From Crap Sandwich to BLT (hold the lettuce, tomatoes)

Which part of the pig gives tax breaks to rum makers?

Which part of the pig gives tax breaks to rum makers?

The bailout bill is now the law of the land - and how it got that way is a textbook illustration of why Washington is so broken. On Monday, the House rejected the bill. Today, that same body approved it. What changed in five days? Pork, that’s what. The bill might have been a “crap sandwich” last week. But by the time the Senate got done with it, it was a double-decker BHL: as in bacon, ham, and lard. Apparently, spending $700 billion wasn’t enough. From the SF Chronicle:

Senators quietly tucked a number of earmarks into the tax package of the 451-page bill … a $2 million tax benefit for makers of wooden arrows for children; a $100 million tax break to benefit auto racetrack owners; $192 million in rebates on excise taxes for the Puerto Rican and Virgin Islands rum industry; $148 million in tax relief for U.S. wool fabric producers; and a $49 million tax benefit for fishermen and other plaintiffs who sued over the 1989 tanker Exxon Valdez spill.

Wooden arrows, racetracks, rum, and wool. What does any of that have to do with “saving” the financial industry? In today’s Washington, it has everything to do with it. Because our career politicians obviously can’t summon the “courage” to change their votes without getting a whole lot of bacon in return. Exactly how much pork did it take for them to sell out their principles this time? $150.5 billion.

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