When will we hear about pay-back?
Lately, we’ve been hearing from our new freshman Senators, as well as some of the old timers about the Federal Budget proposal. They often refer to the $800 million stimulus as an example of out-of-control spending by the Obama administration.
They condemn the bailing out of the big three auto producers as the beginning of a socialist take over of the auto industry. I wonder why we do not hear anything about the outcomes of these payments. Since the bailout, GM has purchased back from the government enough stock so the government no longer has a controlling interest in the company, and they have indicated their intent to continue to buy back the government’s shares.
Also, many of the banks that received government bailouts have paid, and are continuing to repay this money. In light of all this, I have to wonder how much of that $800 million is still outstanding, and why the total stimulus bill payments are still considered to be a contributing factor in our budget woes, and a waste of public funds.