Here is the latest bailout draft bill if you can’t access the House website
The House website is down.
I’ve uploaded the most recent bailout draft bill right here:
***
Via N.Z. Bear, here’s a quick-and-dirty, section-by-section analysis of the latest draft going around the Hill:
SECTION-BY-SECTION ANALYSIS OF THE LEGISLATION
Section 1. Short Title.
“Emergency Economic Stabilization Act of 2008.”
Section 2. Purposes.
Provides authority to the Treasury Secretary to restore liquidity and stability to the U.S. financial system and to ensure the economic well-being of Americans.
Section 3. Definitions.
Contains various definitions used under this Act.
Title I. Troubled Assets Relief Program.
Section 101. Purchases of Troubled Assets.
Authorizes the Secretary to establish a Troubled Asset Relief Program (“TARP”) to purchase troubled assets from financial institutions. Establishes an Office of Financial Stability within the Treasury Department to implement the TARP in consultation with the Board of Governors of the Federal Reserve System, the FDIC, the Comptroller of the Currency, the Director of the Office of Thrift Supervision and the Secretary of Housing and Urban Development.
Requires the Treasury Secretary to establish guidelines and policies to carry out the purposes of this Act.
Includes provisions to prevent unjust enrichment by participants of the program.
Section 102. Insurance of Troubled Assets.
If the Secretary establishes the TARP program, the Secretary is required to establish a program to guarantee troubled assets of financial institutions.
The Secretary is required to establish risk-based premiums for such guarantees sufficient to cover anticipated claims. The Secretary must report to Congress on the establishment of the guarantee program.
Section 103. Considerations.
In using authority under this Act, the Treasury Secretary is required to take a number of considerations into account, including the interests of taxpayers, minimizing the impact on the national debt, providing stability to the financial markets, preserving homeownership, the needs of all financial institutions regardless of size or other characteristics, and the needs of local communities. Requires the Secretary to examine the long-term viability of an institution in determining whether to directly purchase assets under the TARP.
Section 104. Financial Stability Oversight Board.
This section establishes the Financial Stability Oversight Board to review and make recommendations regarding the exercise of authority under this Act. In addition, the Board must ensure that the policies implemented by the Secretary protect taxpayers, are in the economic interests of the United States, and are in accordance with this Act.
The Board is comprised of the Chairman of the Board of Governors of the Federal Reserve System, the Secretary of the Treasury, the Director of the Federal Home Finance Agency, the Chairman of the Securities and Exchange Commission and the Secretary of the Department of Housing and Urban Development.
Section 105. Reports.
Monthly Reports: Within 60 days of the first exercise of authority under this Act and every month thereafter, the Secretary is required to report to Congress its activities under TARP, including detailed financial statements.
Tranche Reports: For every $50 billion in assets purchased, the Secretary is required to report to Congress a detailed description of all transactions, a description of the pricing mechanisms used, and justifications for the financial terms of such transactions.
Regulatory Modernization Report: Prior to April 30, 2009, the Secretary is required to submit a report to Congress on the current state of the financial markets, the effectiveness of the financial regulatory system, and to provide any recommendations.
Section 106. Rights; Management; Sale of Troubled Assets; Revenues and Sale Proceeds.
Establishes the right of the Secretary to exercise authorities under this Act at any time. Provides the Secretary with the authority to manage troubled assets, including the ability to determine the terms and conditions associated with the disposition of troubled assets. Requires profits from the sale of troubled assets to be used to pay down the national debt.
Section 107. Contracting Procedures.
Allows the Secretary to waive provisions of the Federal Acquisition Regulation where compelling circumstances make compliance contrary to the public interest. Such waivers must be reported to Congress within 7 days. If provisions related to minority contracting are waived, the Secretary must develop alternate procedures to ensure the inclusion of minority contractors.
Allows the FDIC to be selected as an asset manager for residential mortgage loans and mortgage-backed securities.
Section 108. Conflicts of Interest.
The Secretary is required to issue regulations or guidelines to manage or prohibit conflicts of interest in the administration of the program.
Section 109. Foreclosure Mitigation Efforts.
For mortgages and mortgage-backed securities acquired through TARP, the Secretary must implement a plan to mitigate foreclosures and to encourage servicers of mortgages to modify loans through Hope for Homeowners and other programs. Allows the Secretary to use loan guarantees and credit enhancement to avoid foreclosures. Requires the Secretary to coordinate with other federal entities that hold troubled assets in order to identify opportunities to modify loans, considering net present value to the taxpayer.
