In the past several months and more recently the past few weeks the United States has seen the financial markets and that of Wall Street endure some great challenges and incredible disappointments. In a country where ten years ago we had no national debt and great financial stability, our nation is now facing uncertain times in possibly one of the most difficult predicaments that our economy has had to overcome since the great depression. With all of that said our government has been forced to step into the picture to prevent a predicted economic meltdown from occurring, and not at the expense of the companies who’s poor management and greed caused this mess but possibly at the expense of every taxpayer out there who did not see a dime of profits these companies were making.
So what are we to think when the government proposes a bailout plan for Wall Street on bad bets made on mortgages that will cost roughly 700 billion US dollars to fix, and translates to approximately $4,200.00 in additional taxes for each tax payer annually? How should we react when there is great skepticism of whether or not this proposed bailout will work or just increase the problem by driving up inflation? The outcome is uncertain at best, however something must be done. What should and can we do? This is a very important question right now and it is possibly in all of our best interests to ask ourselves this question to try and determine what is best for us as individuals and as a nation in confronting this potential crisis.
From where I stand I agree that something must be done however when I think about having to pay $4,200.00 a year in taxes it makes me uncomfortable. As it is I am already on a budget that allows me enough for housing, food, transportation, and an occasional movie. Take $4,000.00 of my budget away and I will have to get a roommate, start eating less healthy, find alternative sources of transportation, and defiantly not go see any movies unless I get free tickets...