Category: budget


President Obama and congressional leaders traded blame on who is at fault for not reaching a deficit reduction deal. Many political pundits and experts believed that the super committee from its very conception was doomed to fail. They didn’t think that the two parties are able to work together in this Congress, and reach a compromise and agreement.

The American citizen feels that there is no leadership from either party, and the economy is in a precarious situation. As the two parties draw a line in the sand, we can expect more fighting and more finger-pointing. In 2012, the fight will be over job creation, healthcare, immigration, taxes, military spending, housing market, debt, and the deficit.

It appears the more the two parties fight, both sides think they will win, and benefit politically and substantively. They would rather fight and look foolish to the world, and the American people. The nature of democracy is to compromise, but in our Congress in 2011, the nature of the legislators is to remain stubborn.

The co-chairs of the bipartisan special joint committee said in a statement that, “after months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee’s deadline.”

This was a very difficult task but I was speculating that this committee would be successful. This super committee was charged with the responsibility to find $1.2 trillion in spending reductions and deficit reductions measures.  There were 6 members from each party and together they would agree on cuts and negotiate a plan to present to the public and Congress.

Many believe at the center of this dispute is a conservative activist Grover Norquist, and author of a popular GOP campaign pledge never to raise taxes. There are many Republicans across the country and in Congress, who have taken the pledge and refuse to raise taxes. He is also the head of a conservative group, Americans for Tax Reform, and many Republicans refuse to disagree with this organization.

There are 95% of Republicans in the Senate and House, who have signed the pledge. This pledge is a sacred covenant for virtually anyone wishing to run as a Republican, and it is a clearinghouse for conservative ideas.

President Obama is placing the blame on the Republicans, because they rejected a balanced approach to deficit reduction that included tax increases on the wealthy. “Despite broad agreement that exists for such an approach, there are still too many Republicans in Congress that have refused to listen to the voices of reason and compromise that are coming from outside of Washington,” said President Obama.

All of the legislators on both sides of the fence are discussed with the super committee, because many thought it had a task that was achievable. Republican Senator Bob Corker of Tennessee said, “It is nothing short of an embarrassment, an absolute national disgrace, and failure of leadership that we cannot agree on even a paltry $1.2 trillion in deficit reductions.”

Since the super committee did not reach an agreement, there will be automatic cuts of $1.2 trillion over the next year. They are heavily focused toward defense and there is no clear planning on how they will be implemented. There is no planning on the expiration on the Bush tax cuts, which will raise rates on all Americans in 2013.

The two parties can continue to fight and not agree on anything, and blame each other. But logically it would make more sense to compromise and get our fiscal house in order.  

 

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“These may be the worst unemployment numbers for African-Americans in years. How is it that the overall unemployment numbers stay the same and black unemployment gets worse,” says the Congressional Black Caucus blog. In July, black unemployment numbers increased to 16.7%, as compared to 16% in June. Unemployment numbers are holding at 8.1% for whites, and there is a huge disparity when unemployment numbers are analyzed and compared to blacks at 16.7%.

There is a crisis in the African-American community for jobs, and there is a depression taking place. Many of the economists are calling the situation with the economy as double-dip recession, but blacks know it as a depression. There are no jobs, they can’t pay their bills, and unemployment checks and benefits are running out.

Even Newt Gingrich is criticizing President Obama, and calling our economy the “Obama Depression.” “No administration in modern time has failed younger blacks more than the Obama administration,” says Gingrich. Gingrich’s argument rest in the fact that 40% of American black teens this summer were unemployed, and he thinks that the Obama administration is not doing enough for black youth.

There is also in many African-American cities, the unemployment rate for black males is 50%. That means that 1 out of every 2 black male is standing or hanging out on street corners with no goals, no job, and no motivation to improve. As the job situation continues to deteriorate in the cities, there will be more violence, crime, and political disobedience. Political disobedience can take many different forms, but people are upset and angry.

In 2008, on the campaign trail President Obama said, “I still believe in affirmative action as a means of overcoming both historical and political current discrimination. But I think that it can’t be a quota system, and it can’t be something that is simply applies without looking at the whole person, whether that person is black, white, or Hispanic, male, or female.”

I am not sure what the president was referring to when he made that statement, but I inferred that the president meant in certain situations there is a need to develop programs to address certain conditions. With the African-American unemployment rate at 16.7%, it is time for the president to develop programs that specifically addresses the black job crisis.