Section 110. Assistance to Homeowners.
Requires federal entities that hold mortgages and mortgage-backed securities, including the Federal Housing Finance Agency, the FDIC, and the Federal Reserve to develop plans to minimize foreclosures. Requires federal entities to work with servicers to encourage loan modifications, considering net present value to the taxpayer.
Section 111. Executive Compensation and Corporate Governance.
Provides that Treasury will promulgate executive compensation rules governing financial institutions that sell it troubled assets. Where Treasury buys assets directly, the institution must observe standards limiting incentives, allowing clawback and prohibiting golden parachutes. When Treasury buys assets at auction, an institution that has sold more than $300 million in assets is subject to additional taxes, including a 20% excise tax on golden parachute payments triggered by events other than retirement, and tax deduction limits for compensation limits above $500,000.
Section 112. Coordination With Foreign Authorities and Central Banks.
Requires the Secretary to coordinate with foreign authorities and central banks to establish programs similar to TARP.
Section 113. Minimization of Long-Term Costs and Maximization of Benefits for Taxpayers.
In order to cover losses and administrative costs, as well as to allow taxpayers to share in equity appreciation, requires that the Treasury receive non-voting warrants from participating financial institutions.
Section 114. Market Transparency.
48-hour Reporting Requirement: The Secretary is required, within 2 business days of exercising authority under this Act, to publicly disclose the details of any transaction.
Section 115. Graduated Authorization to Purchase.
Authorizes the full $700 billion as requested by the Treasury Secretary for implementation of TARP. Allows the Secretary to immediately use up to $250 billion in authority under this Act. Upon a Presidential certification of need, the Secretary may access an additional $100 billion. The final $350 billion may be accessed if the President transmits a written report to Congress requesting such authority. The Secretary may use this additional authority unless within 15 days Congress passes a joint resolution of disapproval which may be considered on an expedited basis.
Section 116. Oversight and Audits.
Requires the Comptroller General of the United States to conduct ongoing oversight of the activities and performance of TARP, and to report every 60 days to Congress. The Comptroller General is required to conduct an annual audit of TARP. In addition, TARP is required to establish and maintain an effective system of internal controls.
Section 117. Study and Report on Margin Authority.
Directs the Comptroller General to conduct a study and report back to Congress on the role in which leverage and sudden deleveraging of financial institutions was a factor behind the current financial crisis.
Section 118. Funding.
Provides for the authorization and appropriation of funds consistent with Section 115.
Section 119. Judicial Review and Related Matters.
Provides standards for judicial review, including injunctive and other relief, to ensure that the actions of the Secretary are not arbitrary, capricious, or not in accordance with law.
Section 120. Termination of Authority.
Provides that the authorities to purchase and guarantee assets terminate on December 31, 2009. The Secretary may extend the authority for an additional year upon certification of need to Congress.
Section 121. Special Inspector General for the Troubled Asset Relief Program.
Establishes the Office of the Special Inspector General for the Troubled Asset Relief Program to conduct, supervise, and coordinate audits and investigations of the actions undertaken by the Secretary under this Act. The Special Inspector General is required to submit a quarterly report to Congress summarizing its activities and the activities of the Secretary under this Act.
Section 122. Increase in the Statutory Limit on the Public Debt.
Raises the debt ceiling from $10 trillion to $11.3 trillion.
Section 123. Credit Reform.
Details the manner in which the legislation will be treated for budgetary purposes under the Federal Credit Reform Act.
Section 124. Hope for Homeowners Amendments.
Strengthens the Hope for Homeowners program to increase eligibility and improve the tools available to prevent foreclosures.
Section 125. Congressional Oversight Panel.
Establishes a Congressional Oversight Panel to review the state of the financial markets, the regulatory system, and the use of authority under TARP. The panel is required to report to Congress every 30 days and to submit a special report on regulatory reform prior to January 20, 2009. The panel will consist of 5 outside experts appointed by the House and Senate Minority and Majority leadership.
Section 126. FDIC Enforcement Enhancement.
Prohibits the misuse of the FDIC logo and name to falsely represent that deposits are insured. Strengthens enforcement by appropriate federal banking agencies, and allows the FDIC to take enforcement action against any person or institution where the banking agency has not acted.
