Open The Floodgates: SC’s $3.2 Billion Bureaucrat Bailout
In what could be the biggest bureaucratic and social welfare paycheck in its history, South Carolina is slated to receive $3.2 billion in federal bailout money this year – enough to erase a $905 million budget deficit for the current fiscal year, pay for half a billion in highway costs, $400 million in food stamps, $350 million in Pell grants and $244 million in tax credits for low-income earners with children.
No tax relief would be provided to job creators, however, and the only employment gains would be found in temporary construction or government agency jobs.
Plus, it’s all money that the federal government doesn’t have and will be forced to borrow from already-depleted trust funds and foreign governments.
According to an exclusive story in this morning’s La Socialista (a.k.a. The State newspaper), the current bailout totals are “much higher than partial figures released a day earlier by several congressional committees.”
From the story:
The changes showed the fast-moving political drama of trying to use the federal government to jolt the economy back to health.
In a somewhat surreal day, given the country’s financial crisis, (U.S. House Speaker Nancy) Pelosi’s aides spent the afternoon showering reporters with e-mailed charts displaying ever-growing stimulus spending numbers by state.
Whatever Pelosi’s charts show, the takeaway from this is simple – the taxpayers are getting screwed to the tune of hundreds of millions of dollars so that government agencies can be shielded from the effects of the recession.
It’s a public sector handout, pure and simple.
One funny bit from La Socialista’s exclusive, however, was a typo that led some to believe South Carolina would be making off with nearly half a trillion in highway funds.
Look under the red arrow, people …
Comments
By Todd on January 24th, 2009 at 2:54 pm
Don’t kick ‘em when they’re down, Sic. La Socialista can’t pay for copy editors any more.
By James the Foot Soldier on January 24th, 2009 at 3:32 pm
Being the numbers oriented guy that I am I wonder if anyone else “did the math” on the latest handout/bailout/stimulus package? Pelosi is actually looking out for South Carolina more so than Barry as her number (no doubt with help from Spratt) triples Barry’s.
But I digress…
To run the numbers South Carolina is going to get $3.2 Billion out of a total of (moving target here) $900 Billion. In layman’s terms = .3% of the total. And La Socialista thinks this is the best thing since sliced bread. More like the crumbs referenced in an astute post earlier on this site.
Obama at least was true to his word since his chump-”change” earmarked for South Carolina amounted to .1%.
To the victors go the spoils…..
By Jamie Sanderson on January 24th, 2009 at 6:48 pm
Amazing. It never ceases to amaze me when the government does what it’s supposed to, it’s looked at is bad. The funny thing is that ALL the citizens of South Carolina will benefit from this. If it were me, I would only give it to the people who supported Democratic candidates.
This IS a bailout. It’s caused by our GOPher Gov. Sanford. Remember those tax cuts upon tax cuts? Well, do you think that has a little to do with the deficit in this state. Can’t balance a budget without the revenue, people.
But who am I trying to convince here. This is FITSNEWS.
By It's great to be a socialist on January 24th, 2009 at 8:40 pm
I love it – if we all behave irresponsibly and borrow too much money – our wonderful federal government just prints up a bunch more money and sends us all we want .
This could go on and on until we run out of trees to make the paper money.
By BIN News Editorial Staff on January 24th, 2009 at 9:56 pm
Well said Jamie. But, just to make sic(k) willie and the GOPher (good one) happy, let’s just cut all taxes and eliminate all government programs. :)
Turn everything over to the private sector. Look what they have done for us so far. The unregulated private sector is what got the world in this mess.
With no taxes there would be no welfare, no social services, no police, no courts, no highways, no public schools, no traffic lights, no stop signs, no prisons, no health and environmental control, no water system, no sewer, no mental health, no politicians, no Legislature, no Congress and no paid political consultants.
Okay, the last item is a positive.
Taxes are necessary to fund essential services. Anyone who suggests the answer to the world’s financial crisis is to simply “cut taxes” is either ignorant or a paid political consultant who watches way too many T.V. cartoons like The O’Really Factor and Rush Limburger.
Jamie, I know what I am talking about. History shows that I know how to build industry and capital. Woodrow Wilson listened to my advice during the War to End All Wars. Then FDR followed my advice, and it got us out of the Great Depression. Our newest President is on the right track!
Bernard Baruch, Esq.
Senior Financial Correspondent
BIN News Editorial Staff
Flair and Balanced
By James the Foot Soldier on January 25th, 2009 at 2:46 am
BIN, you ignorant slut,
Here’s the dirty little secret: the U.S. will get out of this recession regardless of what any gov’ment does. This recession has been caused entirely by individuals taking on too much debt – many of whom had no business renting a home let alone obtaining a mortgage on one.
When folks have whittled down their debt load and moved out of homes they had no business moving into then the economy will renew its upward trajectory. As well, when folks give up their Escalades that take up 50% of their net take home pay and drive a Chevy or a Buick then the automakers will get back on track and start selling cars again.
In the meantime, batten down the hatches and make sure the lights/heat aren’t turned off in the dead of winter and that the folks on food stamps can still buy their hotdogs at the Colonial Center. And please, once and for all, build that Clyburn bridge so some of his nieces or nephews can get a guv’ment job.
For the record, I’m entirely in support of increased gasoline taxes and leveraging these to gain 3 federal dollars to improve the pathetic roads in this state up to 21st century design. I’m also entrirely in support of a one dollar hike in the cigarette tax to: eliminate our state’s income tax; leveraging it to gain 3 federal dollars for each new dollar spent on Medicaid; to fund a nursing school at every state sponsored hospital to ensure we have an increasing supply of high wage and high talent nurses; and most importantly, to prompt the poor saps smoking these to reduce/kick their addiction.
I hate to burst your history bubble but FDR didn’t get us out of the depression, he prolonged it. WW II got us out of the great depression, a war FDR stayed on the sidelines until we got our asses handed to us at Pearl Harbor. Too bad no one asked Obama if he would adhere to the Bush doctine like Palin was asked – my take is he has reverted back to the FDR doctrine.
By liz on January 25th, 2009 at 8:54 am
First those already depleted Trust Funds were stolen by the people entrusted to oversee them. THE RULE OF LAW applies, so says the new President so perhaps we can reclaim the crooks fortunes.
** I HAVE EVIDENCE OF AN ENTIRE GHOST SYSTEM AT OUR SC SOCIAL SECURITY OFFICES BUT THE LAW ENFORCEMENT PEOPLE REFUSE TO TAKE MY COMPLAINT AND INVESTIGATE.
*** I HAVE A FRAUDULENT INSPECTOR GENERAL REPORT
people we are paying two and three and four times the amount necessary in order to maintain our current way of life because our elected elite are stealing money OR covering for other people who are.
PLEASE LISTEN TO ME I HAVE HARD COPY PROOF OF THIS
By OVERtaxed on January 25th, 2009 at 3:20 pm
Thanks for setting the record straight Jamie. I thought that there were three branches of government & did not realize that Sanford had that much authority. Can’t balance a budget with excess spending people.
Do you like the sand in your part of the state? I think I might need to come over and stick my head in it so I can see what it is like in your world.
By Not Sayin', Just Sayin' ... on January 25th, 2009 at 8:30 pm
I think that’s not a typo, but funding for a comprehensive monorail system that our state sorely needs.