IN-06: Pence Opposes Bailout Legislation

Another vote, another reminder just how out of touch Rep. Mike Pence is with voters in his district. A vocal opponent of any form of governmental bailout, Pence says he is set to vote against the proposed legislation on the grounds it goes against the ideas of a free-market economy.

Does Pence not know such a vote could be economically fatal for many hard working hoosiers across the state? Or does he just not care? Because as Senator Richard Lugar, who says he will support the bill, points out:

"I will continue supporting efforts to pass legislation to restore credit flow to homeowners, businesses, farmers and all the people who, by the very nature of their businesses, need to borrow money to maintain their activity and keep employees," Lugar said Friday. "Failure to pass such legislation would lead to massive unemployment and failure of small business and farming operations in Indiana. That is unacceptable."

And just in case anyone needed further proof of the shear absurdity of Pence's position, consider his defense:

"If you came here because you believe in limited government and the freedom of the American marketplace, vote in accordance with those convictions," Pence wrote.

He had argued that the plan should include tax cuts for capital gains and for corporations that bring home overseas profits. Pence said that would free "trapped capital" to deal with the liquidity crisis.

Nevermind such a position amounts to yet more tax breaks for big business with no mention of average taxpaying hoosiers. How the rest of the Indiana congressional delegation will vote is still up in the air, but rest assured answers will be forthcoming as congress is set to vote on the bill sometime today.