Bailout Expanded

The Washington Times is reporting that the bank bailout is being expanded to include student loans, car loans, and credit card debt.

This makes me so ANGRY. The government wants to take my money and give it to rich people who already have shown they are irresponsible with money.

I don't begin to think I understand the "economic" problem. However, I do know that the "bailout" money is going to banks and investment firms who are run by people paid really, really large sums of money to be profitable.

I also know that the government has NO money of its own. The only way for the government to get money to do things is to take that money by force from individuals¹.

Our government is already in debt for over 9.7 trillion dollars. So, the only way for the government to give money to these banks and investment firms is to either pay with cash (which they don't have) or take out even more debt (which will have to be paid back in the future: so tax increases for me and my children).

I think as a taxpayer I am getting taken advantage of. I guarantee you that if Student Loans and Credit Card debt is added to the bail out, I will still cut two monthly check to Sallie Mae, a monthly check to DirectLoan and a check to Discover. In exchange for increased taxes in the future, I GET NOTHING!

Meanwhile, some Suit who made poor business choices gets to wipe his company's slate clean and start making TONS of money again.

So, here is my solution. If the government wants to bail someone out. Let them bail me out. If they wiped out my student loan and credit card debt, that would free up about 12% of my monthly budget. If they also "bail-out" my mortgage, then 32% of my budget would no longer be pre-set. Wow!!! If sending me $600 helps stimulate the economy, what could I do to stimulate the economy if I had over 30% of my budget free to invest and buy consumer goods EACH MONTH!!! Of course, I don't need a bail out because I am making all my payments.

Who needs to bail out the companies, who don't pay taxes when you can bail out the individuals who do pay taxes?

If the government does bail out the companies, then I want them to seize the assets of the companies and sell them off to subsidize some of the "bail out". Why should the American people get the raw end of this deal? Obviously the people running the companies are inept, so why should they be rewarded?


¹Corporations don't pay taxes. All taxes "paid" by a corporation are really only taxes that the company has collected from individuals and passed on to the government. Corporations pass the taxes they owe to individuals through higher prices paid on products or they may not pay their individual employees as much. They may also not pay as much of a dividend to the shareholders (individuals) Trust me, in the mind of a corporation, taxes are a business expense and are somehow passed on to the individual. The company's profits are not affected by the tax code.