No Middle Class Tax Hikes?

[Riot]

Originally Posted by randallscott35

You have to pay for bailouts...now or later.

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.

[randallscott35]

Originally Posted by Riot

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.

Incorrect. Massively incorrect in fact. That is what they want you to think....http://www.nytimes.com/2010/01/27/business/27views.html

[Riot]

Originally Posted by randallscott35

Incorrect. Massively incorrect in fact. That is what they want you to think....http://www.nytimes.com/2010/01/27/business/27views.html

Well, no, it's not "massively incorrect" - most of the other banks have paid it back, with interest. They did it so they could give huge bonuses this year. Remember this ongoing thing?

You quote one article about one bank, AIG, who has already paid back $56 billion. Yeah, they owe us more.

This is from last August - more have paid back since:

http://www.nytimes.com/2009/08/31/bu...1taxpayer.html

As Banks Repay Bailout Money, U.S. Sees a Profit
By ZACHERY KOUWE
Published: August 30, 2009

Nearly a year after the federal rescue of the nation’s biggest banks, taxpayers have begun seeing profits from the hundreds of billions of dollars in aid that many critics thought might never be seen again.

The profits, collected from eight of the biggest banks that have fully repaid their obligations to the government, come to about $4 billion, or the equivalent of about 15 percent annually, according to calculations compiled for The New York Times.