How to spend without paying
Imagine if you could spend whatever you wanted but you didn’t have to pay for it. Wouldn’t that be great?
It’s not quite the same – because we’ll all pay for this fiasco – but Bush is trying to hide the true size of the deficit – again. He’s decided that the Fannie and Freddy bailout will be “off budget.”
According to the story The director of the White House Budget Office on Friday said that operations of mortgage companies Fannie Mae and Freddie Mac seized by the government last week should not be treated as part of the federal budget. “While the GSEs (government-sponsored enterprises) will not be included in the budget at this time, I will continue to monitor closely the implementation of the government’s arrangement.
This bailout will cost us (the US taxpayers) at LEAST $200 billion – but somehow it’s not real money and isn’t part of the budget – just like the war in Iraq.
I haven’t added it up yet, but I’ll bet that Bush has added more to the federal debt than all previous presidents – combined. Anyone willing to take that bet?
Only a few more months until he’s gone….
gk
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