Bearing the Bailout Burden
The billions given to fearless gamblers in the banking system will have to be paid back by somebody but it wont be by the bankers who lost the money--it will be by hard working taxpayers. They will have to pay more taxes and also see the spending power of their dollar cut in half. The poor will also contribute by having to pay more for food, electricity, clothing, and everything.
One suggestion is for the IRS to keep income tax refunds next year and use it to fund the Wall Street bailout package. Others say the wealthy should return the money that they have made in the last twenty years of prosperity---they must share the responsibility for our governments huge national debt.
Most agree a bailout was necessary to prevent a financial meltdown and a worldwide depression. But it also means life in America will not be the same for at least the next ten years until the cost of the trillion dollar bailout is paid in full. Until then we must do our best to survive by working hard and pay our share of the national debt knowing that one day we will be free and clear.
melpol
Published by MP
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- Economic Stimulus Package and National DebtIn debating an economic stimulus package and national debt, why doesn't someone suggest that those of us who can afford to sacrifice should help to pay?
- How to Pay Down the National DebtPaying down the National Debt must be our governments' highest priority. At 10 trillion dollars and growing, just paying the interest each year ranks this item as one of the top four expenditures in the budget.
- National Debt Clock Needs More Space for Rising DebtThe increased national debt is another casualty of the financial crisis. Now it may have gone up to over 10 trillion, causing the iconic national debt clock in New York to add more space.
- A Short History of the National DebtMy answer to the statement "Obama is plunging the country into debt."
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- Understanding the National Debt
- National Debt, Says I.O.U.S.A.: $10.7 Trillion and Rising
- The National Debt Clock is Being Force-Fed by the Cost of Iraq War Clock
- National Debt Clock in New York Runs Out of Digits
- My Solution to the American Gross National Debt
- The National Debt
2 Comments
Post a CommentI think,sadly, we are headed for something worse than a recession. I pray it doesn't happen and I fear it greatly!
The debt level of our government right now is very scary, they have to get that under control quickly.