The American Spectator

WORSE THAN YOU THINK

The real tragedy behind the $165 million dollars in AIG retention bonuses is that our political leaders have used it to take more of our rights away. Last week, the House voted 328-93 to approve a bill they didn’t read that would impose a 90% surtax on bonuses given to employees with household incomes of $250,000 or more at companies that have received at least $5 billion from the government’s financial rescue program. This legislation was derived from the tremendous outrage & media sensationalism created by Congress and the Obama Administration. In other words, they justified ignoring the 16th amendment of the United States Constitution by stirring up dissent between economic classes. Sen. Christopher Dodd, the chairman of the Committee on Banking, Housing and Urban Affairs, justified it by saying, “This is another outrageous example of executives — including those whose decisions were responsible for the problems that caused AIG’s collapse — enriching themselves at the expense of taxpayers,” President Obama’s justification was nothing more than finger pointing. He asked “How do they justify this outrage to the taxpayers who are keeping the company afloat?” he went on to declare “This is a corporation that finds itself in financial distress due to recklessness and greed.” Note to Obama: When you point a finger, three are pointed back at you.

In 2007 Obama’s net worth had increased from 700k to 4.7 million dollars and he now has a $400k a year salary and all of his expenses paid.  Sen. Hillary Clinton’s average net worth, adjusted for inflation, grew from negative $6 million to $30.7 million between 2000 and 2006.  Sen. John McCain of Arizona reported a $27.6 million surge in his average net worth during the 2008 campaign.  Senator Dodd’s net worth was $101,000 in 1967 and in 2007 was 1.5 million but is now over $3.5 million.  Our congress expressed such outrage and distain for a measly $165 million dollars in bonuses to executives (many of which agreed to a salary of $1 for the year) when Congress’s collective net worth is around 3.6 billion dollars.  It appears as if our elected officials may be the one’s that are enriching themselves at the expense of taxpayers. 

After two months, the Obama administration and our one party government have proposed legislation that will result in the worst deficits “ever.” By “ever” I mean that if every deficit over the past 220 years (since George Washington) were added together, the sum would be less than the deficits their budget proposal will create ($1.8 trillion this year, $9.6 trillion over 10 years).  This increased spending comes during the worst World Economic Crisis since 1933. There is a universal belief that increased spending and protectionist policies were the primary cause of the Great Depression. The recent stimulus packages, Obama’s proposed budget and protectionist policies have fostered anger and worry from most foreign leaders (G20 leaders). As a result, Obama’s ability to lead us out of an economic crisis is being questioned around the world. So, how is he in any position to be commenting on financial distress due to recklessness? Furthermore, what gives our elected officials the right to ignore History and make the same mistakes that lead to the Great Depression and WWII? 

Over the past 30 years we have allowed our political leaders to make countless compromises in an effort to further their party’s agenda. These compromises are in large part the cause of the world’s worst economic crisis since 1933 (76 years) and the implications surpass those of the Great Depression. Our liberty, prosperity and security are at stake and therefore, it is not a time to debate, it’s a time to demand. Demand that our government abides by the constitution. We must demand that our unalienable rights, Life, Liberty and the Pursuit of Happiness are secured and that our Government derives their just powers from the consent of the governed.  It’s high time that we do our duty as American Citizens, pound our fists on the Capitol door and demand that our leaders listen or leave office.  here is no excuse for our elected officials to serve themselves instead of listening to the people they serve. If our elected officials want to ignore history, the Constitution, and US Citizens by spending us into oblivion, than they need to be held accountable. There should be a 90% tax on their $170,000 a year salaries and $50,000 a year pension plans when their outrageous decisions result in an economic collapse. Their assets should be put up as collateral for the trillions of dollars that we now have to borrow primarily from communist countries. We do not work for the United States Government, Congress or The White House. They work for us and a reminder is way past due.
— Matthew Council