Today Townhall.com posted an article about the suggested economic recovery program proposed by President Obama.
The article points out:
"...Republicans cried foul, claiming that the leftover and repaid TARP money must be used exclusively for deficit reduction or additional bank bailouts, as the law setting it up spells out, and not for what amounts to an expensive new stimulus program to create jobs.
"The stimulus money clearly was a spending bill. TARP was a loan _ a loan to be paid back. And we know that a number of the banks are, in fact, paying it back," said Senate Minority Leader Mitch McConnell, R-Ky. "So I don't think raiding a loan program to launch another spending spree is the best way to create jobs.""
The lesson here is that it is unwise to give Washington (or any other government) money. If they see money, they feel obligated to spend it. Massachusetts residents are still paying a temporary increase in personal income tax that was instituted in 1989. We need to remind the President to follow the laws that were part of the origination of the TARP program.
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