Debt relief is not a new thing with Obama. He has been giving away money since he first became a Senator.
On June 28, 2005 Senator Obama (along with Senator Biden) co-sponsored a bill called the Multilateral Debt Relief Act of 2005.
The bill was designed to provide multilateral debt cancellation for Heavily Indebted Poor Countries, and for other purposes.
This approach implies that the United States pardons mismanagement, dictatorship, and corruption-the circumstances that led many countries to pile up their debt.
As the recent Global Poverty Act demonstrates – Obama believes our country should continue to fund poor countries governments regardless of whether government corruption and bad policies are to blame for their poverty.
In part the bill states:
That proposal would cancel approximately $40,000,000,000 in debt stock owed by 18 countries immediately, and would ultimately result in the cancellation of a total of approximately $56,000,000,000 in debt stock owed by 38 countries, saving such countries, on average, $1,500,000,000 each year in debt service payments. To offset foregone interest and principal repayments, donors would provide additional resources to the World Bank and African Development Bank for grants and lending to the poorest countries for investments in the health, education, and well-being of the people of such countries.
The 18 countries: Benin, Bolivia, Burkina Faso, Ethiopia, Ghana, Guyana, Honduras, Madagascar, Mali, Mauritania, Mozambique, Nicaragua, Niger, Rwanda, Senegal, Tanzania, Uganda, and Zambia
The question every American should ask himself.
Do you believe the government has enough of your tax money to accomplish what they need to do?
S.1320 (109th Congress)