Here we go again!
Just when you thought these “bailouts” were a thing of the past!
Just when you thought we were at least beginning to learn from our mistakes! The CBO now estimates that our national debt, over the next 10 years, will DOUBLE to 29.4 TRILLION DOLLARS. That’s TRILLION with a “T.”
Just when you thought we finally understood we must learn from history and that a “Greece-type” bailout is a disaster waiting to happen!
WHAT’S GOING ON NOW?
First, let me bring you up to date!
It is called “The Highway Bill” or better yet, another Congressional ATM machine!!!
This is how it works:
Every 6 years, Congress passes a spending bill that produces revenue from a federal gas tax and other highway user fees.
Sound good so far?
The money goes into an account called “The Highway Trust Fund.” GREAT CONCEPT since Congress has ALWAYS assured us that they would only spend this money on roads and bridges – no longer!
I think you see what’s coming!!
YOU ARE RIGHT!
THEY ARE BROKE!
Ready for this one!
They owe 35 BILLION DOLLARS. That’s BIlION with a “B.”
Before you continue reading on, perhaps you should take a break!
OK – ready for their solution?
You got it.
PRINT SOME MORE MONEY FOR OUR KIDS TO PAY OFF –
The House bill spends $260 Billion over 5 years with a $50 Billion dollar bailout.
The Senate bill spends $109 billion dollars over 2 years with a $12 billion dollar bailout of the Highway Trust Fund!!
I never said this would be easy!
But there IS a simple solution (Thank you Senator Jim DeMint!) –
Dissolve the Federal Highway Trust Fund!
Reduce that federal gas tax to be used only for those FEW necessary Federal projects!
Let the states adjust THEIR OWN State gas tax accordingly and spend this revenue on bridges and highways within their own states!
This will make it unnecessary to funnel the money through Washington’s bureaucracy!
You are probably right!!!
I will be shocked if our “wonderful” Congress (both parties) will really solve this one and save America for our children!
257 days until November!