14 million still unemployed; no victory for the nation

Nov. 4, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today responded to the slight drop in the unemployment rate:

“The small drop in the unemployment rate is a testimony to the vibrancy of the free market capitalist economy that Obama and his political allies who embrace the Occupy Wall Street movement seek to kill. At least for the last couple of months, our nation’s job creators have overcome the never-ending regulatory attacks by this Administration.

“Let’s not forget that in spite of all the happy talk, 13.9 million Americans who want a job still cannot find one and even the Bureau of Labor Statistics states, “both the number of unemployed persons (13.9 million) and the unemployment rate (9.0 percent) changed little over the last month. The unemployment rate has remained in a narrow range from 9.0 to 9.2 percent since April.

“On top of this admission that this Administration’s economic policies have led to a stagnation consigning almost 14 million of our fellow citizens to life without a job, it would be short-sighted to ignore this week’s Federal Reserve downgrade of our nation’s 2012 economic and job growth prospects. When combined with the rising unemployment rate in Europe and predictions that they are heading back into recession, it is very difficult for this Administration to take a victory lap over these moribund results.

“In fact, one of the ironies of this jobs report is that it affirms that the private sector can and will create jobs in a month that saw two more companies join Solyndra in failing spectacularly after receiving millions of U.S. taxpayer dollars. These failures highlight the foolishness of this administration continuing to try to choose economic winners and losers based upon ideology and political favoritism. If Obama would suspend all of his new regulations to be reviewed by the next Administration, the economy would take off putting people back to work.”

Interview Availability: Please contact Rebekah Rast at (703) 383-0880 or at rrast@getliberty.org to arrange an interview with ALG President Bill Wilson.

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U.S. gives $20 billion through IMF to prop up European banks, ALG responds

Nov. 3, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today in a statement urged the U.S. Congress to cancel all bailouts to European banks whether through the IMF or the Federal Reserve:

“To date, U.S. taxpayers have already given $20 billion to bail out European banksthrough IMF refinance loans to socialist governments like Greece that cannot afford to pay them back. This is absolutely outrageous. The U.S. is already the world’s largest debtor and by the end of the year the national debt will be larger than the entire economy, and yet taxpayer resources are being dedicated to financing the unsustainable national debts of other profligate governments.

“Not one cent of American resources, whether through the IMF or the Federal Reserve or any other institution, should be put to propping up foolish foreign banks that bet poorly on sovereign debt.”

Attachments:

“U.S. has already provided $20 billion to bail out Europe,” By Robert Romano, ALG Senior Editor, Nov. 3, 2011 athttp://blog.getliberty.org/default.asp?Display=3812 .

“The Future of the Eurozone and U.S. Interests,” Congressional Research Service, Sept. 2011 atwww.getliberty.org/files/R41411.pdf .

“The United States and Europe: Current Issues,” Congressional Research Service, June 2011 atwww.getliberty.org/files/167961.pdf .

Letter to Members of Congress Against European Bank Bailout, Americans for Limited Government President Bill Wilson, Oct. 26, 2011 at www.getliberty.org/files/EuropeanBailoutLetter 10-26-11.pdf .

Interview Availability: Please contact Rebekah Rast at (703) 383-0880 or at rrast@getliberty.org to arrange an interview with ALG President Bill Wilson.

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ALG: ‘We are already bailing out Europe’

Nov. 2, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today urged members of Congress to resist any U.S. role in providing financial assistance to Europe to alleviate the sovereign debt crisis.

“The fact is, we are already bailing out Europe,” Wilson warned, citing a recent Congressional Research Service (CRS) report published in September.

The report states, “After extended negotiations, European leaders and the International Monetary Fund (IMF) agreed in May 2010 to provide funding for a €110 billion (about $158 billion) loan facility for Greece and a broader stabilization fund for other euro area countries should they require loans. Both loan packages were backstopped by various forms of assistance from the U.S. Federal Reserve Board (FRB) and the IMF.”

The broader stabilization fund totals €440 billion, called the European Financial Stability Facility (EFSF). “It’s not up to the American people to bail out European banks that bet poorly on the sovereign debt of socialist governments that could not afford to be paid back,” Wilson said.

