass bill with special projects pushed by lobbyists and members of Congress.
When will it stop? What happens the next time Wall Street wants a handout from Uncle Sam to make up for its risky behavior?
Washington has been quick to approve bailouts for other Wall Street giants, like Bear Stearns ($29 billion) and AIG ($85 billion) when they came around with their tin cup. Next time, Washington is presented with another must-pass bailout, will Congress tack on more sweeteners at the expense of the taxpayers?
The fact is, Congress voted for a bailout package that put today's taxpayers and tomorrow's taxpayers further into debt. Congress didn't need to add insult to injury and force still more financial obligations on taxpayers.
This was an incredibly serious matter, and if ever there was a time for business as usual to be left on a shelf, this was it.
Hit The Brake
The political games in Washington must come to an end. Extras like these tax sweeteners should not be thrown in to attract votes and appease special interests. It's time the Capitol started working to protect the taxpayers, not pick their wallets.
I know that a million here and a million there doesn't mean much to Washington politicians who are spending billions daily, but it all adds up.
And to a family that can't pay its bills or its mortgage because of an unexpected job loss or because it's just too hard to stretch its paycheck with today's rising costs, being forced to pay more taxes to offset Congress' spending habits might just be the straw that breaks the camel's back.
Catherine Malandrino
It's time for an overhaul in the government... start with your city councilmen...remember Sarah Palin started there... all of their reelections should be due soon. I'm going to be checking some voting records.
1I can't remember who, but I think one of the founding fathers said something along the lines of there ought to be a violent revolution every 100 years or so (I think it was Jefferson). It seemed extreme when I first heard it but I'm beginning to think he was right on, and we're long overdue.
2Lord, if any of our city councilmen (minus 1 that I know personally) make it past the local level, I'm moving! LOL
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If you always do as you've always done, you'll always get what you've always gotten.
I can not believe sweeteners or pork or what ever you call it was allowed into a bailout. I was listening to glenn beck last night and he pointed out that out of every 100K you get in a mortgage over $400.00 will be added (taxed in my opinion) and given to groups like... wait for it... ACORN.
maybe we can buy these tax exempt bow and arrows and raid washington our selves.
4***************
"Glory belongs to the act of being constant to something greater than yourself, to a cause, to your principles, to the people on whom you rely, and who rely on you in return. No misfortune, no injury, no humiliation can destroy it."
I'm ready. And in the vicinity.
5i will pass through on Friday and we will meet on the capital steps. Since we will be arrested we should all wear pro-O shirts- just for fun.
6***************
"Glory belongs to the act of being constant to something greater than yourself, to a cause, to your principles, to the people on whom you rely, and who rely on you in return. No misfortune, no injury, no humiliation can destroy it."
oh my husband and I saw some real classy ones donned by Baltimore residents this weekend...
7That's just sick, Sam. I hate politicians. Corrupt bastards. I'm getting more guns and ammo.
- An appeaser is one who feeds a crocodile - hoping it will eat him last.
8Winston Churchill -
They won't let me have any in NYC - I think they are afraid I would shoot the stupid people and turn the state red (take it either way).
9I just have my "loving" attitude and way with words to do in people.
***************
"Glory belongs to the act of being constant to something greater than yourself, to a cause, to your principles, to the people on whom you rely, and who rely on you in return. No misfortune, no injury, no humiliation can destroy it."
You personally or all of NYC? It might be time to move.
- An appeaser is one who feeds a crocodile - hoping it will eat him last.
10Winston Churchill -
No - the carry license in NYC is the hardest to get anywhere. My husband is trying to get me time with a SWAT guy and a weapons instructor for range work.. My hubby what I want
Can't wait. I can get a range license but the gun and ammo have to be separate and locked up
when not at the range.
11***************
"Glory belongs to the act of being constant to something greater than yourself, to a cause, to your principles, to the people on whom you rely, and who rely on you in return. No misfortune, no injury, no humiliation can destroy it."
oh my gosh. Great hubby!
And where have you been lately?
- An appeaser is one who feeds a crocodile - hoping it will eat him last.
12Winston Churchill -
On vacation - 1st time this year - so popping in and out. will be back as usual on monday- see you then
13***************
"Glory belongs to the act of being constant to something greater than yourself, to a cause, to your principles, to the people on whom you rely, and who rely on you in return. No misfortune, no injury, no humiliation can destroy it."
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