Section 127. Cooperation With the FBI.
Requires any federal financial regulatory agency to cooperate with the FBI and other law enforcement agencies investigating fraud, misrepresentation, and malfeasance with respect to development, advertising, and sale of financial products.
Section 128. Acceleration of Effective Date.
Provides the Federal Reserve with the ability to pay interest on reserves.
Section 129. Disclosures on Exercise of Loan Authority.
Requires the Federal Reserve to provide a detailed report to Congress, in an expedited manner, upon the use of its emergency lending authority under Section 13(3) of the Federal Reserve Act.
Section 130. Technical Corrections.
Makes technical corrections to the Truth in Lending Act.
Section 131. Exchange Stabilization Fund Reimbursement.
Protects the Exchange Stabilization Fund from incurring any losses due to the temporary money market mutual fund guarantee by requiring the program created in this Act to reimburse the Fund. Prohibits any future use of the Fund for any guarantee program for the money market mutual fund industry.
Section 132. Authority to Suspend Mark-to-Market Accounting.
Restates the Securities and Exchange Commission’s authority to suspend the application of Statement Number 157 of the Financial Accounting Standards Board if the SEC determines that it is in the public interest and protects investors.
Section 133. Study on Mark-to-Market Accounting.
Requires the SEC, in consultation with the Federal Reserve and the Treasury, to conduct a study on mark-to-market accounting standards as provided in FAS 157, including its effects on balance sheets, impact on the quality of financial information, and other matters, and to report to Congress within 90 days on its findings.
Section 134. Recoupment.
Requires that in 5 years, the President submit to the Congress a proposal that recoups from the financial industry any projected losses to the taxpayer.
Section 135. Preservation of Authority.
Clarifies that nothing in this Act shall limit the authority of the Secretary or the Federal Reserve under any other provision of law.
Title II—Budget-Related Provisions
Section 201. Information for Congressional Support Agencies.
Requires that information used by the Treasury Secretary in connection with activities under this Act be made available to CBO and JCT.
Section 202. Reports by the Office of Management and Budget and the Congressional Budget Office.
Requires CBO and OMB to report cost estimates and related information to Congress and the President regarding the authorities that the Secretary of the Treasury has exercised under the Act.
Section 203. Analysis in President’s Budget.
Requires that the President include in his annual budget submission to the Congress certain analyses and estimates relating to costs incurred as a result of the Act; and
Section 204. Emergency Treatment.
Specifies scoring of the Act for purposes of budget enforcement.
Title III—Tax Provisions
Section 301. Gain or Loss From Sale or Exchange of Certain Preferred Stock.
Details certain changes in the tax treatment of losses on the preferred stock of certain GSEs for financial institutions.
Section 302. Special Rules for Tax Treatment of Executive Compensation of Employers Participating in the Troubled Assets Relief Program.
Applies limits on executive compensation and golden parachutes for certain executives of employers who participate in the auction program.
Section 303. Extension of Exclusion of Income From Discharge of Qualified Principal Residence Indebtedness.
Extends current law tax forgiveness on the cancellation of mortgage debt.
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- Bailout Deal Reached? | Jeffrey A. Setaro
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Thanks, Michelle!
At 110 pages (if I’m looking at it correctly) it will take a while to read – and longer to digest.
Product of the public school system. I will wait for the breakdown.
Wow! First comment!
I’m so torqued I can’t speak. I just saw the Finance Committee hearings from 2004.
This thing needs to get spiked – and I want to see indictments…
LIKE NOW!!!!
The first three pages are enough. It is pure unadulterated evil and places far too much power into the treasury secretary’s hands.
Fere libenter homines id quod volunt credunt!
One thing that bothers me, just because the mortgage goes south and the unqualified buyer has to be kicked out, usually the house is still there, and it’s not worth zero. The problem comes when the leverage was too high. Gee, I wonder who was writing the worthless derivatives.
Maybe if they re-enacted the IRS renters laws that they did away with in the 70s, and caused the first housing economy crash, i.e. the RTC, then we could buy the foreclosed houses, and rent them to the poor and manage it that way. Gee, maybe the rent laws and IRS deductions were the right way all along. We sure wouldn’t want to go back to that, would we.
Who said selling houses to people who couldn’t pay, or who didn’t reside in the USA, was a good idea — again?
