Stopping the Obama bailout of the European Union

It was bad enough when President Obama bamboozled Congress into passing a stimulus bill that didn’t produce any jobs, then increased the federal deficit in the 2012 omnibus spending bill, then raised the debt ceiling, then bailed out the big U.S. banks, then tried to bail out his pal Solyndra in an attempt to save it from bankruptcy, and then appointed a jobs czar who only creates jobs in China.

But it’s over the top when Obama told the European Council president and the European Commission president that “the United States stands ready to do our part” to bail out Europe.

Bailing out Europe is absolutely not any “part” of “our” duty; we’ve already bailed out Europe more times than it deserves. Obama didn’t give specifics, but he was probably referring to recent proposals to pour more U.S. cash into the International Monetary Fund to be used to bail out Europe.

On Dec. 16, the IMF board of governors adopted a proposal to double its resources from its current $375 billion to $750 billion. Of course, other IMF member-states thought that was a nifty idea, since it would mean that the United States would donate another $100 billion in addition to our present $108 billion stake in the IMF.

The U.S. is the biggest contributor to the IMF; we pay about 17 percent of its budget. A European default could make U.S. taxpayers liable for 17 percent of the IMFs liabilities.

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