Now What Is Your So-Called Tax Cut Worth?

Your tax dollars at work:

The swindle of American taxpayers is proceeding more or less in broad daylight, as the unwitting voters are preoccupied with the national election. Treasury Secretary Hank Paulson agreed to invest $125 billion in the nine largest banks, including $10 billion for Goldman Sachs, his old firm. But, if you look more closely at Paulson’s transaction, the taxpayers were taken for a ride–a very expensive ride. They paid $125 billion for bank stock that a private investor could purchase for $62.5 billion. That means half of the public’s money was a straight-out gift to Wall Street, for which taxpayers got nothing in return.

The Democratic Congress — and our lame duck President — shoved this welfare giveway economic bailout down our throats, over the objections of something like 70% of the American public. And now our political class is preparing another $50 billion (on top of $25 billion already approved) to bail out Detroit’s failed automakers. That presumably include money for Chrysler owner Cerberus, which made $100 billion in profits last year.

Remember: “Bipartisan” is Washingtonspeak for “bad idea.”