Since the 1st bailout isn’t working, should the second be directed at taxpayers instead of corporations?
Shouldn’t the next bailout bill be directed at Americans to pay off their credit debt?
From what I see, the easiest way to do it would be to direct the IRS to stop collecting income taxes from paychecks for a holiday period of 6 months to 1 year.
Then enact temporary 40% tariffs on ALL imported goods to make up some of the lost tax revenues. The rest of the lost revenue would be added to our debt, but at this point, makes little difference.
That way taxpayers are encouraged to use the tax holiday to pay down debt and stop wasting money on unnecessary consumer goods.
Paying off debt would increase the liquidity of commerical banks and as a result, should ease lending restrictions.
The last stats I saw from 2006 showed that Americans held $ 800 billion worth of credit card debt alone. That doesn’t include mortgages, loans, etc. No wonder why lending is drying up, we’ve used all the credit.
KSUCatz22: Almost every major economist acknowledges that there will be at least 2 to 3 more bailouts on the horizon. It is only a question of ‘when’ at this point.