Thursday, February 16, 2012

Obama and Other People's Money

What sets this president apart is how eager he is to fund his schemes outside the normal appropriations process.

Fannie Mae and Freddie Mac, those two failed government-sponsored enterprises, will cost taxpayers as much as $333 billion—according to the Congressional Budget Office—as Mr. Obama gave them an unlimited draw on the Treasury. Everyone whose mortgage isn't securitized by Fannie or Freddie ends up paying higher interest rates and larger fees as a result.
Government spends taxpayer dollars and liberals want to spend more of them. But what sets Mr. Obama apart—what places him in a category of one—is how eager he is to find ways outside the normal appropriations process to fund his schemes in the name of fairness, or to make them appear free.
For Mr. Obama, helping political supporters and those he believes deserving, while shifting the costs onto those he considers undeserving, may be jolly good fun. But the question is how deep of a hole he'll leave all of us to dig out of when he vacates the Oval Office. Read more here.

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