Nikki Haley Calls BS On Biden's Bailout Claims

When President Biden falsely claimed that no losses would be borne by the taxpayers in the bailout of Silicon Valley Bank (SVB), it was a stark reminder of the Democrats' dangerous spending habits which are subsidized by taxpayers.

Former South Carolina Republican Governor Nikki Haley blasted Biden for his statement, saying, “Joe Biden is pretending this isn’t a bailout. It is. Now depositors at healthy banks are forced to subsidize Silicon Valley Bank’s mismanagement. When the Deposit Insurance Fund runs dry, all bank customers are on the hook. That’s a public bailout.”

It is indeed a public bailout, and the cost of the bailout will not be directly borne by taxpayers, but instead by bank customers in the form of increased fees. Banks are expected to raise these fees in order to recoup the funds they will be required to pay to the FDIC to rebuild its Deposit Insurance Fund, which will be severely diminished by the collapse of SVB.

This bailout is yet another example of the Democrats' irresponsible spending habits. Taxpayers should not have to foot the bill for the mismanagement of Silicon Valley Bank. Instead, they should be reimbursed by selling off SVB’s assets. The Biden administration should not attempt to conceal their bailout of SVB by falsely claiming that no losses will be borne by the taxpayers.

Unfortunately, the Democrats seem to be more interested in spending taxpayer money than taking responsibility for their actions. This bailout of SVB is a slap in the face to those who pay their taxes responsibly, and a reminder that the Democrats' reckless spending habits need to be reined in.

It is time for the Democrats to stop using taxpayers as a crutch to prop up their irresponsible spending habits. We need to hold them accountable for their actions and make sure that taxpayers are not forced to foot the bill for the Democrats' dangerous spending.