To arrive at that figure, CNNMoney.com took the total of the bank bailout, $700 billion, and added that to the proposed stimulus spending in the House of Representatives bill, $819 billion. That totals $1.519 trillion.
We then divide that number by 156.3 million, which was the total number of U.S. filers in 2008.
So: $1.519 trillion divided by 156.3 million equals $9,718.49 per U.S. taxpayer.
19 comments:
Atrocious. Where is this money coming from? They'll be printing it like Monopoly money, and it's going to be worth just as much.
This is how we become super-inflated.
And since we are in the beginning of a depression...hang onto the car folks, the roller-coaster ride is just beginning!
G*D bless and MARANATHA!
tmw
Gives you a good idea of how deep a hole Greenspan, Bush, Gramm and the supply side midgets dug.
Papa Frank, I don't think anyone will see that money, even if they would give it to us. I guess the banks and the auto industry are more important than the citizens themselves, right?
Blessings.
No I.H.S. but the citizens need a functioning economy.
Now, all the right will propose is tax cuts. That's the answer to virtually everything (and that it in itself should put folks on guard, to simplistic).
I continue to ask, what happens if folks take the money and just pay down debt? Is that going to get the economy functioning again?
I don't think so but it's a serious question.
What the right can't seem to consider, let alone acknowledge is the ability of the government to invest in long term projects that not only generate present economic activity but generate long term growth.
Also note that the "bailout" engineered by Paulson and Bush has not been particularly successful. That shouldn't be used as any indication that the Dem plant won't generate economic benefits.
Tax cuts are the way to jump start the economy. Not stimulus checks which cost money just to generate and help those who don't pay taxes in the first place and not a bunch of pork projects destined to keep our population voting democrat in the future.
Tax cuts will stimulate the economy starting today.
Or we could go with the liberal stimulus plan of providing birth control...
Cube, I keep asking this but can't get an answer.
So we cut taxes (without cutting spending) and create high government debt. Now there is an assumption that other nations will continue to purchase our debt instruments but let that go.
Folks are going to do one of two things.
1. Spend - in which case this is temporary and does nothing much but bring down inventories and we go through the cycle all over again when the money runs out.
2. Save - In this case the Libertarians are swapping personal debt for government debt (they loves them some nanny state). Now of course the government debt is ultimately personal debt but Americans aren't going to see that short term.
So number one is a loser and do we gain anything in the second case by swapping the expensive credit card debt for potentially cheaper treasury debt.
Oh, well. I think the idea of the government controlling the economy and launching big public works is great. I mean it worked out well in the Soviet Union.... I mean, Russia. I guess the Soviet Union isn't around any more. Can't think why.
You're of the impression that public works in America are a result of private enterprise?
Ducky -- tax cuts are always the answer. The American people are a great people and they will give money to the businesses that they deem worthy to exist. Of course, this MUST be accompanied by CUTTING not only government spending but government in general. What Obama is doing is the exact opposite. He is pushing the largest increase in both spending and government ever. If you want to grow local business and local spending then cut the taxes involved in both. Of course all of Obama's buddies haven't paid their taxes anyway and so they are all thriving due to their low tax responsibilities that are justified only in their elitist minds.
Sorry Mrs. Frank NOTHING is ALWAYS the answer.
Economics is NOT a discipline with infallible predictive ability.
Again I will ask my question about debt finance and see if I can get something besides the usual supply side party line.
As an aside, given classic housing gauges like rent-to-own ratios and
wage to cost ratios, Americans were not sufficiently informed to realize they were in a classic bubble and felt they had discovered a perpetual motion machine.
NOTHING is ALWAYS the answer.
Then why does Obama have no imagination and just dust off the failed policies of Clinton and Carter?
Because we are owned, Frank.
When Larry Summers was picked as the head economic advisor you could see this coming.
And it's clear what is happening here. They are trying like hell to convince everyone this is a simple liquidity problem when in fact the system is insolvent, i.e. broke.
The effort here will be to allow the Titans of Wall Street to get financed and return to their profligate wagering with our money as free chips.
The right will accept this because they think these butt clowns "create jobs" (as we can see right now) and the right will be distracted by the news that someone they don't feel is worthy is receiving food stamps.
Meanwhile the bubble reflates and we are left to try to figure out why anyone thought Obama is a leftist or even particularly liberal. He's just Clinton Redux, an unfortunate necessity when you put up as an opponent a mentally ill dullard and his partner Gidget.
I just have to laugh when people call him a socialist. It's frightening that folks have that little grasp of politics or economics but on one level you have to laugh to avoid crying.
Papa Frank, OK I'm some what confused. I thought Mr.Obama was in fact a socialist?
Now, remember I'm yet learning this stuff, so go easy.
Blessings.
No, Ducky. I'm of the impression that public works are not going to get us out of the hole we're in. Don't prat to me about the Depression and the WPA. World War II got us out of that hole. Maybe Obama will declare war on Switzerland and get us out of this one.
Yeah Hermit, kinda scary times aren't they. Will this stimulus bill be effective? Who knows.
Done correctly I believe it can but that means the money is going to have to go into areas that promote economic growth. And I won't argue that can be difficult to define.
I will say that following the tax cut route is death. You are absolutely doing nothing but reflating an asset bubble.
Try more of what got us here? Nope. No thanks.
What got us here is Carter and Clinton forcing banks to take bad loans from irresponsible people instead of allowing the free market to protect it's own back side.
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