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President Obama is calling on the U.S. to increase funds for the International Monetary Fund (IMF) due to the current situation in Ukraine. Obama has been pushing Congress to pass the 2010 IMF quota reform package for several years with no success. It’s an expensive package and most House Republicans are no fans of the IMF. Now with the crisis in Ukraine, Obama sees a perfect political opportunity to pressure Congress into voting for more IMF funding.
Treasury Secretary Jacob Lew said last week, “We are working with Congress to approve the 2010 IMF quota legislation, which would support the IMF’s capacity to lend additional resources to Ukraine.”
The U.S. government should not increase funds for the IMF for these main reasons.
1.) Let’s Focus on Our Problems Back Home
While FreedomWorks does not take any official positions on foreign affairs, we believe that it’s crucial to focus on the problems at home. We have tons of our own issues to solve: ObamaCare, unconstitutional NSA spying, high unemployment, inflation, the national debt, among others. Can we take a step back and realize that our problems should be the priority here?
2.) The U.S. Government is Broke
There is really no other way of putting it. The federal government is over $17 trillion in debt—not counting unfunded liabilities. It simply does not have the money to be sending to other countries. Does it make any sense at all for the U.S. government to borrow money from China so that it can send it to Ukraine?
3.) The U.S. Taxpayer Shouldn’t Be Forced to Pay
The U.S. taxpayer shouldn’t be on the hook to pay for the conflicts in overseas nations. If people in the United States want to voluntarily send their money over—by all means. However, no one should be forced to pay. Plus, there’s a good chance that the money will end up in the wrong hands. The IMF merely takes money away from taxpayers in the productive private sector and puts it into the hands of international bureaucrats.
4.) The IMF Lacks Transparency
How can we be sure that our money is being used for good? The IMF is not accountable to the people. Unlike many private charities, it is nearly impossible to know how exactly the IMF is using our money overseas. The IMF has a history of bailing out foreign corporations and banks— with our taxpayer dollars.
5.) The IMF Threatens Our Sovereignty
The actions of the IMF are not directly approved by Congress. It’s an international bureaucracy that gets to decide how to spend our money. Over the past few years, the IMF has bailed out fiscally irresponsible Greece and Ireland. Their failure to cut their bloated public sector and expensive welfare programs left them bankrupt. Our money should not be used to reward reckless behavior.
U.S. taxpayers should not be forced to give more money to the IMF to bailout foreign governments. Let’s focus on our own problems.
Tell your Senators that more tax money going to the IMF is unacceptable.Send a message