I have yet to contributed anything of any value to this blog, and probably not doing so now, but I feel the need to vent some frustration somewhere. The current bill in congress to bailout (or invest in) our economy is staggering. I understand that there seems to be a fairly large consensus that something needs to be done. However, if this "investment" fails and the taxpayers of this country are left to pay for the mistakes of financial institutions. This bill adds a lot of money to the national debt. So what is the national debt at right now you might ask. I investigated...
The interesting thing here is that while from 1950 to 1980 the national debt went down regardless of political affiliation Truman (D), Ike (R), Kennedy/LBJ (D), Nixon (R), Carter (D). From 1980 the debt seems to be broken out politically. However, Clinton(D) gets some credit for the brief decrease because he was president at the time. But, George H.W. Bush(R) also gets some of the credit for his large tax increase in his term a the helm. So what has happened in the last 28 years that we are having this issue?
At this point for every man, woman, and child that is a citizen of the US has a government debt of about $32,500 and this additional legislation will add about $2350-3000. So what's another $700 billion?
Seems to me that this national debt needs to be the bigger debate than what is currently being talked about in this presidental campaign.
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2 comments:
This is the funniest post ever!!!. I can't stop laughing. I think we should vote for Pedro.
pedro lacks political experience.
E - Something needs to be done agreed but bequeathing far reaching powers to the Treasury Dept and a blank check for $700b is the answer.
How many foreclosed houses could the Gov't buy up with that amount? That would instantly do the same thing - free up commercial paper, i.e. credit lines between banks. It would stop runs on banks and give confidence to the common man. Of course this has its own draw backs inclusing paying off those that got caught house flipping and those who bought more house than they could afford.
Being a fan of fiscal solvency (something which apparently no politican is any longer)... I'd like to see this done with as little borrowing on the Govt's part as possible.
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