Barr ’08

Did anyone catch the $300 billion bailout that McCain proposed during last night’s debate?:

The US government would snap up 300 billion dollars of bad home loans, Republican John McCain vowed Tuesday unveiling a new plan to help struggling homeowners if he is elected president.

“People are no longer able to afford their mortgage payments,” said McCain as he laid out what he billed as an original proposal for addressing the grassroots impact of the Wall Street credit crisis.

“As president of the United States, I would order the secretary of the treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes, at the diminished value of those homes,” he said.

Bob Barr caught it and he is blasting the idea:

“So far this year, the federal government has spent or loaned nearly $2 trillion to bailout Wall Street, the housing industry, automakers, commercial banks and others,” notes Bob Barr, the Libertarian Party candidate for president. “But that’s par for the course for Washington, which already has run up a national debt of nearly $10 trillion and planned a pre-bailout deficit of a half trillion dollars for 2009. What Washington knows best is how to waste money,” says Barr.

“In yesterday’s debate, Sen. John McCain, who likes to pose as the taxpayer’s friend, came up with yet another bailout idea. He wants the government to use $300 billion—which it doesn’t have—to buy up bad mortgages in order to prop up housing prices. Yet, it was the artificial inflation of housing prices that got us into this mess in the first place,” Barr explains.

“Moreover, Congress already has approved a $300 billion housing bailout measure supported by Sen. McCain. On top of that, Congress agreed to another $200 billion or more to bail-out the housing finance giants Fannie Mae and Freddie Mac. Then there is the recent $700 billion bailout of Wall Street, which Sen. McCain voted for,” notes Barr.

“Where does Sen. McCain believe all of this money is going to come from?” Barr asks.

“When do Americans, who have been responsible with their money—that is, who haven’t bought too much house and didn’t think the good times would never end—get a break? Sen. McCain, Sen. Barack Obama and the other members of Congress who have supported one bailout after another have turned fiscal responsibility into a sucker’s game. It is time for someone to speak up for those who play by the rules and pay the nation’s bills,” Barr adds.

Taxpayers are not safe with McCain or Obama in the White House.

The big news today is on Wall Street. The Dow is down 504 points at I write this. Many of us, myself included, have money tied up in 401k plans, stocks and other investments and we are watching nervously while Sen. John McCain and Sen. Barack Obama point fingers at each other and call for more regulation.

I want to point readers to a press release sent out from the campaign earlier this afternoon about the financial crunch. In the release, Bob says that the government must let capitalism work by getting out of the way and resisting another costly bailout like Fannie Mae and Freddie Mac where taxpayers are on the hook for billions of dollars.

Bob also adds that Washington must take a good look at itself:

“Next year the deficit is almost certain to exceed half a trillion dollars. These deficits come on top of an already staggeringly high, $9.5 trillion national debt,” says Barr. “We must eliminate all nonessential programs, as well as those with no constitutional authority or which are properly left to the states. The good times when Congress could spend as if there were no limits are long gone.”

“America’s biggest problem is an entitlement explosion resulting from an aging population and rising health care costs,” Barr notes. “Social Security and Medicare have unfunded liabilities in excess of $100 trillion. That is more than seven times our annual GDP. Finding answers will become more painful, both economically and politically, the longer we wait to act. Addressing entitlements should be a top priority of the next administration.”

We simply cannot afford to continue on with the status quo politics of John McCain and Barack Obama. The only way to truly fix Washington is to put Bob Barr in the White House. That is the only way we will restore the Constitution and save our Republic.

Yesterday, the Barr campaign issued a press release discussing the government’s involvement in subsidizing the nation’s two largest mortgage holders, Fannie Mae and Freddie Mac.  Without truly privatized status, Americans cannot expect to keep from being taxed to bail out the companies whose mistakes that would cost jobs and big dollars in the private sector.  Though a  bail-out plan is in place, Barr contends that a restructuring of both entities to make them stand alone is necessary before any funds are transferred to these struggling companies, requiring them to truly live within their means, rather than using the American taxpayers as a safety net.

The American people cannot afford to keep bailing out big businesses, lenders, investment bankers, and brokers who made big mistakes.  With bad financial news continuing to pile up, officials at the Treasury Department and the quasi-government companies Fannie Mae and Freddie Mac are talking about a bail-out.  We must turn these organizations into true private firms, with no special access to the Treasury.

Fannie Mae and Freddie Mac were set up by Congress to subsidize the housing market, but they’ve lost $11 billion in past months and just announced another $3.1 billion in losses. The companies say that they have enough cash reserves, but some analysts believe they may have $1 trillion in bad mortgages between them. Their stock prices have been plunging and they are cutting dividends. It won’t be long before they put their hands out for the subsidies authorized by Congress in the recent housing bail-out bill.

Both organizations have started to cut back on buying loans. They also are becoming more careful in which loans they buy. This is what they should have been doing years ago, but Congress was too busy using them to try to win votes.  Now we all are paying the price.