It is essential that the African American community focus needs to be placed on job creation, and continuing pressure on all elected officials, and the president. We should first start with our own black officials, but we should not stop there. We must send emails, and make phone calls to all elected officials and their color should not matter.

In every urban community in America, there is a need for organizational collaborations, and there should be job marches. It is clear that urban communities and black workers need special attention, and the squeaky or noisy wheel gets a response.

As the president prepares for his joint Congress speech on jobs, he must fight for outcomes that meet high expectations. Many in our community will be looking for actions that address and restore economic viability in the urban community.

Some of the ideas that are being discussed are tax-free zones to attract business investment in the urban communities. Also there should be training programs and funding to support the development of the work force for businesses who locate in urban communities. Finally, there is a need for public works projects to help rebuild the urban infrastructure, and provide jobs immediately.

President Obama has the power and opportunity to develop programs and initiatives to improve the unemployment numbers in the African-American community. It will take courage, innovation, and resolve, but he can make a difference.

When legislators in Congress are appointed to a “presidential blue-ribbon committee,” their importance raises in their party. Instantly, their influence is more significant, and the media begins to seek them out for interviews. The six Democrats, three from the Senate and three from the House, and the six Republicans three from the Senate, and three from the House comprise “Obama’s Super Committee.”

The “Super Committee” is a twelve bipartisan Congressional group who will work on a debt-reduction strategy to reduce the deficit by $1.5 trillion by Thanksgiving of this year. The twelve member panel has a historic opportunity to overhaul the Tax Code and entitlements. If the committee fails to produce a debt reduction plan of $1.2 trillion, across-the-board cuts would kick in evenly divided between defense and non-defense spending to make up $1.2 trillion in cuts.

The committee’s co-chairs are Representative Jeb Hensarling (R-TX) and Senator Patty Murray (D-WA). The rest of the members are as follows; Representative Chris Van Hollen (D-MD), Senator Jon Kyl (R-AZ), Senator John Kerry(D-MA), Senator Pat Toomey (R-PA), Senator Max Baucus (D-MT), Senator Rob Portman (R-OH), Representative Xavier Becerra (D-CA), Representative Dave Camp (R-MI), Representative James Clyburn (D-SC), and Representative Fred Upton (R-MI).

There is a good cross-section of experience and knowledge on the panel, but I wonder if anyone has the courage to significantly cut the military’s budget and funding. In the last ten years, the military base budget has increased by 80% from $302 billion in 2000 to $545 billion in 2011, says the National Priorities Project. The total cost of the Iraq war since 2001 is $869 billion, and the cost of the Afghanistan war $487 billion.

Most people ignore the nation’s security budget, but that became a new line item in 2001 with homeland security. This is a hard line item to arrive at because it flows through dozens of federal agencies. It started as a request for 16 billion, but in the last ten years the government has spent $636 billion.

When the figure for military spending for the last ten years is added up, the number is around $8 trillion. This is the number that the National Priorities Project has used, but a recent study published by the Watson Institute of International Studies at Brown University took a broader approach. By including funding for such things as veterans benefits, future cost for treating the war-wounded, and interest payments on war related borrowing, they came up with an additional $3.2 trillion.

These additional expenses increase the number for military spending in ten years to be around $11 or $12 trillion. With all the serious discussion on reducing the debt, it would seem logical to take a hard look at military funding and spending. There are some on the Super Committee who are against cutting military spending and believe that funding should be increased.

Nevertheless, the question must be raised, is our country safer with all the money being spent, and is the money being wasted? For the last ten years, the government has tries to do an audit with the military, and they haven’t had any success. There are so many secret funds, because of national security, an audit is vertically impossible.

Everyone knows that there is fraud, waste, abuse, and mismanagement in the military’s budget. It would appear that in the military’s budget, the legislators could find $600 to $700 billion to cut over the next 5 to 10 years. Cutting another $500 billion is going to be tough and the Super Committee has its work cut out for them.

The president is finally getting the parties to sit down and arrive at a compromise. All eyes and the media will be focused on the Super Committee for the next four months.

