Leave it to the U.S. Senate to take a flawed but necessary bailout bill and make it far worse by festooning it with a host of special-interest tax "earmarks." And to compound the outrage, they then used an unconstitutional ruse to force the bloated "emergency bailout" bill down the House’s collective throat. Among the tax earmarks in the bill are special breaks for a grab box of items and industries ranging from auto racing tracks to film-and-television production and wool research. Also included, believe it or not, are earmarks for makers of "certain wooden arrow shafts." Not to put too fine a point on it, but the Senate limits this particular favor only to arrows "designed for children" and measuring "5.16 inches or less in diameter." Another provision would give special tax breaks to litigants in the Exxon Valdez oil-spill case – people who already have been rewarded by the courts – at a cost to taxpayers of $49 million.
If the whole financial system really is on the verge of collapse, why are senators wasting precious time doing the bidding of special-interest lobbyists seeking tax breaks for race tracks, toys and wool research? Can’t senators help themselves? Is their self-dealing so deeply ingrained that they think nothing of exploiting a national economic emergency to grease the way for special favors that will bring in contributions to their campaign war chests?
Thursday, October 02, 2008
The DC Examiner is right about the Senate's version of the bailout: