Wow, people are beginning to dig into the pages of the the $700B bailout bill that passed Friday, and it's not pretty. Here are a few examples... a $10M tax break for filmmakers in California, $2M to toy arrow manufacturers in Oregon (click here to read the toy company's side of the story), $128M for Nascar race tracks in Virginia and North Carolina, and $223M in tax breaks for fishermen that were affected by the Exxon-Valdez disaster. Maybe that one's a good cause, but shouldn't we have done something 19 years ago when it actually happened? I digress.
In all, the $700B spending bill that failed the House on Monday passed it on Friday due to the addition of a whopping $100B in tax breaks. So we're making up for our spending, by reducing income.
That'll work.
Now I'm all for low taxes. We pay too much. But you also can't run it up on the national credit card forever. As this fellow says the national debt is like a fat man in a small boat. Pretty soon it just takes a small wave to sink you.
To rub salt in our wound, this week also brought a major debt milestone as we passed the $10 Trillion mark. That number is worth adding the zeros, so here they are:
$10,000,000,000,000
I might need a new zero button on my keyboard after a few of those.
For more info on these two topics, here are a slew of good articles:
Some taxpayers sounding off over bailout pork
Disgust: Bailout Bill Was Delayed By Pork
The Banker's Trick: America Takes the Bait
Passing the pork
Click here to see how your local representative voted.
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