THE CHRIS DODD BEAR MARKET POSTED BY THE WATERBURY REPUBLICAN-AMERICAN, 12/24/08
Gratitude swells for Congress
In 2008, more than 2 million Americans have lost their jobs because of the recession triggered by the Chris Dodd Bear Market. Since July, the economy has contracted at a rate not seen since 1991. Thank you, Congress, for wrecking the economy.
The federal budget deficit for fiscal 2008 was $438 billion; for 2009, it is likely to come in north of $1 trillion. In 2008, the federal debt, not including unfunded entitlement liabilities, surpassed $10 trillion for the first time, and is fast approaching $11 trillion. The federal debt increases by $3.65 billion a day. Thank you, Congress, for spending beyond our means.
Social Security and Medicare have been on a collision course with insolvency for years, yet in 2008, Congress did nothing to avert the coming disaster. Thank you, Congress, for being so short-sighted.
House Speaker Nancy Pelosi's "most ethical Congress in history" has been hit by scandal after scandal in 2008, but its corrupting play-to-play practices continue. Thank you, Congress, for setting the ethics bar so low.
In 2008, the hue and cry went out again for immigration, health-care, tax, entitlement, energy-policy and many other reforms, but Congress failed to respond. Thank you, Congress, for doing nothing.
Yet as 2008 closed, members of Congress finally did something. They accepted $4,700 pay raises (2.8 percent) for next year, which will cost taxpayers $2.5 million immediately and millions more once these members retire.
Yes, even Sen. Christopher Dodd, whose role in America's current economic miseries cannot be understated, will get a raise next year for what he no doubt considers a job well done. (Of course, he shamelessly took a big raise this year after not showing up for work for most of 2007.) Thank you, Congress, for being so greedy.
Given the recession, the massive federal debt and their lack of achievements, members should have taken a pay freeze or even a pay cut to admit their shortcomings and show solidarity with suffering Americans. Instead, they took the money and ran. Thank you, Congress. For nothing.
The federal budget deficit for fiscal 2008 was $438 billion; for 2009, it is likely to come in north of $1 trillion. In 2008, the federal debt, not including unfunded entitlement liabilities, surpassed $10 trillion for the first time, and is fast approaching $11 trillion. The federal debt increases by $3.65 billion a day. Thank you, Congress, for spending beyond our means.
Social Security and Medicare have been on a collision course with insolvency for years, yet in 2008, Congress did nothing to avert the coming disaster. Thank you, Congress, for being so short-sighted.
House Speaker Nancy Pelosi's "most ethical Congress in history" has been hit by scandal after scandal in 2008, but its corrupting play-to-play practices continue. Thank you, Congress, for setting the ethics bar so low.
In 2008, the hue and cry went out again for immigration, health-care, tax, entitlement, energy-policy and many other reforms, but Congress failed to respond. Thank you, Congress, for doing nothing.
Yet as 2008 closed, members of Congress finally did something. They accepted $4,700 pay raises (2.8 percent) for next year, which will cost taxpayers $2.5 million immediately and millions more once these members retire.
Yes, even Sen. Christopher Dodd, whose role in America's current economic miseries cannot be understated, will get a raise next year for what he no doubt considers a job well done. (Of course, he shamelessly took a big raise this year after not showing up for work for most of 2007.) Thank you, Congress, for being so greedy.
Given the recession, the massive federal debt and their lack of achievements, members should have taken a pay freeze or even a pay cut to admit their shortcomings and show solidarity with suffering Americans. Instead, they took the money and ran. Thank you, Congress. For nothing.
Comments