It has been a never-ending daytime drama on Capitol Hill. What supposedly began as an effort to aid homeowners facing foreclose has spiraled in a direction that has many scratching their heads.
Since Congress approved the $700 billion bailout package for Wall Street, over 1 million jobs has been slashed across the country on main street, casting a cloud of suspicion on the goings on in Washington. We have seen a stream of multi-billion dollar bailouts, but no positive effects of the rising crisis (housing, credit, food, employment).
In the shadow of the bailout charades 43 states are operating in crisis mode – collectively short $31 billion. Lawmakers have cut spending, used reserves and raised revenues through higher taxes and fees, imposed on taxpayers who are already struggling to stay in their homes and survive the recession.
The government has led multibillion-dollar bailouts of major insurance and financial companies – from Bear Stearns to AIG – but it always gets bailout-fatigued when it comes to sending relief to the heart of the nation – taxpayers. No matter how all this plays out, many Americans will be bitter for years to come.