Recessional Inauguration Taxes Taxpayers

During what we are being told is a recession, the price tag is estimated to be $170 million. In addition, Obama's Inauguration has been financed partially by the bailed-out Wall Street executives. The actual swearing-in ceremony will cost $1.24 million, according to Carole Florman, spokeswoman for the Joint Congressional Committee on Inaugural Ceremonies. The federal government estimates that it will spend roughly $49 million on the inaugural weekend. Washington, D.C., Virginia and Maryland have requested another $75 million from the federal government to help pay for their share of police, fire and medical services.

The party bill has "a budget of roughly $45 million, maybe a little bit more," said Linda Douglas, spokeswoman for the inaugural committee.

That's more than the $42.3 million in private funds spent by President Bush's committee in 2005 or the $33 million spent for Bill Clinton's first inaugural in 1993.
According to Massie Ritsch, communications director for the Center for Responsive Politics, "These are people giving mostly $50,000 apiece. They tend to be corporate executives, celebrities, the elite of the elite."

The biggest group of donors were none other than the recently bailed-out Wall Street executives and employees.

Ritsch said: "Those who worked in finance still managed to pull together nearly $7 million for the inauguration."

Besides Wall Street firms, a large chunk of the money came from employees at companies such as Microsoft, Google and DreamWorks Animation, according to the Center for Responsive Politics.

Microsoft CEO Steven Ballmer and his wife, Connie, both gave $50,000. So did Microsoft chairman and co-founder Bill Gates and his wife, Melinda.

DreamWorks CEO Jeffrey Katzenberg and his wife, Marilyn, both gave $50,000. Filmmaker and DreamWorks co-founder Steven Spielberg and his wife, Kate, both also gave $50,000. And DreamWorks employees gave a total of $275,000.

Billionaire investor George Soros and his family contributed $250,000 to the inauguration, and Google co-founder Larry Page and CEO Eric Schmidt each donated $25,000.

Other big-name donors who gave $50,000 include filmmaker George Lucas, artist Dale Chihuly, Los Angeles Dodgers President Jamie McCourt. Citigroup managing director Raymond J. McGuire; Oracle President Charles E. Phillips Jr.; actresses Halle Berry and Sharon Stone; and Melvin Simon, co-founder of Simon Property Group, the largest mall owner in the United States.

The governors of Maryland and Virginia, and the mayor of Washington said that their combined costs could exceed $75 million. That's on top of the $49 million the federal government is spending, again mostly for security.

Elite firms are supporting Obama and the government is spending taxpayer money to promote the Inaugural image of Obama.