Deals like this one help you understand how taxpayers get taken advantage of over and over and over again in Washington. Look at what you have: A company with juice in South Dakota and a Senator’s ear in Washington. They get the Senator to get them an outrageous loan that they couldn’t possibly get from the private sector. The Senator moves on it, the money rolls in, and then, even if the whole enterprise goes belly-up, who loses?
Not the company. Their keep getting paychecks for another few years, courtesy of the taxpayers. Not the Senator because back home, he’ll get credit for bringing home pork and helping to create jobs in South Dakota. Now the taxpayers? We’re the big losers here because we’ll be out 2.3 billion dollars of our hard earned money. But, how many people will even realize it, much less do anything about it? Few, if any. That’s why the taxpayers always get the short end of the stick in DC.
That being said, there is some good news: this loan HAS NOT been approved yet and if the choo-choo to nowhere gets enough attention, it may scuttle the whole thing. So, cross your fingers and hope the word gets out.GOP Progress has a link to an e-petition to sign in opposition to the DM&E railroad loan.