- Obama's Passive Acceptance of the Republican $2 Trillion Bailout of the Financial Sector may cost him the votes of millions of embittered Hillary supporters looking for a reason to stay home on Election Day.
- This week, while Republicans are deciding the future of the next Administration, Obama has been at Debate Camp. But when Congress recesses in a few days, there won't be anything left to debate.
- Either a Democratic Congress will have denied a Bailout --and accepted Republican criticism for the consequences -- or they will have imposed a $2 Trillion additional debt on the taxpayers. Spread over 65 million households , that works out to $31,000 per household. You can fly to Europe and buy a lot of abortions for $31,000.
- As voters seethe in the coming weeks, they will remember several things. They will remember Obama being one of only 50 some Democratic Senators -- yet shouldering none of the responsibility that goes with that position. They will remember Obama surrendering without a fight, saying yesterday that he has to drop most of his promises to us over the past year because there's no money left.
They will remember that Obama showed no leadership on this major problem --including questioning whether there are alternatives --and that
Obama did not propose any significant countermeasures -- like a $2 Trillion Income Surtax on the Richest 3 percent of the population to make them pay for the trainwreck they have caused.
- Single mothers trying to support children will ask themselves if Obama is an empty suit -- and if they want to depend upon such in the grim years ahead.
NOTE:
a) Cost of Bailout so far (Bear, Fannie, Freddie, AIG, Emergency Loans) is $700 Billion. ADDITIONAL cost of Paulson's new proposal is another $700 -- which is why the Bailout Bill includes a provision to
raise national debt limit to $11.3 Trillion -- $1.5 Trillion above the $9.8 Trillion limit of a few weeks ago. But Interest on the $1.5 Trillion over the next 5 years will be ANOTHER $500 Billion (assuming 6 percent rate.) Total equals $2 Trillion.
b) There are about 116 million US households but roughly 50 million have incomes less than $40,000 a year, are barely surviving ,and cannot pay additional taxes for the new $2 Trillion debt. $2 Trillion divided by
65 million yields $31,000 per household. That's in addition to the $154,000 per household already owned on the $9.8 Trillion of existing federal debt.