Now we know why the comprehensive AMNESTY bill was so important, keep the poor people who couldn’t pay their mortgage in the USA, so then the government could subsidize those mortgages.
This fish stinks and stinks some more, when left in the sun — Even if the sun isn’t so hot these days. America has been sold out, and instead of the carpet razzy, we get the “TARP” razzy.
The thing that really gets my juices flowing is that this comes after the Kelo decision.
Is there anything to stop the Feds from holding the property and using that ownership as leverage to annex surrounding properties using eminent domain?
This thing stnks to high Heaven.
Here is the wordle of the summary given above. Note the prominence of the word Secretary. Click here.
It remains craptastic. Just craptastic.
Requires federal entities that hold mortgages and mortgage-backed securities, including the Federal Housing Finance Agency, the FDIC, and the Federal Reserve to develop plans to minimize foreclosures? What the heck! Let’s call this what it is: The Free Ride Act From The Democrat Congress Of 2008.
Accountability my royal Irish Arse!
Thanks for the Cliff Notes version.
Just printed it out to read while cooling my heels at the airport. :sigh:
Thanks Michelle, for the draft. I don’t trust any of Pelosi/Reid “protect the taxpayer” BS.
The ‘perk’ train continues. We now own more houses then WE can afford!
So we’re gonna give to the very people who created this debacle, $700million dollars and the oversight to make sure that the taxpayers are paid back first.
Yeah, and I have a bridge in Alaska to sell ya.
What will be the terms of the “encouragement”? And, isn’t congress mandated “credit enhancement” exactly what caused this mess to begin with?
Could they direct the US Attorney General to investigate and report on the role of Barney Frank and the Democrat congress in the current financial crisis?
It’s becoming unhealthy the disdain I have for those people.
The definition of an whale: a guppy built to bipartisan Congressional specifications…
Gee. What a coincidence.
The Democrats don’t care about using other people’s money. After all, when it runs out, they’ll just tax more!
Just say NO to irresponsible people who borrow money and then do not repay the loan they signed for.
No new taxes.
At this point, my only hope is that the House Republicans will still vote against this piece of filth. I heard Blount come out and say there was some compromise, but I’ll be darned if I can see anything except the insurance portion.
This document isn’t even fit to replace toilet tissue.
Now all they need to do is crash the dollar,….
oops, misspelled Blunt.
On September 28th, 2008 at 7:40 pm, b-cat said:
Now all they need to do is crash the dollar,….
Which they will do when they print up and put into circulation all this new money. It won’t be long until monopoly money is worth more that that printed by the US government.
On September 28th, 2008 at 7:40 pm, b-cat said:
Gold and guns, that’s my investment strategy for the next few months.
I e-mailed Jim DeMint and thanked him for his service in defending these, the last days, of the Great Experiment of 1776.”
I tried to send a copy of the same letter to Mike Pence, but couldn’t get through. One of the posts above explained that.
Notice that the trolls are largely absent today? Think they’re still so gleeful to see the greatest nation in the world go under because of their traitorous kind?
Patriot tears are falling.
Here’s an alternative solution:
There are approx. 200,000,000 US citizens over the age of 18 yrs. Why doesn’t the Congress just divide that $700 billion up between them? It will give us adults $350 Million each. I think I can spend my share better than Barney or Chris or Harry or Nancy or THE ONE!
On September 28th, 2008 at 7:40 pm, b-cat said:
Now all they need to do is crash the dollar,….
Funny you should say that… Soros has done something similar before. And yet he is a free man.
right_on,
700 billion divided by 200 million is $3,500 each.
The bailout still sucks regardless of the numbers.
You’re right on both counts…too many zeros…on both counts.
From John over at powerline. I can’t agree with him more. With Obambi’s social promise of government hand out after hand out as the base of his campaign, how can he even be on the radar?
Just saw the house Republicans come out and blab about how they improved the bill.
For Republicans, it’s always about how they can make collectivism work. Not whether or not collectivism should ever be practiced. Statist slavery is evil even if it is efficiently run.
Blunt, Boehner, Cantor: you are all traitors to freedom.
Osama Obama, who is claiming he “kept in daily contact” with Paulson and therefore directed the course of this bill, ACORN and all those who got fat — or got houses — via greed and stupidity, are popping the champagne corks tonight.
For the rest of us: welcome to Germany in the 1920s. Will Obama’s face be on the million-dollar bill? You know, the one we’ll need to buy a loaf of bread?
