A question on the economics situation at the US.

  • #1
MathematicalPhysicist
Gold Member
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So, now after the bailout is approved what does it mean for the tax payers?

I'm not a US resident, but it intersets me what will be the tax increase there.
 

Answers and Replies

  • #2
Ivan Seeking
Staff Emeritus
Science Advisor
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That depends on the budget. We now have more debt. At this point we have no choice but to continue with deficit spending, so we will spend more money than we have revenues from taxes. But, if we spend it wisely, hopefully we can grow the economy long-term and reverse the trend, as we did under Clinton. This will result in greater tax revenues that can be used to pay the debt.

If we ever reach a point where we can't pay the interest on the debt, the entire house of cards will likely come tumbling down.
 
  • #3
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There's about $100 billion in tax cuts in the bill.
 
  • #4
Leah
I just don't see how we can afford this bailout without increasing taxes. The money has to come from somewhere. It's the middle class that has to suffer. We're losing our jobs and our homes and can't buy anything on credit. So now we're asked to support a bailout of banks, so people on wall street can make or at least keep money in their pockets. We as middle class have no money to spare. What about us? We have no or little health insurance and are trying to pay our taxes. We are trying to keep gas in our cars and food on the table. What $100 billion in tax cuts? It still won't help if that is true.
 
  • #5
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I'm really looking forward to the next debate.

Hopefully, now that the bailout details are known, Obama will explain in detail how he'll spend our money wisely to grow the economy long term with scheduled $1,000 refunds, additional tax cuts for (up to?) 95% of taxpayers, and other (mostly) subsidized/giveaway programs plus increased military activity in Afghanistan.

Afterall, it seems our collective national fate will soon be in his (and Nancy Pelosi's) capable hands?
 

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