$700 Billion Bailout
First of all, I had to get an idea of what $700 Billion dollars was; that is 7,000 MILLION Dollars.
The population of the US is 303,824,650. That translates to almost 304 Million People.....that is the total of all Men, Women, and Children in our Country. But wait.....Children don't work or pay taxes. That leaves the population of 25 years and older which is 195,932,824. Of this number there are many that are retired who don't work and generally don't pay taxes anymore. Many are disabled and don't work and probably pay little or no taxes anymore. But for the purpose of getting some idea of my personal tax share....even though it will be higher than my estimation here.....I'll use the number 195,932,824.
Not even taking into account the TRILLIONS of DOLLARS (a really mind boggling figure) for our current NATIONAL DEBT......just taking into account this NEW amount of 700 BILLION DOLLARS for the bailout of our failing financial institutions in the US, the working taxpayer is obligated for a new debt of almost 35 million dollars! That translates into 35 million for ME and another 35 million for my HUSBAND! That means, as a couple, we will be obligated for 70 million dollars to help the failed banks in our nation.
The census report also states that there are 75,086,485 OWNER occupied homes in the US with a median value of $185,200.
Does the Federal Government actually expect the average taxpaying, home owning American to pay 70 million dollars to save their loan on their $185,000 home??? Perhaps it will also help to protect my IRA until I retire.....Do you have THAT much in YOUR IRA????
The government is calling this a recession.....but what we have here is a DEPRESSION that will be worse than the one experienced in 1929. Congress is putting a 700 Billion Dollar band aid on the problem, which will stall it, but nothing can prevent it.
I, for one, think that it is foolish to throw good money after bad. The mistakes have already been made and cannot be undone. I'd like to know how many NEW BILLIONAIRES were created by CEO's scamming the lending institutions of Fannie Mae and Freddie Mac......and I'd like to know why they are not being prosecuted and fined for the amount of money they stole which CAUSED this financial crisis. The average American taxpayer did not create this problem...... and shouldn't be expected to pay the price for a lot of mismanagement of funds by greedy and incompetent people who are walking away with OUR money!
A taxpayer in Arkansas
Published by Jamie Ashley
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2 Comments
Post a CommentI take it that you feel I over estimated the amount of debt that would be assumed by each person; actually I think I underestimated it by misplacing my decimal. And it's NOT 700 trillion as you stated above...it's 700 Billion. 700 Billion = 700,000 million. If you divide that by 195 million people, the figure is 3,589.74....that is over three thousand, five hundred million. I think I'm using the right math when I say that 195 guzinta 700,000....over 3 thousand five hundred times. Now, that kind of debt IS nuts!
Are you using the new math or something? How do you get 35 million per person out of 700 trillion divided by more than 195 million people? You're nuts!