The U.S. provides 17.72 percent of the IMF’s finances. To date, the IMF has dispensed €78.5 billion to Greece, Portugal, and Ireland, or the Sept. equivalent of $112 billion, according to the report. “The U.S. taxpayers’ tab is already almost $20 billion so far that the IMF has put at risk,” Wilson noted.

Wilson’s call comes as House Speaker John Boehner and U.S. Treasury Secretary Timothy Geithner met to discuss Europe on Capitol Hill. Geithner reportedly briefed Boehner “on the European debt crisis and the potential impact on America,” according to the Speaker’s spokesman.

The CRS report found U.S. financial institutions to be on the hook for as much as $641 billion more in exposure to Portugal, Ireland, Italy, Greece, and Spain (PIIGS).

“The bailout of European banks is already taking place under the noses of members of Congress and is putting U.S. taxpayer resources at risk, whether through the IMF or the Federal Reserve,” Wilson said.

“It’s not enough just to stop the IMF. It’s got to be comprehensive,” Wilson warned. He recently sent a letter urging members of Congress to adopt legislation that would prohibit a U.S. bailout of European banks, whether through the International Monetary Fund, the Federal Reserve, or any other institution.

“Key EU leaders like Germany are unwilling to heap the bad debts of Portugal, Italy, Ireland, Greece, and Spain (PIIGS) on the backs of their own taxpayers via the European Central Bank (ECB), and so wish to pass the buck along to the IMF, of which the U.S. funds a significant portion,” Wilson’s letter explained.

In Europe, member states are voting to leverage the €440 billion European Financial Stability Fund (EFSF) to at least €1.4 trillion, with the IMF being considered as the primary vehicle for the leverage, Wilson warned.

“If the bailout financing comes from the IMF, U.S. taxpayers could be on the hook for more than 17 percent of the bailout: at least €170 billion, or $235 billion,” he wrote.

Wilson emphasized that the plan would make the U.S. responsible for Europe’s debts when it is already the world’s largest debtor with a debt of over $14.9 trillion.

Wilson concluded, “The sad truth is American taxpayers, by financing the IMF, are underwriting the destruction of representative government in Europe that their fathers and grandfathers fought and sacrificed their lives to defend.”

Attachments:

“The Future of the Eurozone and U.S. Interests,” Congressional Research Service, Sept. 2011 atwww.getliberty.org/files/R41411.pdf .

“The United States and Europe: Current Issues,” Congressional Research Service, June 2011 atwww.getliberty.org/files/167961.pdf .

Letter to Members of Congress Against European Bank Bailout, Americans for Limited Government President Bill Wilson, Oct. 26, 2011 at www.getliberty.org/files/EuropeanBailoutLetter 10-26-11.pdf

Interview Availability: Please contact Rebekah Rast at (703) 383-0880 or at rrast@getliberty.org to arrange an interview with ALG President Bill Wilson.

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Obama’s executive orders overstep

Oct. 31, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement warning that a series of unilateral executive actions by the Obama Administration would sidestep the political process, and thus the consent of the governed:

“These unilateral executive orders, whether on government-backed student loans and mortgages or FDA oversight, are intended to sidestep the consent of the governed, and as a result they overstep the President’s constitutional boundaries. Obama can rhetorically dress this up however he likes, but his actions are not predicated on the consent of the governed, they are fueled by his desire to maintain and expand power. This is not the rule of law, but the rule of man.

“Obama is just following the playbook of the Center for American Progress, which had argued for the White House to use executive orders and other regulations to advance its agenda after Democrats lost control of the House of Representatives in the November elections. This is all designed to get around the political process, and has occurred repeatedly under Obama’s watch, whether with the EPA’s carbon endangerment finding or the unilateral implementation of management-labor forums for the federal civil service.”

Attachment:

“Obama to Rule by Decree Over Economy, ALG Responds,” Americans for Limited Government, Oct. 13, 2011 athttp://getliberty.org/content.asp?pl=10&sl=5&contentid=773.