Before the Treasury Department provides a dime to either Fannie Mae or Freddie Mac, it needs to put together a plan for restructuring and fully privatizing both companies.  After that, no more federal support under any circumstances. They would have to live within their means, just as we normally expect individuals and businesses to do.

Finally, the coming financial crisis with Fannie Mae and Freddie Mac should become a wake-up call for Americans to elect leaders who will put the government’s financial house in order.

It’s time Senators McCain and Obama take a break from arguing over ads featuring Paris Hilton and Britney Spears. They should stop impugning each other’s ‘patriotism’ long enough to address real issues of importance to voters, such as the looming housing bailout crisis.

The federal budget deficit is $400 billion this year and will run $500 billion next year. The national debt is $9.5 trillion. We’ve promised to pay $100 trillion more in Medicare and Social Security benefits than we have money coming in for those programs.  It won’t be easy, but for the sake of our children and our grandchildren, we must say no to more bail-outs, no to more wasteful spending, no to more special interest subsidies, no to more big spending programs and no to more adolescent bickering between candidates who claim to be able to solve America’s critical problems.

As usual, both status quo candidates are battling over inconsequential minutia, rather than focusing on real solutions for America.  Their pre-occupation on non-issues, such as Paris Hilton’s celebrity status or each other’s patriotism results in a lack of forward-thinking and precipitates these types of situations.

This afternoon, Bob Barr issued a press release publicly praising the decisions of the Harrold, Texas school district for their recent policy change that allows teachers and staff to carry a concealed handgun on school property.  He noted that this may make this particular district one of the safest for students and faculty in the nation.  Mr. Barr’s words on the policy change:

The best defense against crime is law-abiding citizens ready and able to defend themselves.  The police can’t be everywhere at once, so the rest of us have to be prepared to act to stop crime.  That’s why the school district in Harrold, Texas deserves praise for changing its policy to allow teachers and staff to carry concealed handguns.  That school will be one of the safest in the country when classes restart next week.

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We need a president who will uphold and aggressively protect the right of Americans to own firearms for any lawful purpose, including, most importantly, defense of one’s self and family, as Suzanna Hupp reminds us.  The U.S. Supreme Court has ruled that the Second Amendment protects an individual right to buy a gun.  But the anti-gun lobby continues to fight to restrict firearm ownership.  Barack Obama long has opposed gun rights and John McCain has received only lukewarm C+ ratings from the National Rifle Association.  Neither can be counted on to truly protect this most fundamental constitutional right.

Our highest goals as citizens are preserving our lives and freedoms.  Gun ownership is a critical means to achieve both of these ends.  The American people can count on a Barr administration to uphold and aggressively protect their basic liberties, including the constitutional right of gun ownership.

Neither status quo party candidate has commented publicly in favor of this decision.  The requirements for the teachers and other staff who choose to carry a concealed weapon while at school are that they have a Texas license to carry a concealed handgun, are authorized to carry by the district, receive training in crisis management and hostile situations, and use ammunition designed to minimize the risk of ricocheting bullets.  This independent school district in North Texas certainly seems to be on the right track in keeping their students and faculty safe from harm.  You can view the press release in its entirety here.

Earlier today, the campaign for Bob Barr’s Libertarian run for President sent out a press release that calls to end frivolous government spending and the subsequent taxation that is required to pay for it.  He also notes that the gimmicky nature of tax rebates and the like that attempt to influence behavior should be foregone for a change to the tax code, giving Americans real tax cuts.

The Treasury Department reports that the federal budget deficit jumped in July, fueled by spending on bank bail-outs and the ill-considered tax rebate.  The deficit is going to run about $400 billion this year and at least a half trillion dollars next year.  This red ink will further inflate a national debt that already exceeds $9.5 trillion.  It’s time for fiscal leadership in Washington.

First, we must cut federal spending.  New York Mayor Mike Bloomberg wants “a new New Deal,” while the Congress continues to spend more on virtually everything. But we can no longer afford to maintain nonessential and ineffective programs.  Unfortunately, the federal buildings which fill Washington are themselves filled with unnecessary and counterproductive outlays and activities.

Second, we need real tax cuts.  Democratic congressional leaders are talking about enacting another tax rebate, but the American people are too smart to be fooled by more cheap political stunts.  They deserve significant and permanent tax rate reductions.  They also deserve a tax system that is simple and fair.  No more economic gimmicks—let’s have real tax reform to promote the sort of economic growth necessary to put Americans to work again.

Both spending and taxes are too high.  We need a president who will stand for the American people against the taxers and spenders who dominate Congress.  That leadership will not come from the two major parties, which have made today’s mess.

Amen!  The less money leaving our wallets, the better!

Below is a press release sent out from the campaign announcing the release of Bob’s position on Social Security. You can view Bob’s complete position paper on Social Security here.

“The U.S. is facing a financial tsunami as the Baby Boomers retire,” warns Bob Barr, the Libertarian Party candidate for president, on the 73rd anniversary of Social Security being signed into law. “The total unfunded liability for Social Security and Medicare is more than $100 trillion—that is ten times the official national debt! The longer we wait to act, the harder it will be to reform the system,” says Barr.