As the country braces for another presidential race in 2012, the Republicans are putting together a vicious strategy to keep President Obama from winning a second term. Many believe that the Republican Party and the Tea Party have mounted the most unified opposition to a president in history. But from my perspective, our country is engaged in the political democratic process, and our nation is practicing the system that makes us great.

Many in the country are extremely disgusted with Congress and the contentious bickering and gridlock that are a part of the political system. Every policy, every appointment, every speech, every foreign trip, and every meeting is scrutinized and challenged by the opposing party. We all would like to see more bipartisan, but the system is not set up that way.

There is a global transformation taking place in the world, and America made a transformation, when it elected the first African American president. This was a ground breaking achievement, and the history books will have to be rewritten. The ethnic group that was brought to this country to be slaves had evolved to become free educated people, and an African-American man has been elected to the highest position in the land.

All of the models of the past do not work, when the political pundits and experts try to come up with simple answers for the problems and crisis confronting America. Many would like the country to go back to the ‘good old days’, where political decisions were made by the ‘good old boy’ system. But everyone knows that President Obama is correct when he talks about winning the future through innovation, technology, and education.

Everywhere you turn in the country, every politician is talking about jobs, the economy, and unemployment. But America is not prepared or ready to transition to future technologies, transportation, infrastructure, energy and education.

Some of the 2012 GOP Candidates

Instead of the Republicans developing strategic plans for the future, they are stuck on gridlock, filibuster, and make sure nothing of substance passes the Congress. They will throw everything at President Obama, including the kitchen sink, and keep things at a standstill. They will criticize everything the president does, try to reverse what he has done, and spend millions of dollars to tell the country that he is a weak president.

As the country has lost its AAA credit rating, and the $14 trillion debt that we owe, the Republicans find it easy to point to the president, and say he is the problem. They can justify their assertion with 9% unemployment, stagnant economic growth, the destruction of the middle class, and the large numbers of poor people in the country. It is logical to blame the president on his watch, and many of his supporters are beginning to believe the Republican’s talking points.

At this point, the Republicans are having a problem with finding a candidate that can unify the party with a powerful message. Even though the Tea Party was prominent in the 2010 election, their message is too radical for a presidential election. In order to win the presidency, the Republicans must win a large percentage of the independent voters.

Everyone in the country is excited about the 2012 presidential election. The incumbent always has an advantage, because the media is always reporting on everything the president is doing. The United States elected a Black President for the first time in our history, and it is time for a national catharsis to heal the divisions in the country.

2012 Obama Campaign logo

A new American vision is needed in the election of 2012, and President must motivate and inspire the country that he is the man for the job. This new social contract will demand a new leadership mindset and I believe that President Obama is up.

U.S. Senate leadership

On the evening of July 31, 2011, the Senate and The House of Representatives have reached a tentative agreement. Ending a perilous stalemate, President Obama announced an agreement on Sunday night on a compromise that would avoid the nation’s first-ever financial default. The deal would cut more than $2 trillion from federal spending over a decade.

This agreement is tentative and the Congress must ratify the deal with a vote. No votes were expected in either house of Congress until Monday, to give rank and file lawmakers time to review the package. The framework of the deal would give the President a debt ceiling increase of up to $2.4 trillion, and guarantee an equal amount of deficit reduction over the next 10 years.

“Default would have had a devastating effect on our economy,” Obama said at the White House, relaying the news to the American people and financial market around the world. He thanked both the leaders of each party.  

After a tough week of meetings and negotiations, the House of Representatives, Senate leadership, and the president are able to feel good about their accomplishment. According to Democrats and Republican sources, here are the key elements of the deal. There is still work to be done and the leaders of both parties are rounding up votes for the deal.

The debt ceiling increase tentatively would be around $2.1 trillion and the spending cuts would be equal to increase over 10 years. The formation of a special Congressional committee to recommend further deficit reductions that may take the form of spending cuts or tax increases. The special committee must make recommendations by late November, before the Thanksgiving recess.

Congress must also approve those cuts by December 23, or automotive cuts across the board go into effect, including cuts to federal defense programs and Medicare. This trigger is designed to force action on the deficit reduction committee’s recommendations to both Democrats and Republicans. There would also be a vote in both houses on a balanced budget amendment.

As the Congress gets down to the 11th hour, the two houses are close to a deal. During President Bush’s eight years the debt limit was raised 19 times, without the fuss and fight of this Congress. When Bush took office the debt limit was $5.95 trillion, and when he left it was $9.81 trillion.

