On August 10 President Barack Obama signed into law a $26 billion spending bill that, proponents claim, will save the jobs of 300,000 teachers, police officers, and other public employees in danger of being laid off.
On the heels of dismal second quarter results, mortgage finance giant Freddie Mac is asking for more taxpayer money to continue operations.
The White House on July 21 extolled the extension of unemployment insurance by the Senate, claiming it was “not only the decent thing to do but one of the most effective ways to boost our economy.” President Obama signed the extension into law immediately, saying that this was “desperately needed assistance to two and a half million Americans who lost their jobs in the recession…Americans who…will finally get the support they need to get back on their feet during these tough economic times.”
Instead of asking for a federal bailout, Maine is considering shifting part of its underfunded pension plan liabilities to Social Security. Without the proposed fix, the pension liability the state currently faces is “going to rip the guts out of our budget,” according to Peter Mills, the state Senator who initially suggested the plan.
Czarist Russia is looking better and better. Once a byword for bureaucratic absolutism, the apparatchiks of pre-revolutionary St. Petersburg and their endless rule-making seem positively enlightened beside some of the pieces of aptly named omnibus legislation emanating from Capitol Hill these days. The newly passed Dodd-Frank Financial Regulation Bill may be the worst yet. At 2,315 pages and 390,000 words, the bill is half the size of the entire King James Bible. It stretches credulity to believe that America’s political leaders now enact single pieces of legislation many times the size of the entire Mosaic code. But they do.