Need 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.
On February 4, 2009, President Barack Obama signed legislation establishing a $500,000 limit on executive compensation at firms receiving federal aid through the Troubled Asset Relief Program. “In order to restore trust” to our financial system, Obama said during the signing ceremony, “we’ve got to make certain that taxpayer funds are not subsidizing excessive compensation packages on Wall Street. He referred to these “lavish bonuses” for executives at failing firms as “the height of irresponsibility” and “shameful” — “exactly the kind of disregard for the costs and consequences of their actions that brought about this crisis.”
While average Americans have seen their wages and benefits stagnate, decrease, or even vanish altogether in recent years, federal workers have been doing very well for themselves. In August USA Today reported that “federal employees’ average compensation has grown to more than double what private sector workers earn” and that these same “workers have been awarded bigger average pay and benefit increases than private employees for nine years in a row.
Back in June, Republican Senate candidates Sharron Angle of Nevada and Rand Paul of Kentucky endured criticism from the mainstream media for their comments suggesting that government-run unemployment insurance was, perhaps, not the greatest idea in the world.
Once upon a time the United States had some standing to lecture communist countries on the virtues of free markets. Today, however, our government is growing larger by the minute, while Cuba and Russia — once the most communist of communist nations — are heading in the opposite direction, at least in economic terms.
The Obama administration, writes the New York Times, has done just about everything in its power to prop up the sagging housing market, but all of its attempts have failed.
“Surprise! Banks help more homeowners than Obama” is the headline of an August 30 CNN Money report.
Government is the only institution whose power and budget grow when it fails. A crisis, real or perceived, is considered an “opportunity” for government to expand, as President Obama’s Chief of Staff, Rahm Emanuel, reminded Americans shortly after Obama won the 2008 presidential election.
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.
The U.S. Bureau of Labor Statistics just released its employment figures for the month of May, and they would appear to be very encouraging indeed: 431,000 new jobs were created, and the unemployment rate fell to 9.7 percent. President Obama hailed this as proof that his economic policies are succeeding, saying, “This report is a sign that our economy is getting stronger by the day.”