Wednesday, February 09, 2011

Provocation by Obama

I don't think this is an "economy" cut.

I think he's poking at the hornet's nest.

President Barack Obama wants to cut $2.5 billion from a $5 billion home heating aid program for the poor, a person familiar with his 2012 budget proposal said Wednesday, halving the popular fund as he looks for places to rein in federal spending.

The proposal would cut the Low-Income Home Energy Assistance Program to its 2008 level of about $2.5 billion. --Zippers quoting AP

He could cut subsidies to the banks. Oh, yes, they exist. The Fed lends money to the Banks at teeny-tiny rates, and the banks buy T-bonds for bigger rates. It's called "the carry trade" and is a gentlemen's arrangement, you know.


J. Strupp said...

This guy's becoming more and more Republican by the day.

Amy said...

No, just an opportunist. Especially when it's Obama - and not the Republicans - who want energy rates to "skyrocket."

Having thousands of poor people freeze to death in winter will sure take care of the unemployment numbers, won't they? /sarc

neomom said...

But Obama and the Democrats CARE about the poor.... yeah, right.