WASHINGTON Denouncing a “squandering of the people’s money,” lawmakers voted decisively Thursday to impose a 90 percent tax on millions of dollars in employee bonuses paid by troubled insurance giant AIG and other bailed-out companies. The House vote was 328-93. Similar legislation has been introduced in the Senate.
Congress spending trillions = hope for the downtrodden. Bailed-out corporation spending millions due to contractual obligations that preceded the bailout = squandering The People’s money.
“We want our money back now for the taxpayers,” said House Speaker Nancy Pelosi, D-Calif. “It isn’t that complicated.”
Nancy is right – it isn’t that complicated. See the following graph, which I obtained from one of my many important, ingenious, and anonymous DNC contacts:
To the credit of the Associated Press writers who filed the story, they mention the uncomplicated fact that Democrats knew about – and could have dealt with – the issue well before this week-long presentation of The Old and the Clueless began:
Republicans took Democrats to task for rushing to tax AIG bonuses worth an estimated $165 million after the majority party stripped from last month’s economic stimulus bill a provision that could have banned such payouts.
“This political circus that’s going on here today with this bill is not getting to the bottom of the questions of who knew what and when did they know it,” said House Republican Leader John Boehner of Ohio.
Worst of all from my perspective, there are GOP Representatives having just as much fun stretching the ol’ grandstanding muscles on this issue.
He voted “no,” but 85 fellow Republicans joined 243 Democrats in voting “yes.” It was opposed by six Democrats and 87 Republicans.
It would be too much to ask that Congress read all the bailout and stimulus legislation the Democrats have been ramming through lately. Representatives criticizing the stupidity of AIG and others that contributed to this mess – and then moving on to real business – also seems to be in the realm of wishful thinking. At least a contract is still a binding legal document.*
* – Contracts remain binding legal documents, unless Congress deems it necessary to remove or redefine any legal obligation from any contract for any politically convenient reason. Retroactive to always.