Well, I you were ever wondering how Washington really works, this $700 Billion bailout bill is an education in what really goes on to turn a bill into a law.
We start with an innocuous bill that taxpayers will fund to the tune of $700 Billion to pay to keep our economy shored up. It seems to me very simple. However, in order to get the money meant to bail out the Wall Street Wizards to the Wall Street Wizards, our elected officials had to be incentivized to vote for it. Some could call it a bribe, some could call it a kickback, but I think the official term is money being "earmarked" to a specific cause. Hence the reason for all the extras being added to what one would assume is a very simple, straightforward bill.
Imagine if you will a conversation like this:
Senator #1 – “Senator – will you vote for this bill meant to help keep America's financial system afloat and keep us out of another great depression?”
Senator #2 – “I don’t think so.”
Senator #1 – “What if we added on a little something for your home constituents?”
Senator #2 – “Well I’m liking it more and more now. What exactly are we talking about?”
Senator #1 – “Hmmmmmmm, well, would that wooden arrow manufacturer who helped pay for your campaign last year like some money?”
Senator #2 – “Where do I sign Senator?”
Lo and behold, the bill gets passed. How else do you explain what has been added to the bailout bill:
- $2 million tax benefit for makers of wooden arrows for children
- $100 million tax break to benefit auto racetrack owners
- $192 million in rebates on excise taxes for the Puerto Rican/Virgin Islands rum industry
- $148 million in tax relief for U.S. wool fabric producers
- $49 million tax benefit for plaintiffs who sued over the 1989 tanker Exxon Valdez spill.
All of which you are paying for.
It’s a little different than how School House Rock explained it when I was a kid, but welcome to Washington…
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