“ALG Urges Senate to Restore Separation of Powers by Repealing EPA Endangerment Finding,” Americans for Limited Government, June 10, 2010 at http://www.getliberty.org/content.asp?pl=10&sl=5&contentid=470.

“Unions: Creating A Place At the Table,” By Mark Wohlschlegel, Americans for Limited Government Research Foundation, Oct. 20, 2011 at http://blog.getliberty.org/default.asp?Display=3773.

Interview Availability: Please contact Rebekah Rast at (703) 383-0880 or at rrast@getliberty.org to arrange an interview with ALG President Bill Wilson.

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ALG expresses outrage over revelations that fund intended to help early retirees raided by unions

Oct. 31, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement commenting on a new GAO report finding government agencies and union health plans looting an HHS program that was supposed to be targeted at retirees:

“The Halloween horror story of ObamaCare continues to unfold as Senator Mike Enzi announced that a Government Accountability Office (GAO) report showed that a program designed to help early retirees has effectively been looted by 24 organizations. The Health and Human Services (HHS) program has paid out $2.9 billion with a majority going to government entities and union health plans.

“It is obscene that these Obama-favored institutions look at this and other programs like a trick-or-treater views an unattended candy bowl. Not surprisingly, the United Auto Workers Medical Benefits Trust received the largest amount of taxpayer largesse.

“It is time for Obama to end these payoffs to politically connected constituencies and return the remaining funds for the program to the U.S. Treasury. Taxpayers are tired of the gluttony of Obama’s union friends.”

Interview Availability: Please contact Rebekah Rast at (703) 383-0880 or at rrast@getliberty.org to arrange an interview with ALG President Bill Wilson.

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ALG: Inflation, Not Economy, is Growing

October 28, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement warning that price inflation was playing heavily in reported GDP growth of 2.5 percent:

“There is a fundamental disconnect between what the government is telling us about the economy, and what people are feeling. When every underlying component points to economic pain, with little to no job growth and rising prices, and yet there is an irrational exuberance in the headlines reporting on economic growth, it is hard to reconcile. Unless one takes a look at consumerand producer prices, which are rising rapidly. Inflation, not the economy, is what is apparently really growing.”

Attachment:

“Pay No Attention to that Inflation Behind the Curtain,” by ALG President Bill Wilson, October 28, 2011 athttp://blog.getliberty.org/default.asp?Display=3799 .

Interview Availability: Please contact Rebekah Rast at (703) 383-0880 or at rrast@getliberty.org to arrange an interview with ALG President Bill Wilson.

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ALG Urges Congress to Reject U.S.-IMF Bailout of European Banks

October 26, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today in a letter urged members of Congress to adopt legislation that would prohibit a U.S. bailout of European banks, whether through the International Monetary Fund, the Federal Reserve, or any other institution.

“Key EU leaders like Germany are unwilling to heap the bad debts of Portugal, Italy, Ireland, Greece, and Spain (PIIGS) on the backs of their own taxpayers via the European Central Bank (ECB), and so wish to pass the buck along to the IMF, of which the U.S. funds a significant portion,” Wilson’s letter explained.

In Europe, member states are voting to leverage the €440 billion European Financial Stability Fund (EFSF) to at least €1.4 trillion, with the IMF being considered as the primary vehicle for the leverage, Wilson warned.

“If the bailout financing comes from the IMF, U.S. taxpayers could be on the hook for more than 17 percent of the bailout: at least €170 billion, or $235 billion,” he wrote.

Wilson emphasized that the plan would make the U.S. responsible for Europe’s debts when it is already the world’s largest debtor with a debt of over $14.9 trillion.

Wilson concluded, “The sad truth is American taxpayers, by financing the IMF, are underwriting the destruction of representative government in Europe that their fathers and grandfathers fought and sacrificed their lives to defend.”

Attachments:

Letter to Members of Congress Against European Bank Bailout, Americans for Limited Government President Bill Wilson, Oct. 26, 2011 at www.getliberty.org/files/EuropeanBailoutLetter 10-26-11.pdf

Interview Availability: Please contact Rebekah Rast at (703) 383-0880 or at rrast@getliberty.org to arrange an interview with ALG President Bill Wilson.

