Posted on 09/16/2011 9:31:48 PM PDT by CharlesWayneCT
IN CASE YOU MISSED IT: WSJ - Governors Against State Bailouts
Hard to believe, but not everyone in politics wants a free lunch
by Rick Perry and Mark Sanford
Tuesday, December 02, 2008 • Press Release
The Wall Street Journal
Governors Against State Bailouts
Hard to believe, but not everyone in politics wants a free lunch
Dec. 2, 2008
By Rick Perry and Mark Sanford
As governors and citizens, we've grown increasingly concerned over the past weeks as Washington has thrown bailout after bailout at the national economy with little to show for it.
In the process, the federal government is not only burying future generations under mountains of debt. It is also taking our country in a very dangerous direction -- toward a "bailout mentality" where we look to government rather than ourselves for solutions. We're asking other governors from both sides of the political aisle to join with us in opposing further federal bailout intervention for three reasons.
First, we're crossing the Rubicon with regard to debt.
One fact that's been continually glossed over in the bailout debate is that Washington doesn't have money in hand for any of these proposals. Every penny would be borrowed. Estimates for what the government is willing to spend on bailouts and stimulus efforts for this year reach as much as $7.7 trillion according to Bloomberg.com -- a full half of the United States' yearly economic output.
With all the zeroes in the numbers, it's no wonder Washington politicians have lost track.
That trillion-dollar figure is the tip of the iceberg when it comes to checks written by the federal government that it can't cash. Former U.S. Comptroller General David Walker puts our nation's total debt and unpaid promises, like Social Security, at roughly $52 trillion -- an invisible mortgage of $450,000 on every American household. Borrowing money to "solve" a problem created by too much debt seems odd. And as fiscally conservative Republicans, we take no pleasure in pointing out that many in our own party have been just as complicit in running up the tab as those on the political left.
Second, the bailout mentality threatens Americans' sense of personal responsibility.
In a free-market system, competition and one's own personal stake motivate people to do their best. In this process, the winners create wealth, jobs and new investment, while others go back to the drawing board better prepared to try again.
To an unprecedented degree, government is currently picking winners and losers in the private marketplace, and throwing good money after bad. A prudent investor takes money from low-yield investments and puts them in those that yield better returns. Recent government intervention is doing the opposite -- taking capital generated from productive activities and throwing it at enterprises that in many cases need to reorganize their business model.
Take for example the proposed Big Three auto-maker bailout. We think it's very telling that each of the three CEO's flew on their own private jets to Washington to ask for a taxpayer handout. No amount of taxpayer largess could fix a business culture so fundamentally flawed.
Our Founding Fathers were clear and deliberate in setting up a system whereby the federal government would only step in for that which states cannot do themselves. An expansionist federal government of the last century has moved us light-years away from that model, but it doesn't mean that Congress can't learn from states that are coming up with solutions that work.
In Texas and South Carolina, we've focused on improving "soil conditions" for businesses by cutting taxes, reforming our legal system and our workers' compensation system. We'd humbly suggest that Congress take a page from those playbooks by focusing on targeted tax relief paid for by cutting spending, not by borrowing.
In the rush to do "something" to help, federal leaders would be wise to take a line from the Hippocratic Oath, and pledge to do no (more) harm to our country's finances. We can weather this storm if we commit to fiscal prudence and hold true to the values of individual freedom and responsibility that made our nation great.
Mr. Perry, a Republican, is the governor of Texas. Mr. Sanford, a Republican, is the governor of South Carolina.
January 2009 Thread: Governors Against State Bailouts (Not all GOP governors are pro-Hussein!)
Note to Admin: I posted this from the Texas public web site, where it appeared in full and had no copyright notice. This is listed as a press release, which also would not have a copyright issue.
It was also published as an op-ed in the Wall Street Journal. The WSJ shows no copyright notice on it’s version of press release, but in any case I did not reference their version.
So I believe I have properly handled the copyright issues, and that posting in full is supported. However, I wanted to bring it to your attention, in case you have a different perspective, so you could take action if you feel it is necessary.
I’d prefer to keep the entire post, because it is always easier if you can see everything.
May I humbly suggest that there will come a time when we will no longer "humbly suggest" a damn thing. WE Will do What is Necessary!
But what of the gardasil issue!? /s
Still timely as ever.
And a host of DNC plants are now busily reporting you on Obamas Attack website.
Thanks for posting.
Oh, I made that list a couple times over already. Check out my resume: 1. White male 2. Middle age 3. Christian 4. Conservative 5. 25 year military vet. I'm surprised I haven't made the 'No Fly List' yet. LOL
I'm with you - born in 1952, white Christian Conservative and 24 years in the USAF. Expect the knock on the door any moment now. Work as a DOD civilian, so I tend to bite my tongue here and there because the spite of the current Administration appears to know no bounds...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.