This would have the economy booming alot faster

[brwnfldl]

Heres your money as of 7/09 Follow the money: Bailout tracker - CNNMoney.com

According to Wikipedia in 2007 138 million people paid taxes. You have folks that don’t make enough income to qualify, students, stay at home parents, children, etc. Let’s round up to 140 million or 46% of the citizen base.

2.7 trillion(dollar amount spent as of 7/09 on bailouts) divided by 140 million = $19,285 check to each tax paying citizen.

Granted if you substitute 10.5 trillion (the total amount committed) for the 2.5 trillion (total amount spent) the numbers get very large very quickly.



10.5 trillion:

• $35,000 per citizen (men, women, children, non-tax payers)
• $75,000 per tax payer

my for the day

 

[concrete dog]

man did you just say it all right there amen

 

[Phil502]

Darn right it would be booming.

 

[dburkhead]

Now . . . turn it around. While it's amusing to talk about giving the money to the taxpayers, another way of looking at it is as that much money coming from the taxpayers to pay for this "stimulus."

Running some numbers found here, it looks like the average per taxpayer* income is about $46,000

*Figure "taxpayers" using that figure of 140,000,000 and simply selecting the top 140,000,000 out of the population.

In 2003, the interest spent servicing the national debt was 318 billion out of 6.76 trillion. That's a rate of 4.7%

Thanks to the wonders of Excel, given an interest rate, number of periods, and a present value, it's easy to determine the payments required to pay back such a "loan."

To pay off this "stimulus" over 10 years will require:

$2.7 trillion stimulus: $2,500/year/taxpayer
$10 trillion stimulus: $9600/year/taxpayer

Anybody here comfortable scraping together $2500 a year for the next ten years, let alone $9600?

 

[mmills63]

And the fine people in Washington don't understand why people get frustrated. They don't have a clue how us normal people live but yet they wonder why less money is coming in but have yet to think for every job you send out of the country you lose that tax amount from that person. I am no economics major but I think it is pretty easy to figure out why we are broke. But don't worry the govt. is going to barrow us out of debt How do you do that. Just my

 

[melensdad]

The LIBERAL Dems would claim it is unfair to the poor people who didn't pay taxes.

 

[jedi]

To pay off this "stimulus" over 10 years will require:

$2.7 trillion stimulus: $2,500/year/taxpayer
$10 trillion stimulus: $9600/year/taxpayer

Anybody here comfortable scraping together $2500 a year for the next ten years, let alone $9600?

Is this **JUST** to pa off the stimulus packaged or to pay off the ENTIRE US DEBT?

hum.. never mind I just re-read the text. How much to pay off the ENTIRE US DEBT (assuming we freeze spending today...)

 

[jmiller676]

That's not adding in the interest right?

 

[Kirk Freeman]

Instead of spending other people's money, let's let people keep their own.

1. Abolish the Capital Gains Tax.
2. Cut Corporate Income Taxes by 50%

Overnight recovery.

 

[dburkhead]

Is this **JUST** to pa off the stimulus packaged or to pay off the ENTIRE US DEBT?

hum.. never mind I just re-read the text. How much to pay off the ENTIRE US DEBT (assuming we freeze spending today...)

It so happens that the $10.5 Trillion "stimulus" mentioned uptopic is pretty close to doubling the current "public debt" simply double the amounts.

My "amount per year to pay it off over 10 years" does include interest at the 4.7% level then paying it off over 10 years would take about $19,000 on average from every taxpayer in the US.

The thing is, however, that it's not being paid off, so, basically, it's just a drain of about $7000 a year on every taxpayer every year for, well, forever--unless things change. That's just to pay the interest every year. Adding another 10 trillion onto that makes it a $14,000 drain. And when you add in the projected growth, it gets even worse.

Something I noticed. I tried to follow up on the link form Wikipedia on the budget historical tables (with projections into the future) which went to a page on whitehouse.gov. The page appears to be gone, with a "the Obama administration has redesigned the site" message and a search of the site does not turn up the page at all. But boy are there a lot of press releases turned up by the string "budget historical tables."

 

[andy coryell]

mmills63 for president

 

[Crimson]

This is exactly how I do it for my household, you know, spent your way out of debt. LOL