Obama Proposes More Socialist Bailouts
August 10, 2012 6 Comments
Obama declared yesterday that the auto bailouts were so great that he wants to bailout every other industry as well. Of course in order for this to be a good idea we have to ignore the fact that the Feds lost $14 billion on the auto bailout, perhaps even more. The Federal government continues to hold on to GM and Chrysler stock that hasn’t lived up to expectations. The government lost money, there’s just no way around that. Yet Obama wants to bail everyone out. In declaring this Obama exposes himself as the fascist socialist he is. He truly believes in a top down economy with Washington dictating the entire economy.
We can cite plenty of examples of government’s inability to run a business. The Post Office lost $5.2 billion in the third quarter and is a perpetual money vacuum. Amtrak consistently loses a fortune providing train services that are unneeded and unused. Amtrak recently announced that over the last decade they lost $833 million on wasted cheeseburgers and pop. Passengers pay $9.50 for a cheeseburger on an Amtrak train, the cost to taxpayers for the burger is $16.15. Of course who could forget Obama wasting billions on wind and solar energy at failed companies like Solyndra. Government’s track record in what should be the private sector is abysmal. Worse, they’re playing with tax money.
What Obama did with GM is exactly what Romney did at Bain with countless corporations. The only difference is that Romney was successful and Obama simply is not. Romney didn’t lose $14 billion in investor money on a corporation that could have been saved at lesser cost via bankruptcy. Obama on the other hand gave the unions a sweetheart deal that cost GM and Chrysler billions that could have been eliminated via a traditional bankruptcy. This is the problem with government, they’re looking out for their constituency not what’s best for the corporation or the economy as a whole. It’s why bailing out industry after industry is a recipe not just for fiscal disaster but economic disaster. Government operates politically, it never operates economically.
Yet this is exactly what Obama wants. He wants all the control in Washington as he picks the winners and losers. In the GM case creditors were the losers while unions were the winners. That decision was made by government, it isn’t something that flowed from law or the free market. No doubt Obama would pick winners and losers across the board if he had the power to bailout the industries of his choosing. Likewise, Republicans might pick different winners and losers if they were given such powers. This sort of system has never worked long term, especially when governments change as quickly as ours.
Obama is a fascist, which is just another form of socialism. Fascism gives government the power to dictate just about everything to private business. So while private businessmen are allowed to keep their businesses and assets, they take their marching orders from the government. There is after all more than one form of socialism, what Obama is advocating is a form of fascism or state capitalism. Call it what you will, it is a form of socialism. Taxpayers cannot afford this sort of socialism. We have a $15 trillion debt and annual deficits upwards of $1 trillion under Obama. Taxpayers lost $14 billion in the auto bailouts, we’ve lost billions in Obama’s failed green energy loans and we’ve been losing billions for years from state run businesses such as the Post Office and Amtrak. We cannot afford more of Obama’s socialist bailouts. On another note, is the best Obama can come up with for a second term economic plan more bailouts?