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ALG Blasts $1.27 trillion Campaign Slush Fund Refinance Proposal

October 25, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement condemning an Obama Administration proposal to allow underwater borrowers of government-backed mortgages to refinance:

By some estimates, a massive refinancing program for underwater borrowers of government-backed mortgages could cost as much as $85 billion a year. That would mean $85 billion less is collected in interest payments, resulting in those losses being imposed on Fannie and Freddie — on an annual basis. And since taxpayers are backing the GSEs, that will mean $85 billion added to the national debt every year. Assuming an average maturity of 15 years, that means the total cost of Obama’s new program could be more than $1.27 trillion.

“Moreover, this will do nothing about the more-than $700 billion of negative equity that is out there. Those who qualify will still owe more on their homes than they are worth. They will just have a slightly lower interest rate. It’s a bribe. The Obama Administration is attempting to shore up its wilting reelection prospects by throwing money at favored constituencies. It’s nothing more than a $1.27 trillion slush fund to reelect Obama.”

Interview Availability: Please contact Rebekah Rast at (703) 383-0880 or at rrast@getliberty.org to arrange an interview with ALG President Bill Wilson.

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ALG praises Senate for blocking $35 billion states bailout

Oct. 21, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement praising 47 Senate Republicans, and Democrat Senators Joe Lieberman, Ben Nelson, and Mark Pryor for rejecting a $35 billion states bailout:

“Every single Senate Republican, as well Senators Joe Lieberman, Ben Nelson, and Mark Pryor deserve the thanks of the American people for blocking a $35 billion bailout of bankrupt states that refuse to get their fiscal houses in order. It is apparent Obama, with enthusiasm dying for his reelection, needs to discard his ‘pass it now’ speech when he cannot even get a simple majority with his own party in power in the Senate.

“Moreover, this was no jobs bill. It was legislation simply meant to prop up Democrat Party constituencies, with $30 billion specifically earmarked for public school teachers. $95 million of that would have wound up in the teachers union coffers to be given to help reelect Democrats.

“Now that states know there are no more bailouts coming, they will finally have to make the cuts necessary to balance their budgets. This idea that spending needs to remain at levels of the unsustainable bubble years is just insane. No more bailouts.”

Interview Availability: Please contact Rebekah Rast at (703) 383-0880 or at rrast@getliberty.org to arrange an interview with ALG President Bill Wilson.

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FOIA Response Reveals Unions Assisting in Writing Pro-labor Obama Executive Order

October 20, 2011, Fairfax, VA—Americans for Limited Government (ALG) today released a response by the Office of Management and Budget to a Freedom of Information Act (FOIA) request made by ALG in 2010 revealing the close involvement of unions in drafting Barack Obama’s executive order 13522. ALG President Bill Wilson commented:

“The level of corruption revealed in these documents, wherein union bosses are openly being thanked by White House employees for their role in developing pro-labor executive orders is contemptible, and warrants congressional investigations by the House and Senate. Hearings should be held to get to the bottom of this outrageous conduct. This is rule by special interests.

“The executive order, which created management-labor forums for federal government civil service workers, favored unions by telling managers to discuss all workplace decisions with unions to reach joint decisions, even if the subject was not an allowed bargaining item. Therefore the order vastly enhanced union influence over the operation of the federal government. Every function in the civil service became a bargaining chip for the unions, which has had the contrary effect of making government more inefficient and costly.”

Attachments:

“Unions: Creating A Place At the Table,” By Mark Wohschlegel, Americans for Limited Government athttp://netrightdaily.com/2011/10/unions-creating-a-place-at-the-table/

FOIA Request to Office of Management and Budget, Americans for Limited Government, August 12, 2010 athttp://netrightdaily.com/wp-content/uploads/2011/10/OMB-Labor-XO-FOIA-Letter.pdf 

FOIA Responsive Documents, Office of Management and Budget, September 30, 2011 at http://netrightdaily.com/wp-content/uploads/2011/10/09.30.11-OMB-responsive-docs1.pdf

Interview Availability: Please contact Rebekah Rast at (703) 383-0880 or at rrast@getliberty.org to arrange an interview with ALG President Bill Wilson.

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