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Bailout Should Be A 4-Letter Word

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The Tampa Tribune

Published: December 17, 2008

A year ago, most Americans would never have thought "bailout" would become a household phrase. Today, it is not only heard on a daily basis, it's also attached to billions of hard-earned taxpayer dollars. As our government continues down a slippery slope of spending in record amounts to plug the dam before it breaks, this term is one that should more readily be classified as a four-letter word by the American people.

Just think about it. An estimated $700 billion to bail out Wall Street and loosen the credit crunch was spent earlier this year. Two stimulus packages in the billions have been approved and a third is likely coming. The auto industry claims it needs billions to survive and is too big to fail or even face bankruptcy.

With some $10 trillion already racked up in national debt, we can ill afford to spend a dime that won't prove effective. Sadly, it seems the billions we've thrown at the economy to date don't seem to be working.

Sitting on the sidelines, it's sort of like watching a person with a plastic bucket try to stop the Titanic from sinking. While it's easy to feel removed from what's happening in Washington, we the people - even us lucky enough to live in sunny Pasco County - need to wake up. We are not mere spectators in this drama that is unfolding. Those billions of dollars that are being tossed around without clear plans on how they should be spent belong to us. This is not money that belongs solely to George W. Bush, Henry Paulson, Nancy Pelosi or Harry Reid. It is ours and we have a stake in what is being spent and how it is spent.

Unfortunately, it seems we are allowing our representatives to spend our country poor without even batting our eyelashes. Read the headlines and reports and it's quite clear our politicians are failing to address the root causes of the problems. Also, It appears they are failing to examine closely enough the industries they are bailing out to determine if throwing money at the problems will actually effect positive change. It seems to me they are doing nothing more than trying to maintain a status quo that is horribly, horribly broken. A little plastic bucket wouldn't have saved the Titanic!

So, what's the answer?

There's no clear cut, easy solution to the pickle America finds herself in right now. Times are hard, and they are likely to become even harder. Still, it seems to me our politicians and corporations could learn a thing or two from the little guys.

When individual Americans face dire financial times, they are often left to their own devices to pull themselves up by the bootstraps. Bankruptcy is an option, as undesirable as it is, to give people and companies a chance to step back, rebuild and make better decisions (hopefully) going forward. Many individuals and companies have taken this path before and have emerged much better off for doing so.

If John Q. Public has to face bankruptcy court and rebuilding when crisis strikes, then why can't our corporate citizens?

If we the people demanded that Congress and American companies do what's right, even if it is hard, we might all be better for it. Our industries should expect no better treatment and our representatives in Congress should stop pretending they know how to fix the problems. They're only making them worse.

Sherri Lonon is the editor of In The Loop.

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