The future of America was inadvertently written large and clear by a second level administration bureaucrat yesterday. Assistant Treasury Secretary Herbert Allison said we did not fully envision the challenges that we would encounter. The quote is in reference to the government program to adjust troubled home loans.
This program has been in existence for over a year, and according to The Arizona Republic only $58 million out of $75 billion available has made its way to intended recipients. If the Great White Father in Washington can’t manage a relatively simple program any better than that, just think of what we have coming from 2,000 pages of convoluted double-talk, in the health care bill.
The administration may not know, or probably doesn’t want anyone to know, what all these unintended consequences are going to cost. However, the people who are actually collecting the money, from us, for the government do know. In Saturday’s Wall Street Journal, AT & T, John Deere Caterpillar, 3M and AK Steel announced over $1.3 billion in first quarter write-offs because of changes caused by the new health care plan. For anyone, mostly Democratic politicians, who are economically challenged and think that, so what, let the fat cats pay for it. It doesn’t work that way. Businesses cannot absorb these costs.
They can’t afford to and still invest to remain competitive. So, fairly rapidly these government transfer costs are passed on to these firms’ customers and employees. We are in for a wild ride for several years. Unbelievable amounts of money are going to change hands. Most of it going to a horde of new government employees and to the wrong people in the private sector. I can’t predict where the money will wind up, but I am pretty sure that wherever that is, it won’t be someplace that makes life better for mankind.