And the definition of “Troubled Assets” is?
Dems answer: “Anything we WANT it to mean!”
As someone who spent years dutifully paying off their mortgage and carefully managing credit, sections 109 and 110 just turn my stomach.
Also, the Oversight Board is anything BUT independent. It is the fox guarding the hen house. It is the same cast of characters who created this mess in the first place. Again… it is nauseating.
As a taxpayer helping to pay for this plan, can I negotiate for a lower mortgage payment? After all, I’ve taken a part time job to meet my payment. Isn’t that worth something?
Just kidding. But can you imagine the homeowners who are going to be swamping the mortgage lenders with questions like this?
WOW…303 sections & my family’s wallet all because the government messed with a segment of capitalism. Here’s a fun little video link that will get your blood boiling (as if that hasn’t already happened)…but the music is cool! Enjoy.
http://www.youtube.com/watch?v=H5tZc8oH–o
And once again, no retort to the Dems. No mention of the Democratic Community Reinvestment Act which led to the crisis. No mention of the Bush and McCain efforts to rein in Freddie and Fannie. Lukewarm support for McCain. The Repubs have lost passion, stopped fighting and are handing the election to “the One”. If they are counting on the VP debate to boost their numbers, that is a huge gamble. As much as I like Palin, her recent performances in interviews left a lot to be desired. If she even gets close to saying “I’ll have to get back to you on that”, she will vindicate the terrible things liberal media and liberal feminisys have been saying about her. The Repubs better have one helluva “October Surpise” or this contest is over. (sigh)
So this is what a shIt sandwich tastes like…
We will have to get used to it, because this is just the tip of the iceberg if Zero wins (and he probably will). When that happens, they can just increase the “need” to tax more.
How the hell did Americans become so stupid as to allow the worst of the dimorats to control our financial system? Who keeps voting these dolts into office? Why is Mushmouth still the chair of the committee? And why would anyone think Obama can handle this situation when he is so obviously clueless and can’t make a move without his 300-plus advisors?
Any Obama supporters on this blog that can “enlighten” me?
So this is what a sh*t sandwich tastes like…
This is just the tip of the iceberg if Zero wins (and he probably will). When that happens, they can just increase the “need” to tax more at their leisure.
How the hell did Americans become so stupid as to allow the worst of the dimorats to control our financial system? Who keeps voting these dolts into office? Why is Mushmouth still the chair of the committee? And why would anyone think Obama can handle this situation when he is so obviously clueless and can’t make a move without his 300-plus advisors?
Any Obama supporters on this blog that can “enlighten” me?
I sure wish they would throw in a few thousand for my mortgage. Oops! I forgot. I’m a tax paying conservative Republican. I’ll probably be totally Independent after this election since the Republicans won’t stand up for what is right.
It’s gonna be a long cold winter….since gas and oil will be too expensive for the chainsaw,maybe we can just burn our now worthless currency in the fireplace to warm by.
I remember seeing an old photo(circa 1920) of a German woman starting a fire in her woodstove with Deutsche Marks having face values in the millions!
I really feel like a sap after preparing my month payments this weekend for my mortgage, car loan, and credit card, which I normally keep well below a $500 balance. But what the heck I guess I should start to live outside of my means like all the other porkers belling up to the trough. Thanks for doing a lot of leg work in converting this 110 page screw job Michelle so the future slaves of the US Treasury can learn how to bow to our new banking overlord Paulson.
Dems: It was all the Republicans.
Republicans: Yep.
It takes a lot to make these Democrat clowns in DC look good, but the Republicans are managing to do it. FIGHT BACK. The Republicans are getting buried over this and they don’t even seem to mind. It makes me sick.
The more I think about it, the more it seems to me there is no way the democrats would support this bill unless they think they are going to get something out of it of enormous value to them. They always see bad news for the country as good news for them. Why just not let the whole situation collapse? Bush would get the blame (with some justification) and the democrats would walk off with the jackpot, what I term the “democratization of political profit and the republicanization of financial loss.” Happens all the time. So why are going all out for this bill?
I think what we are seeing here is the Housing Entitlement Act of 2008 for Unqualified Voters (in both senses) — i.e., people who are unqualified to vote and/or people who are unqualified for mortgages. In essence these people will be guaranteed a mortgage/house no matter what they do, and everyone else will get to pay for it. There are no reforms for the system. There is no expiration date. This is why I hate this bill. It is a monstrous transfer of wealth from one group to another, quite without precedent in this country, and once in place, it will be all but impossible to get rid of. Of course, the Republicans don’t see the danger because they are too afraid of appearing to cause an economic downturn. Thus they are trapped. So are we.
