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Citizen group find plenty of financial nightmares in Washington

November 3, 2008 by  

Congress' money management can be frightening, group saysAs another year of Halloween-inspired frights has just passed by, Citizens Against Government Waste has used the opportunity to point out some scary government behavior that has taken place over the past few months.

CAGW calls the $700 bailout bill "the worst trick perpetrated on taxpayers this year," claiming that it is a significant step towards creating a socialist mentality in Washington.

It points to government intervention in the cases of Bear Stearns, AIG, and Fannie Mae and Freddie Mac as additional examples of how taxpayers are forced to foot the bill for Wall Street’s missteps.

CAGW is also highly critical of the way that Congress is managing (or mismanaging) the federal budget, which reached $455 billion in the fiscal year 2008.

The group says that spending over the course of the year has risen by 9.1 percent, which is the highest increase seen since 1990, while revenue fell by 1.2 percent.

"Congress’ reaction to the bad news is to propose spending increases and a $400 billion stimulus bill instead of taking a Texas-sized chainsaw to the plethora of federal government programs that are outdated and wasteful," CAGW states.

Meanwhile, in related news, Federal Reserve chairman Ben Bernanke has recently called for indefinite government backing of consumer mortgages.
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