Top Aide to President Obama, Valerie Jarrett

President Obama has been deeply involved in trying to win a debt deal that both parties find agreeable and can work with. “He’s getting absolutely no sleep. He’s working tirelessly, meeting with his economic team, doing a lot of outreach, exploring all kinds of possibilities for compromise,” top Obama aide Valerie Jarrett told Reuters Insider. This has translated into even longer days than normal at the White House, which already begins with a senior staff meeting at 7:30 am in the morning.

It appears that all the hard work has paid off for President Obama, and his administration. It is still too early to relax, but all the leaders are announcing that a deal has been struck. Democrats won’t like the fact that Medicare could be exposed to automatic cuts, but the sizes of the Medicare cuts are limited. They are designed to be taken from Medicare providers, and not beneficiaries.

Finally, the House of Representatives and the Senate are starting to compromise, and do what is best for the citizens of the country. Somehow President Obama must make bipartisan a reality in Washington, and get the two parties to cooperate, and work together. Making decisions together that improve and enhance the country is the job of our representatives.   

3 Presidents, no solution: NAACP president Benjamin Jealous, President Obama, and National Urban Leage Marc Morial

On Thursday July 21, 2011, President Obama held a meeting at the White House, with NAACP president Benjamin Jealous, and National Urban League president Marc Morial. These are the two oldest and largest Black organizations in the country. The purpose and goal of the meeting was vague, but the leaders had an opportunity to share their opinions on a variety of subjects with the president.

The meeting lasted for about 30 minutes to an hour, and President Obama reiterated that reducing unemployment, which disproportionately burdens the African-American community, remained a top priority for him and his administration. It is important that the president has acknowledged that there is a crisis in unemployment in the Black community, and his administration is willing to confront the problem.

Presidents Morial and Jealous

On July 17, 2011, Marc Morial said on NBC’s Meet the Press, “We have a job crisis in America, and the nation needs a job plan. We have 14 million out of work. The Black unemployment rate is at stifling levels. It’s in fact, increased since the recovery has been begun.”

In June 2009, the unemployment rate for African-Americans was 14.9% and in June this year,

 the rate is 16.2%. White unemployment has dropped from 8.7% to 8.1%, and the Hispanic rate has dropped from 12.2% to 11.6%. Also the Asian rate has dropped from 8.2% to 6.8%.

Marc Morial has pointed out that certain segments in the Black labor force showed even higher rates of unemployment. The most recent unemployment rate for Blacks between the ages of 16 and 24 years was 31.4%. In certain cities, the unemployment rate for Black men is over 50%.

 

Representative Emmanuel Cleaver

Members of the Congressional Black Caucus recently publicly accused the Obama administration of failing to adequately address a veritable epidemic of African-American unemployment. “Can you imagine a situation where any other group of workers, if 34% of white women were out there looking for work and couldn’t find it? There would be rallies, congressional hearings, and protest marches; there is no way that would be allowed to stand,” says Representative Emanuel Cleaver, a Missouri Democrat.

The Congressional Black Caucus has introduced many different bills to attack Black unemployment rates. Debates about Black unemployment persist, but the Obama administration has focused on broad based initiatives aimed at lowering unemployment in general. It appears that the Obama administration needs a specific plan to address Black unemployment.

At the meeting with Morial and Jealous, the president discussed the efforts his administration  has made to address urban economic development through initiatives such as Strong Cities and Strong Communities. These programs act to spur economic growth in urban centers while ensuring taxpayer dollars are used wisely and efficiently.

Morial and Jealous shared their ideas with President Obama for resolving high unemployment in the Black community. The leaders say the president indicated he was willing to consider some of their ideas about job creation and employment discrimination when he is done with the debt crisis.

The two leaders also discussed with the president their opinions on the debt reduction plan. “We emphasized that no steps should be taken that gonna cost this nation jobs. No steps should be taken that’s gonna force vulnerable Americans to pay the cost of a debt reduction plan,” Morial said of the meeting. He said the president nodded his head in agreement.

It is significant that President Obama is taking time out to access and discuss the mood of the African American community. But the wheels of the federal political machine turn slowly and take time. It is important that our political leaders and Congressional Black Caucus continue to apply pressure to the White House, and mobilize the different state, local, and community Black political organizations.

