The “new” bail-out bill likely will pass the Senate today and likely
the House later this week not because the bill is better for the
economy, but because the Senate has included all kinds of tax breaks (as Becki also alluded to) that some legislators will feel compelled to support, otherwise risk retribution from special interests.
There already is a $700 billion bailout, yet Congress is poised to pass
an extra $78 billion in tax breaks for renewable energy sources (such
as wind) that are so costly and inefficient they can only exist if they
get this kind of money.
This isn’t the only tax break–there are others as well.
Legislators know that if they include enough goodies, no matter how bad
the underlying bill is, they will get support. Simply add
enough goodies to get the votes necessary.
This may be politics as usual, but this isn’t a usual bill.
A bailout is still a bailout, no matter what changes have been
made. From a recent article:
“Sen. John Thune, R-S.D., said Republicans ‘can argue now that there have been some steps taken that they recommended.'”
So
Republicans that previously opposed the bailout should now support a
bailout because they can feel like they weren’t totally ignored?
The House members that voted against the bailout now can say: “I voted
against the bailout before I voted for it.” We should thank
them. At least now socialism will include some tax breaks.
