Think about the furture
By lilwonders
@lilwonders456 (8214)
United States
April 22, 2009 9:32am CST
I know most of America is against the bailouts. But it looks like more are coming. The asks are saying the may need another round and there is heavy talk in congress of a media bail out.
So lets take stock. Our government has a HUGE budget deficit. Our national debt is at a record high. How are we going to pay for this? Yes some newcasters are focusing on the small tax break most people are getting now. But what about in the future. These bills will come due. All this debt will have to be paid. No to mention all these new social programs will have to maintained. So just how is all this going to be paid for? Tax increases that is how. Not on just the rich. But on everyone. It is too much money to just be able to cover it by increasing the taxes in the top 5%. That won't cover it.
So in a few years we will all be seeing higher taxes. Not just on a federal level but on the state level too. Sence the states that took bail out money have to maintain the programs set in place by the bail outs.
I see a lot of things wrong with that.
1. What will that do to the future economy when people have less money to spend because so much is coming out of their taxes. They will have less moeny to live on.
2. The next generation and the one after it will be paying the brunt of these bills. Yet they did nothing to cause this mess. THey did not get to have a say in it being spent. We are stealing from them.
3. How much of the Billions spent have ACTUALLY done anything to create jobs and help the economy. Very little. Which means the rest of the debt is just wasteful spending.
Tell me what you think. What will be the long term effects of all this spending?
1 person likes this
3 responses
@irishidid (8688)
• United States
22 Apr 09
Maybe they should put it all in social programs. The way they are going we may all qualify for welfare. Of course they'll probably call that a bailout too.
I haven't seen any jobs created nor have I seen any benefits from the bailouts that have been done. As far as I know the banks aren't making loans.
@lilwonders456 (8214)
• United States
22 Apr 09
No they aren't. They have used the money to buy out other banks and then are hoarding the rest.
So that did not help us out at all. So why again did we give them the money?
@xParanoiax (6987)
• United States
23 Apr 09
All I can say is; I don't see the world going back to the way it was when we were all growing up. I'm not sure what it'll look like, but this is just one of the many things that will be like a weight on the backs of all the people of the next generation (and any of us who're still alive around then).
I know there aren't alot of choices, certainly very very few good choices, at this point, but this weighs pretty heavy on me...'cause there's really no long term planning, with this kind of thing.
@gewcew23 (8007)
• United States
22 Apr 09
Oh this is a bad situation, and yet the situation can become even worse. Taxation during a recession is a horrible idea yet printing is just as bad. Now we cannot fix the past but we do not have to make the future worse. Spending to simulate the economy just does not work, the spending always cost more than it generates. Take for instance those jobs that were going to be created by the Obama/Pelosi/Reid spending wish list, to create the job more money will have to be spent than the wages it would create. So it would have been cheaper to just write some one a one time check for 50K than to try to create those jobs.
Taxation creates less tax able income because so you will eventually need higher taxes, look at New York. New York raises taxes to fix the budget, people leave the state so there is less population to tax. Those that are left in the state make less than those that left. So the state raises taxes once again and more leave. Of course the only problem is it is a harder to leave a state than it is to leave a country.
The next generation is just going to have to take it, like it or not. The current generation cannot take a hit by increasing taxation. So the lesser then to evils is to just pass it onto the next generation. It is not pretty but you did not ask me for a pretty answer. Of course we could just stop spending but no one except a few has the fortitude to support a freeze on spending.
