National Debt Clock

Friday, May 22, 2009

Indiana state pensions sue to stop Obama’s Chrysler deal

“The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.”

Apparently, Obama never took economics 101. Everyone hails the bailout as it will "save thousands of jobs," but fail to look at unintended consequences. By putting the politically favorable UAW ahead of Indiana pension fund holders in terms of debt payoff for chapter 11, you now have essentially taken away the retirement of a whole bunch of people. However, since the UAW probably garners more votes, Obama is unlikely to call for "change" that would benefit the pension holders. How about you get your fingers away from the economy and stop creating more problems!

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