General Motors and Chrysler, so the story goes, have repaid the dollars the federal government loaned them to keep them from going belly up. Therefore, it is said, every American should ignore the nagging constitutional and ethical questions and applaud the government’s efforts to turn these companies around. After all, what is more important: some yellowed piece of parchment or, as President Barack Obama put it, “millions of jobs [that] wouldn’t have been around anymore” if Uncle Sam hadn’t stepped in?

President Barack Obama has lately been touting the government’s takeover of two of the Big Three automakers as an unqualified success. This is not surprising considering the large hand he had in it; nor is it surprising that his statements on the subject have been less than forthright.

moneyEconomists Richard M. Ebeling and Matthew J. Slaughter testified before the House Monetary Policy Subcommittee May 11 and agreed that spending must be cut to avert a financial catastrophe, but disagreed about the risks of failing to raise the national debt limit.

Fannie MaeNeed more proof — besides the staggering national debt — that the federal government is totally incompetent in fiscal matters? Three years after the feds took over their already failing “government-sponsored enterprises” Fannie Mae and Freddie Mac, the two mortgage companies are still bilking taxpayers in order to stay afloat — and Fannie’s rescue is now slated to become “the most expensive bailout of a single company” in history, the Associated Press reports.

The state of Alabama was already struggling with high unemployment when it was pummeled by tornadoes last week. As businesses and homes have been destroyed by the twisters, many residents in the region are struggling to recover from the devastation without their jobs.

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