"I got a kick out of Pelosi and Shumer who said they were willing to come down a trillion bucks if Trump's side could come up a trillion or so....like this is just chicken feed...
A Trillion Dollars represents $7,097 ($1 Trillion/ 140.9 million taxpayers) in additional tax burden to each of the 140.9 million US taxpayers...and when a person considers that the top 50% of all taxpayers pay 97% of all the taxes....we can surmise that this figure is approximately double for those who DO pay taxes....so, let's assume that actual true taxpayers would owe another $14,000 for this extra trillion...and since the first trillion bucks is already a given, then the US paying taxpayers would owe $28,000 each for this new stimulus....and that's on top of the $32,000 each taxpayer already owes for the first stimulus bill back in March!!!
Keep in mind that these estimates do not include interest payments....which are currently very low due to the artificial cap the FED puts on federal interest....but if the US dollar should lose its reserve currency status, the FED might not be able to keep a lid on interest rates in the future...and even if they do by simply printing more money, the US Dollar would simply crash as money would flee our shores....
So, I get a little upset when I hear Pelosi and Shumer say what's another trillion? It's not that I don't have a heart for the many plain folk in financial distress right now....but I think there are other ways we can ease their pain more cheaply while making sure that the wheels of capitalism and free market enterprise can re-create a new vibrant economy sooner....
With our out of control national debt, each taxpayer now owes nearly $214,000....and it's actually double that for the 50% or so who actually do pay taxes...so figure it's more like $400,000 to those people who actually do pay taxes.....that's like another huge mortgage for each taxpayer in this country! Notice that the average family in this country only has $24,306 in savings...so this debt will remain debt for a very long time....!"
AI
