James Leroy Wilson's blog

Thursday, October 16, 2008

But you supported the Bailout!

This is my latest at the Partial Observer. Excerpt:

The Democrats can't rail against higher taxes for the rich or for corporations. By supporting the Bailout, they've essentially conceded they believe deficits don't matter and that money can be created out of thin air. $700 billion is more than corporations pay in taxes; if the money was used for that purpose, wouldn't corporations all over the world flock to America, creating jobs? Also, $700 billion is also more than half of the American people pay in income taxes. Why not a massive tax cut?

Can Democrats say "we can't afford it?" Five words are a sufficient response: "But you supported the Bailout!"


Republicans have also lost credibility.

They, too, seem to concede that deficits don't matter. If poorly-run banks and investment firms can be rewarded with a Bailout, why not the people defaulting on their mortgages? Why not school districts and state and local governments running out of money?

How can they rail against earmarks and pork? At least these projects keep people employed! Indeed, any Republican suggestion that thus-and-so social program goes beyond the "proper role of government" can be replied with, "But you supported the Bailout!"

Any proposed spending cut - $100 million here, $5 billion there - can be replied to with "But you supported the Bailout!"