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A few thoughts about the “bailout”

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Mike_Presta View Drop Down
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Joined: Apr 20 2008
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    Posted: Sep 26 2008 at 12:41pm

A few thoughts about the “bailout”:

Politicians are tossing around figures unimaginable to most “regular folks.”

To put a little perspective on these numbers, please consider the following:

The U.S. Federal Government collected $2,568 billion in fiscal year 2007, while spending $2,730 billion, generating a total deficit of $162 billion. The $700 billion required by this proposal is 4.3 times greater than this entire 2007 budget deficit.

This proposal asks for more than one fourth of last year’s total federal collections. This is more than the government spent on defense ($549 billion), Social Security ($581 billion), or Medicare and Medicaid combined ($561 billion) last year. So we’re talking about some ‘real money’ here.

If passed, this legislation will increase the national debt to $11.3 trillion. If memory serves (always a risky bet in my case), there are about 110 million families in the USA as of the last census. A $11.3 trillion national debt equates to just under $110,000.00 of debt for each and every household in the USA! Remember that for each household that does not pay federal taxes, their portion of this burden must be shared by the rest of us. This is like being in debt for a second house in the $150,000 to $175,000 range.

Also based on the last census, this proposal’s $700 billion would raise the national debt by about $2,350 to $37,750 for each and every man, woman, and child in the USA! Once again, Those of us who do pay federal taxes (and our descendents) must pay the $37,750 for each man, woman, or child that does not pay federal taxes.

And the WORST part of the deal?

This proposal will NOT fix the problem!!! As usual, the politician cannot and will not admit “how it got broken”. How can they “fix” it when they don’t address what broke it??? The fact is that this proposal includes provisions to ensure that keeps breaking!!!

PS:  By the way, don't forget that, in their haste to enact this proposal, no one has mentioned how much it will cost for another huge layer of bureaucracy to monitor and administer this program!  You can bet that every politician in Washington will insist on at least a couple of his kin getting high-dollar gub'mint jobs out of this!!!

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