phinsup

And when the inflation from printing all that money hits, you will have no money left to keep the snowball rolling. inflation is a tax, plain and simple, you cannot fix the situation by helicoptering money from the sky, every american citizen will be buried with the tax burden of $50,000, $60,000, etc, etc... it cannot be paid back and a debtor that cannot pay his debt is bankrupt. You cannot print billions and trillions of dollars without destroying the dollar itself and burying the country in debt, plain and simple. This does not fix the situation, it only makes the pain of the collapse worse, it makes the cut deeper, the difference would have been going into this nightmare with less debt to dig ourselves out from under or for that matter maybe even saving our dollar, that is no longer an option, the USD is done.



I'm writing this before i have even had my coffee so i reserve the right to edit it LOL I just woke up.

phinsup

Enjoy Stimulus Now, Pay Your $14,000 Share Later



By Kevin A. Hassett

February 2, 2009



Quote:

......... Dream On



When the stimulus package, the SCHIP expansion and whatever else our representatives in Washington dream up are on the books, it seems likely that the deficit for this year will approach $1.7 trillion. This is an enormous swing in the U.S. fiscal condition.



Under President George W. Bush--a big spender in his own right--the federal budget deficit reached a record $455 billion in fiscal 2008, more than double a year earlier. Government bailouts of banks and other industries that started under Bush, and may accelerate under President Barack Obama, will help push the deficit toward that $1.7 trillion mark.



That is $1.7 trillion in future taxes. Nobody knows exactly when the tax hike will come. It might even be that we shall try to foist the costs on our children. Still, those planning their financial futures should account for the dramatically higher taxes that will be the result of this year's policies.



Check the Numbers



Suppose the government eventually decides to allocate the bill according to the latest distribution of taxes. In 2006, for example, people with incomes between $50,000 and $75,000 paid about 10 percent of all income-tax revenue. As a thought experiment, how much would those people's taxes go up if Uncle Sam raises 10 percent of $1.7 trillion from them?



If you run the numbers for that and other income brackets, you'd better sit down. Our spending policies are not digging a hole, they are conjuring up a Stygian abyss.



If your family income in 2006 was between $75,000 and $100,000, the extra taxes that you will have to pay at some point in the future add up to about $14,000.



If your income was between $100,000 and $200,000, your future tax hike will be about $28,000. If your income was between $200,000 and $500,000, then your future tax bill just went up by $90,299...............

http://www.aei.org/publications/pubI...pub_detail.asp

phinsup

lol, same ol, same ol.

phinsup

Senate just passed it, we're saddled with another trillion worth of debt. You, great, great, great, great grandchildren will be paying for this ****.

Maxt

And they passed it without the increase in spending on education and schools included.. Alot of the other appropriations sounded somewhat questionable.

I can't say whether its right or wrong, not living there, I have no idea how hard the average American is really being hit economically. There are the media sources but they inflate every story, so its really difficult to get a grasp on really how dire the situation is down there.

I was listening to fox today, lots of callers were convinced it was the right way. But debt saddling can never be a good thing.

75 Repu

time to go buy some pizza!!

defprun

stimulate that colon!