I’m quite certain the Obama administration consists of a bunch of fools, and they think you’re a bunch of fools too. Imagine paying off one of your credit cards with another one of your credit cards. Would you think you’ve improved your financial situation? The bozos are considering reducing the deficit with “extra” TARP funds.
Is this the type of fiscal responsibility you expected from President Obama’s administration? Actually, it’s exactly the type of fiscal double-speak that I expected. To be fair, these types of budget accounting gimmicks have been going on for years at the federal and even the state level.
From tomorrow’s Wall Street Journal (tomorrow … isn’t that cool…)
Budget experts said committing some TARP funds toward debt reduction could help calm concerns about the size and intent of the program. “I don’t necessarily want them to pull back in a huge way, because there’s a lot of uncertainty, but right now what we’ve got could turn into a $700 billion slush fund” for Congress, said Douglas Elliott, a fellow with the Brookings Institution, a liberal think tank.
The move could buy the Treasury Department time before it hits the so-called debt ceiling, which limits the amount of money the U.S. can borrow. Already, some members of Congress have said they won’t approve an increase in the $12.1 trillion debt cap unless efforts to reduce the deficit are included.
This type of budgeting does not work in business and it certainly does not work with personal finances. The way I look at it, they were planning to spend money they had to borrow (TARP funds), but since they don’t seem to need that money, they are going to use that money to reduce the deficit – money they had to borrow.
The federal government might have a slush fund? I’m ROTFLMAO reading that phrase. They really do think we are idiots!
Is this kind of like planning to buy a Lexus for $30,000, but then buying a Honda for $20,000 even though you can’t even afford the Honda … and then paying off half of the Honda with the $10,000 “extra” you did not spend.
The problem is you’re still $20,000 in debt, and you couldn’t afford the Honda in the first place. What a shell game.
Steve over at Sweetness and Light suggests…
Why doesn’t Mr. Obama just write a check for the total $1.5 trillion and get it over with?