Will Greek unions get your tax dollars?

May 7, 2010 15:14

U.S. Taxpayer Bailout of Greece?

Michael G. Franc at NRO

The bailout of debt-ridden Greece has now morphed into the ongoing saga of our own government’s penchant to bail out any and every well-connected entity with an extended hand.

Why? Because it appears the Obama administration wants to use U.S. tax dollars to bail out a nation that, as Heritage Foundation economist J.D. Foster describes it, is “in a financial death spiral brought on by years of amazingly irresponsible deficit spending and similar behaviors often found in socialist states to the detriment of their economies.”

Foster has posted a scathing critique of the IMF’s action. The specifics: The euro-zone countries (mostly Germany and France) will dedicate $106 billion to the bailout while the IMF wants to plus-up this with another $39 billion.

Foster explains:

The IMF, of course, is tapping funds provided by its own member governments to participate in the bailout. As it happens, the Obama Administration convinced the Congress to give the IMF an extra $100 billion in play money last year.

One year ago, in fact, the Senate had an opportunity to strip that $100 billion out of an unrelated bill, but rejected an amendment by South Carolina senator Jim DeMint. In fact, it was a rout, with DeMint’s commonsense amendment losing by more than a two-to-one margin. Only 30 Senators stood by him (27 Republicans, two Democrats and Independent-Socialist Bernie Sanders of Vermont).


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