President Obama gets tough on Republicans concerning Debt Limit …by Roger Caldwell.

Last week President Obama decided to take his battle with the Republicans to the street and the public. He held a press conference and he sharply chastised Republicans as supporting tax breaks for jet-setting corporate executives, at the expense of college scholarships or medical research. The president also criticized members of the Republicans of not being prepared with their facts on the debt ceiling, and more concerned with taking a vacation.

Representative Raul Labrador (R-Idaho)

This press conference did not sit well with the Republicans and they immediately began to fire back at the president. Senate Minority Leader Mitch McConnell called on Obama to drop what he’s doing and come to the Capitol for a meeting.

Representative Raul Labrador said, “House Republicans acted, and now we await your spending reduction plan – perhaps not with open arms, but we have open minds.”

The Democrats and the Republicans have been debating for the last month over raising the nation’s borrowing limit. Both parties agree that in order for the country to continue to pay its bills, it is necessary to raise the debt ceiling. Since 2001 the credit limit has been raised 10 times, so every time the lawmakers vote for spending hikes essentially they have raised the ceiling.

Nevertheless, it is necessary to formally vote on the size of the increase, and some lawmakers want a bigger increase and others want a smaller increase. The first limit was set in 1917 at $11.5 billion, and the current debt limit is set at $14.2 trillion. The country’s accrued debt hit that number on May 16, 2011.

Either party or the president is not happy with our country being $14.2 trillion in debt, and the president at his news conference laid out his reason why it is necessary to raise the debt limit. “These are bills that Congress ran up,” Obama said, in explaining why the U.S. must not default on its debt obligations. “They took the vacation. They bought the car. Now they’re saying, maybe we don’t have to pay.”

Treasury Secretary Timothy Geithner

Treasury Secretary Geithner has set the date August 2, 2011 as the day when the debt limit must be raised for the country to continue to pay its bills. At this moment both parties are busy playing politics, but at some time soon every one will have to agree. Politics is a nerve racking business and our lawmakers tend to wait till the last days to strike a compromise.

Following President Obama’s press conference, White House Chief of Staff Bill Daley had strong words for the Republicans. Many political pundits and experts are concerned with the bluntness of the Obama’s administration and are afraid that their tough position will drive the two sides further apart.

Bill Daley said, “I find that at times people who continually attack the president, beat him up on not only on

White House Chief of Staff Bill Daley

policy, personality, and a whole bunch of things. The minute he takes a tone that is a little more direct, and it was not personal. It was direct in that the leaders of Congress in both parties and especially those who are saying that revenue are off the table period in trying to solve this problem, that somehow that’s going to hurt feelings of people. This is not a time to worry about feelings; this is a time to get results.”

Maybe the president is now putting on his boxing gloves, and he is going toe to toe with the Republican Party. It is too early to make that assumption, but in his last news conference, the president was aggressive and assertive. The president was elected to lead and sometime to lead, it is necessary to hurt feelings to get the job done.

President Obama meeting with CEOs for "job council"

President Obama made it clear this week that he is 100% focused on creating jobs. Even though there may be some confusion on exactly what he is doing, he has a council now working with him. The group of CEOs who are working with the president are some of the leaders of the largest companies in the world, and they have the power to make an impact.

This job council is composed of many of the Fortune 500 CEO’s such as: General Electric, American Express, DuPont, Time Warner, Eastman Kodak, Xerox, and many more. The president is elated to have these leaders of some of the best companies in the country to work with him on his job’s initiative.

President Obama this week had a meeting with the members of the council in North Carolina. At the meeting he said, “Now government is not and should not be – the main engine of job-creation in the country. But one thing government can do is partner with private sector to make sure that every worker has the necessary skills for the jobs they are applying for.”

The job council has been working since February, and their goal is to create 1 million jobs through improved worker training in advanced manufacturing skills. There is no secret that the president’s record on the economy is seen as his weak spot, and unemployment numbers are still over 9%.

President Obama meeting with CEOs for "job council"

If the president plans to win the election in 2012, the unemployment numbers must improve. No president has won re-election with unemployment numbers more than 6% except President Regan, and his numbers were over 7%. It is obvious that President has his work cut out for him, and his unemployment numbers are increasing instead of decreasing this month.

