Thwarting the Will of the People

by Sal on December 12, 2008

in Economy,Politics

Last night, Senate Republicans successfully defeated the auto-bailout bill in a cloture vote (which requires 60 votes to succeed) due to lack of union concessions.  It is now being reported that the Bush Administration, through the Treasury Department, is going to ignore the will of the people’s elected representatives, and take $15 billion of the TARP bailout money that was supposed to be used to buy troubled assets from financial institutions resulting from the mortgage industry collapse.

This is a subversion of the legislative process, a misapplication of funds directed by statute for another purpose, and a continued trend towards socialism.  Even if the administration ultimately decides not to go forward with musising the TARP funds, they have been encouraging the bailout in recent days.  President Bush has done more in his administration to move us away from Conservatism and towards a central-planning economy than LBJ and FDR, although his efforts are supply-side based rather than demand-side based.  It is still socialism however you slice it.

Bush needs to be given credit where it is due.  He has been a rigorous tax cutter, he has been solid on social issues, and he has done a tremendous job keeping America safe.  Yet rather than working to defeat liberalism and advancing Conservatism, he has moved us more towards liberalism and a socialist state, at least economically.  It may take decades for Conservatives to undo the damage that has been done on his watch, and return to an ideal of limited government and  free-market capitalism in which a business has the freedom to succeed OR to fail without excessive government intervention or regulation.

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