Today Bush have announced a bailout for the banks who are sitting on bad debt. Bad debt that started to be created only when theses very same banks had their lobbyist work congress and remove most of the regulations that prevented this type of stupidity. Bad debt that was used to show a quarterly or annual 'profit' and then sold onto other firms so they could show a quarterly or annual 'profit' so their executives could get then multi-million dollar bonuses. Bad debt that had fueled the (false) economic growth that Bush and the Republicans have touted for the last 7 years.
And what is the cost?
Well for the lobbyist, and the banks and the executives who got billions, who knows. heck, it is a safe bet that some of them are already sitting on millions of dollars, and are out of the game, sheltered from any real cost. But for our nation this bailout plan cost at least $1,000,000,000,000.00 (trillion) dollars (one of the lower estimates I have seen). On a personal level, it will cost my family at least $14,000.00. That is about 1/2 of the median family household income for the state of South Carolina.
Since the wars in Iraq and Afghanistan are now projected to cost me about $28,000.00 and paying off the the Reagan and Bush debt will cost another $115,000.00 (plus interest for all of this), I figure what the hell, just put it on my tab.
But there is real good news out there. If John McCain is elected, all those folks earning over $250,000.00 are in line to see a sweet tax cut. The rest of us? heck, just put it on the tab.
Debt, Economics McCain