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28th September 2008 Tax-payers Burden

Article - Tax-payers Burden

US politicians have agreed on the details of $700bn Wall Street bail-out package to be sent to Congress for approval, a Republican negotiator says.

The measures would enable the US Treasury to spend up to $700bn taking over bad debts from ailing financial institutions.

The taxpayer will be taking on debts of banks, investment banks, that have nothing to do with regular customers and deal with the investment of well-off people.

Why would the banks care to have checks and balances in the future if they know the government would bail them out? The simple answer is they wont. So expect more of this in the future.

This plan will raise state borrowing to $11.3 trillion. That is nearly $40,000 debt for every man, woman, child in the country. With only 61% of the population of working age and 52% of them earning less than $40,000 a year. This debt is likely to cripple America for many generations to come.

This sends out the message; when the rich profit, the money is theirs. When the rich lose money, the loss is burdened on the poor people.

This government is so much in the pockets of big business that it is burdening the people its supposed to represent.

 
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