“Social Security was sold to the American people as a system of social insurance, but that was merely a polite fraud to win their votes,” notes Barr. “It is a pay-as-you-go system. If it was run by a private company rather than the government, the managers would be jailed for running a Ponzi scheme, one of the classic investment swindles. The so-called trust fund doesn’t exist: in reality, it is a file cabinet full of IOUs rather than a vault full of cash,” he explains.

“The system is headed towards financial collapse,” Barr adds. “It starts running a deficit in 2017 and the red ink piles up fast. In essence, to keep the system afloat we will either have to double taxes or halve benefits. Neither is an appealing option.”

“Moreover, the rate of return for beneficiaries keeps falling. Many Americans are now losing money. Over the long term the most the majority of people can hope for is to make a percent or so—compared to 5.5 percent a year on average for a private investment in a mixture of bonds and stocks,” Barr observes. “The U.S. government is literally stealing people’s retirement from them.”

“I am proposing a system of private retirement accounts,” explains Barr. Younger workers will be able to put increasing amounts of their tax payments into individual accounts. New workers entering the system will be able to exit Social Security entirely. The transition will be paid for in part through savings from adjusting benefits to account for the erroneous use of a wage rather than price index for setting payments and the fact that beneficiaries are living longer. Other savings will be achieved by cutting nonessential programs throughout the government, including corporate welfare,” he adds.

“We cannot afford to wait any longer,” Barr observes. “One of the most important tests for the next president is a willingness to lead. The American people deserve to have a retirement system which they can count on.”

In a press release issued today, Bob Barr chided Sen. Barack Obama’s proposal for mandated government service and says that there is no justification for such a plan.

“Americans are among the most generous people on the planet and excel at serving one another,” says Bob Barr, the Libertarian Party presidential candidate. “Unfortunately, Sen. Barack Obama wants to turn service into a government requirement” by forcing middle, high school, and college students to work in federally approved jobs. “But service must be an outgrowth of the heart to be life-changing for both parties. It isn’t possible to mandate generosity or coerce compassion,” Barr explains.

“Everyone agrees that service is a wonderful gift from those with much to those with little. But we should not sacrifice the great value of voluntary service by turning it into a government requirement,” Barr concludes.

Below is a press release sent out today from the campaign concerning recent news that Americans gave more than $300 billion to private charities in 2007.

“One of America’s great strengths has always been the willingness of Americans to organize to solve social problems,” notes Bob Barr, the Libertarian Party candidate for president. The great French classical liberal Alexis de Tocqueville commented on American social activism nearly two centuries ago in his classic Democracy in America. “We see this same commitment today, with the news that Americans donated more than $300 billion to charity last year, a record level, despite increased economic uncertainty,” Barr observes.

There are many costs to Big Government. “One of the worst is creating a bureaucratic state that has absorbed functions once performed by individuals, groups, and communities,” notes Barr. “We must begin to reverse this process.”

Here is the press release sent out from the campaign on today’s landmark decision regarding the Second Amendment.

Today the U.S. Supreme Court upheld the individual right of Americans to own guns in District of Columbia v. Heller. The ruling “will go down as one of the Supreme Court’s most important rulings on behalf of liberty,” says Libertarian Party presidential candidate Bob Barr.

As part of the Bill of Rights, the Second Amendment undergirds American liberty. “The individual’s right to keep and bear arms helps ensure all of our freedoms,” says Barr. “The Supreme Court’s recognition of the constitutional right to gun ownership is a recognition of the right to life, liberty, and property for all Americans.”

[VIDEO] Here is video of Bob talking about today’s decision:

Today is the third anniversary of the Supreme Court’s decision in Kelo v. New London, a case that opened the floodgates to abuse of private property rights through eminent domain.

Here is a statement from Bob Barr, 2008 Libertarian Party Presidential nominee, on the anniversary of this decision and what actions should be taken to prohibit further abuses of eminent domain:

Three years ago today the U.S. Supreme Court issued its decision in Kelo v. City of New London, undercutting the Constitution’s protection against the unlawful taking of private property. “In Kelo the Supreme Court held that government could take private property to give away to private developers so government could collect more tax revenue,” explains Bob Barr, the Libertarian Party candidate for president. “That allows governments across America to ignore the Fifth Amendment’s clear requirement that property be taken only for a ‘public use’,” Barr adds.

Many states responded to Kelo by restricting the use of eminent domain to conform to the Constitution’s language rather than to the Court’s interpretation. But abuses still occur. Thus, “the president should direct all federal departments and agencies to avoid the seizure of private property except as a last resort, and for a legitimate public purpose,” says Barr. Congress should similarly restrict any federal grant money to states and localities.

“Even though the Supreme Court has improperly minimized the scope of the Fifth Amendment, every public official who takes an oath to the Constitution has a responsibility to respect the nation’s fundamental law,” notes Barr. “The president and members of Congress should act only in accordance with the Constitution’s clear guarantee for the right to private property.”