At this meeting President Obama said, “The private sectors has hired two million jobs in the last 15 months.” Even if the president’s numbers are correct, the devastating effects that the economy has had on the middle and the lower class, 2 million jobs is just a drop in the bucket compared to the suffering in many communities.

Many of the political experts and members of the media are concerned about the composition of the members on the council. Many of the leaders of these large corporations in the last decade were more concerned with cutting their workforce instead of growing it.

General Election’s domestic workforce shrank by 25,000, and the number overseas increased. American Express’s workforce has decreased by 28%, in the last decade, and, Kodak’s has only 18,800 employees compared to 75,000 in 2001. Intel has trimmed the number of workers it employs over the past decade, and this is the general rule for most large companies.

Facebook is probably the only company on the president’s job council who legitimately is growing. There are no small or midsize companies on the council, and diversity is also limited in the group.

GE CEO Jeff ImlettAmerican Express CEO Ken Chenault

Last week, GE’s Jeff Immelt, and American Express’s Ken Chenault, who happens to be Black, put out an op-ed in the Wall Street Journal, where they laid out some of the council ideas on job creation. There are five steps the panel is recommending to create more than 1 million jobs in five specific areas.

They include training workers through partnerships with community colleges, cutting red tape to speed creation of construction jobs, and boosting travel and tourism by easing the visa process for visitors. They also want to offer more help to small businesses seeking funding from SBA, and concentrating on jobless construction workers by putting them to work on energy projects.

Now the work begins, because now the administration will have to find the funding to make the plans work. In the next few months, we will find out if the CEOs and the administration are serious or they are blowing hot air.

Parliament building for the Canadian government

The jury is still out, if the $80 billion bailout from the federal government for General Motors and Chrysler saved the auto industry. Chrysler is repaying $5.9 billion in U.S. loans, and a $1.7 billion loan to the Canadian government. The company has been bought by Fiat, the Italian company, and the U.S. government will lose around $1.4 billion in the bankruptcy deal.

 

 

General Motors who also went through bankruptcy, received $49 billion from the federal government. The vast bulk of the bailout money was $6.7 billion in pure loan, and 60% equity stake in the company. The Canadian government gave GM $1.4 billion as pure loan, and another $8.1 billion for an 11.7 percent in equity holding. The U.S. and Canadian government initially together owned 72% of the company.

In the last weeks, the Obama administration has announced that GM and Chrysler have paid back their loans to the federal government and they will loss only $14 billion. It is very strange that these two companies are able to pay back a loan and either company has broken even or made a profit.

It is obvious that the federal government and the two automobile companies are doing some creative accounting to make the numbers work. Without a company making a profit, it is very difficult for it to pay back a loan, unless they were given more money in another deal.

GM was able to pay a loan off ahead of schedule, because the Obama administration gave the company and additional $13.4 billion as “working capital.” There were no stipulations on how they could spend the money. GM used the money to pay back the U.S. and the Canadian government with “working capital” money.

In other words, GM is using government money to pay back government money to get more government money. President Obama and his administration is celebrating the auto companies for doing a good job with the bailout loans, but the government is giving them more bailout money.

The government is not being transparent with its information, when they tell the public that the two auto companies are paying back their loans. Both of the companies were bankrupted and the government is using taxpayer’s tax money to prop and financially support the companies. The government is digging a deep hole, and they are only telling half of the story.

The government has sold Chrysler to Fiat and the Italian automaker now controls 52% of the stock. The rest of the stock is owned by United Auto Workers, and there are no guarantees that this partnership will be successful. But at this point the U.S. can wash its hands of this financial nightmare.

GM is a bigger headache because the government still owns about 23% of the stock, and the loan was paid

U.S. Secretary of Treasury Tim Geithner

by other government money. U.S. Secretary of Treasury Tim Geithner says, “Today, America automakers are mounting one of the most improbable turnarounds in recent history – creating new jobs and making investments in communities across our country.”

This is a great statement, but either one of the auto companies have broke even up to this point. Paying off government loans with more government money is deceitful and eventually there will be a major financial problem.

Losing $14 billion on any loan is a terrible deal. Knowing that the loan was paid with more government money makes the auto bailout a worst deal, which could put our economy back into a recession. Without any earning or profits, there should be no celebration and announcement of a historic turnaround in the auto industry.

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