Atlanta, Phoenix, Philadelphia, Dallas Line Up for Bailout Money

What happens when you agree to dole out $700 billion of taxpayer money directly to corporations? The vultures start circling looking for the remaining specks.

As of this writing, Atlanta, Phoenix, Philadelphia, and now Dallas are lobbying for their own cut of federal tax money to help prop up their cities. The former three cities are asking for a cut of the $700 billion, whereas Dallas hopes to receive a chunk of the proposed “economic stimulus plan”.

While it’s not a new concept for federal tax money to be spent on city programs, seeing the mayors of these cities publicly lobbying for a portion of a terribly unpopular bailout plan is very strange.

Where does this federal spending stop? Who will foot the bill if McDonald’s loses a warehouse full of Big Macs? What if a chicken farmer catches a cold and is forced to take a few days off of work? Should the federal government step in and draft someone to fill in for the farmer?

A failing city is very similar to a failing company. If you can’t afford your expenses with your current income, then you have to deal with the problem. Either increase your income or decrease your expenses. “Help me! Give me money!” is an unsustainable approach since we can’t afford to backstop every single institution that is having financial trouble.