Can’t answer you there Erin, but I’ve tried to find out once or twice, since I live in NYC.. strange though, as soon as you question anything to do with Obama or Pelosi or democrats, they almost instantly go on the defensive (even though I have not said anything slightly offensive), and if you corner them, eventually in desperation they will revert to the racist defense. Never ever have I had a straight answer to validate Obama or reasons he should be president. Not once.
I have come across this kind of thing once before, and it was when a very good friend became involved with a particularly extreme sect of the Assembly of God church. There is no talking to these people, much in the same way there is no talking to an extremist terrorist. They would rather die than admit the possibility that they’re wrong. That is what many of these Obamites are becoming. It is a cult, simple as that, and there is no way to deprogram followers, short of physical restraint and intense therapy.
The only way Obama will go down is by his own hand.
Thanks for your hard work Michelle.
As for the content, this stuff is really sickening. We need term limits now. NOW!
zorro, re: “We need term limits now.”
25 to life seems about right…
While not an Obama supporter, I believe part of the cause is the two-party system. When you are unhappy with the actions of one party (the one in control), your only options are to vote in the other party or do nothing. Repubs drifted away from their Conservative principles and paid for it in 2006 (and are STILL paying for it). Since then, Congress has done nothing of substance and Bush’s approval numbers are craptastic (second only to Congress). On the surface, the Obamessiah is shiny, new and very appealing – until you start to pay attention to what he plans to do. Only then do you see him for what he is – JALD (just another liberal democrat). He is counting on voters to see only his charisma and not look too deep at his record, plans or associations. Unfortunately, this tactic (combined with the recent economic problems and related complete Republican retreat) seems to be working big time.
Boehner’s reaction does not surprise me, he’s a typical “new” Repub. reaching across the aisle type…just as my Republican Sen. up for reelection that I won’t be voting for. another McShame.
Sorry to say I don’t think Palin’s Power is enough to get the ornery old man elected. We can only hope the country isn’t totally destroyed by ‘12 and the rest of America(including the libs) will of had seen how socialism works. Great for the elitist few, piss on the peasants(the rest of us.)
Cisneros just refused to accept any responsibility for the housing collapse. “Others were responsible, like mortgage loan brokers and foreign entities”. No one that will take responsible for the problems. Republicans better get their stories straight. The sniping is already starting and I don’t hear any Repubs, of course the MSM is going pound the Repubs for this problem.
On September 28th, 2008 at 9:47 pm, nyc123me said:
There is, of course, the very sad possibility that deprogramming is impossible. Like trying to deprogram Nazis.
One day we may be forced to wipe these latter day collectivists from the face of the earth through physical means, or else see ourselves and our children forever enslaved to the collectivist State.
Si vis pacem, para bellum!
I do not agree at all. The Dems and the moderates have the numbers. The Repubs were viewed as obstructionists for the 1995(6?) goverment shutdown. We do not need that monkey again.
At this point he has little choice. His words bear that out. I have breath in my lungs and a pulse. So I am not authorized to throw up my hands and quit in despair.
As the old Irish saying goes, “I will lay me down for to bleed a while. Then I will rise up and fight you again.”
As expected, it consists of two parts. Part one is the “bailout”, which makes sure that everyone who had a finger in the pie gets to lick said fingers, and the “bill” part, which is what’s being presented to those of us who have actually been paying our bills and trying to accumulate tangible assets.
All I needed to see was on the first page about half-way down:
“…and for other purposes.”
That’s the open-ended craphole that I don’t need in my legislation.
All this started with the Community Reinvestment Act of 1977 and updated in the 90s. As long as housing values increased, this was acceptable. But, everyone knows, that sooner or later, housing would level off or drop. In other words, “The party is over. Time to pay the piper”. The government doesn’t concern itself with the future, only what looks good today…for power and votes. Much like going out with your credit cards, and maxing them out in a big spending spree, sooner or later, the bill comes due. I’m retiring in a few years, so the “bite” won’t be as bad, as what will hit my children and grandchildren.
I wonder what that means…. The only “well-being” the politicians know, is if they control everything, so we don’t have to think.