When the House passed the 2,319-page Dodd-Frank financial reform bill by a vote of 237-192, all it did was confirm for many the extraordinary hubris of legislators believing they could in fact “fix” the problems they themselves created which resulted in the Great Recession of 2008.
The just-published (July 5) issue of The New American includes our third congressional scorecard (pdf) on the 111th Congress. The scorecard, entitled “The Freedom Index: A Congressional Scorecard Based on the U.S. Constitution,” rates Congressmen based on their adherence to constitutional principles of limited government, fiscal responsibility, national sovereignty, and a traditional foreign policy of avoiding foreign entanglements.
The National Flood Insurance Program (NFIP) is drowning in red ink — $19 billion in red ink, to be exact, according to Fox News. The reason is simple: The federal government charges below-market premiums to people who choose to live in flood-prone areas. This encourages people to build in such areas; and the more people who live there, the greater the liability for taxpayers. When a major disaster occurs, as in 2005 with Hurricanes Katrina and Rita, the outlays far outstrip the premiums, and the program goes into debt.
The Internet is a wonderful invention that has allowed for the dissemination of a wide variety of ideas. Not surprisingly, politicians, never ones to brook dissent cheerfully, are not terribly fond of it. In 1998, then-First Lady Hillary Clinton said, “We’re all going to have to rethink how we deal with the Internet. As exciting as these new developments are, there are a number of serious issues without any kind of editing function or gatekeeping function.”
It seems that every day we learn of some new horror in the financial reform bill currently before Congress. This is not surprising given that the Senate version of the bill, for example, is 1,566 pages long. Those who voted on it probably have no clue as to most of its contents, as was the case with such monstrosities as ObamaCare and the Patriot Act.