EDITOR:The abuse of our tax dollars continues to be bold and costly in Obama's fat boy government. Billions of tax dollars are being paid every year to prop up the pension funds of profitable private companies that do business with the federal government.
These are not failing companies. We are liable because of a little known provision contained in many federal contracts that says that if contractor pensions are underfunded or suffer market losses, taxpayers will step in. As a result of this taxpayer-financed guarantee contractors have an incentive to underfund their pensions.
In 2010 alone more than $3.3 billion was paid to make up for losses in the pension funds of the 18 largest federal contractors.
Investment losses should have to come out of the companies revenues and not taxpayers wallets. No one reimburses us when our investments decline in value.
Taxpayers, right now, are on the hook for billions of dollars and unaware of how acutely this sifts down to defense cuts in manpower and weapons.
President Obama committed the original political sin of over-promising and under delivering.
Now his new budget proposes to continue elevated levels of bizarre federal spending relative to GDP, an Obama administration disease. The Wall Street Journal on April 25 said, "The arithmetic is clear, his path means large tax increases for all Americans."
Mr. Bill O'Reilly recently said that this administration wastes his tax money and certainly ours isn't spared government mismanagement either.
If you brush away the veneer, Mr. Obama is nothing but a show horse.
The Wall Street Journal had two articles in April, the one April 26th stated, "More than any president we've seen, this incumbent is willing to say things that aren't in the area code of the truth. Thus he gives himself credit for the natural gas drilling boom, the deficits are Mr. Bush's fault, he has never raised taxes and 'green jobs' in his dream economy are blooming by the millions."
The article on April 27 by Kimberly A. Strassel with a heading of "The President has A list" is appalling.
She is referring to Richard Nixon's "enemies list," now employed by Obama.
She stated that the president publicly assaulted eight private citizens, by name, who have donated to Mr. Romney's campaign.
Presidents since Nixon have carefully avoided this practice but Mr. Obama acknowledges no rules, said Ms. Strassel.
It is a cutthroat approach to intimidate those who might give to Mr. Obama's opponents. Any giver, at any level, risks reprisal from the president of the United States.
She further stated, "He swore an oath to protect and defend a constitution that gives every American the right to partake in democracy, free of fear of government intimidation or disfavored treatment. If Mr. Obama isn't going to act like a president, he bolsters the argument that he doesn't deserve to be one."