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Originally Posted by randallscott35
You have to pay for bailouts...now or later.
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The bailouts to the banks have all nearly been reimbursed already, with interest paid to us. We made money on that one.
But we still have to figure out how to pay for 1.3 trillion in previously existing stuff, too: recent tax cuts given but not paid for, big increase in Medicare prescription benefits given but not paid for, Iraq, Afghanistan wars not paid for, etc.
It's like the stupid uncle took America's credit card and ran up 1.3 trillion in credit card debt, then left it in our laps.
Meanwhile tax collections are down (less income for us), but we are in a recession recovery start that requires spending to sustain.