Bailout to Cost $5,354 per Tax Payer…
The monumental “bailout” currently being proposed (and hurtling toward approval) carries with it an estimated price tag of $700,000,000,000. That breaks down to $5,354 for every person who filed a personal income tax return.
Notwithstanding the fact artificially increasing the supply of credit (via Fannie and Freddie “guaranteeing” otherwise poor mortgage risks) was responsible for the current mess in the first place, it seems there is wide-spread agreement among Washington politicians that socializing the US economy is somehow necessary, and fast.
The original proposal consisted of just three pages, scant on details and absent any oversight provisions. The figure is also essentially a guess: no one really knows just how much the proposed bill will cost.
How taking $5,354 from the pocket of each and every tax paying American in order to pay a purposely inflated price for assets no one is willing to freely purchase will lead to prosperity is more than a little difficult to comprehend, however today’s question is this: what do you plan to forego in order to pay your $5,354? Will you put off buying that needed new car? Will you continue renting, rather than buying a home? Will you cut back on food?