About ten days ago when everyone was thinking about the impending government shut down, President Obama announced a $320 million bailout for the bankrupt city of Detroit. But, lo and behold, per the New York Times, it isn’t a bailout, at all, it is simply “aid”.
You are probably wondering where this money comes from as we are essentially broke. According to the Wall Street Journal,
[t]he federal funds, which were cobbled together from programs including TARP and the Federal Emergency Management Agency, are supposedly intended to encourage private investment.
But, the news gets even better. The New Your Times reports,
[t]his [is only] the first major infusion from the federal government, which administration officials say will not be the last…
And, per the Wall Street Journal,
…according to National Economic Council director Gene Sperling, who flew to Detroit to announce the gift, Detroit’s bankruptcy was “an exceptional thing happening during the Obama administration” and merited an exceptional federal response.
Apparently, clinical trials for children with cancer conducted by the National Institutes of Health are not “exceptional” as those funds have been shut down, but sending your tax dollars to Detroit is perfectly acceptable to this President.
So, we can’t “cobble together” funds to help children with cancer, but we can “cobble together” funds to send to Detroit.
Can anyone explain this madness?