To The Daily Sun,
Since Froma Harrop is accurate much less often than a broken clock, we should acknowledge it when it happens as it did in her column published on December 30.
Harrop says that Puerto Rico should be allowed to declare bankruptcy and default on its debts; that U.S. taxpayers should not bailout investors as is proposed by Washington politicians (to protect their big donors). Harrop is right; and hopefully she opposes, as the TEA Party does, all bailouts, including subsidies and special treatments for all special interests.
U.S. taxpayers should not be forced to provide bailouts for states, cities, U.S. territories, businesses, or special interest groups. The only way to force fiscal discipline on borrowers and lenders is for there to be consequences for their actions. Allowing entities to go bankrupt and investors to lose their investments forces investors to carefully evaluate the risks before investing, this will force better fiscal management by politicians, businesses, or others who want to borrow money.
Since subsidies and special treatments are essentially bailouts, these too should be ended, including the ethanol requirement, oil subsidies, solar energy subsidies, tobacco subsidies, wind energy subsidies, insurance company subsidies, special treatment for sports teams and unions, other farm subsidies, subsidies for all businesses and all special interests like community action groups and environmental groups, etc. Any of these that are truly needed should be funded locally, by states, communities, or interested donors.
Every penny that the federal government hands out comes at a high cost. First the money was (or will be) forcefully taken from taxpayers, then an expensive bureaucracy passes a little of the money (often with expensive strings attached) for specific purposes to selected recipients who are supposed to be duly appreciative to the politicians.
Politicians should be creating an economic environment that allows businesses to thrive and everyone to prosper so they can take care of themselves and progress towards their American dreams. This would generate all the taxes our governments need.
Unfortunately it appears that creating an economic environment that allows every American to prosper does not generate the reliable support for politicians that comes from dispensing subsidies, special treatments, and bailouts (often on an annual basis so recipients are reminded to be properly appreciative). In any endeavor other than politics this corrupt system that allows people to dispense their employer's (voters/taxpayers) assets in return for personal benefit would, and should, land people in prison; this should also be true in politics.
Let's celebrate Froma Harrop's rare correctness by demanding an end to all special treatments, subsidies, and bailouts.
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