BAILOUTS, NOW AND LATER

By Kermit C. Moss

                                                  Mercy me, sakes alive, and carrot coffee!

Congress and the president have just passed and signed legislation putting the USA further in debt by $850 billion, which consists of the financial bailout of $700 billion and $150 billion more in tax cuts! The big question now is, “Will it work?”, and if further bailouts are needed, what do we do then? And, what can we do then? Already, California can’t pay its bills and may ask the federal government to lend it $7 billion.

Our leaders at all levels need to do some deep thinking! As of yesterday, the U.S. national debt has reached $10,151,948,943,006. 82, and that comes to $33,302.27 for each and every individual, man, woman, and child. With that level of debt, can we afford the bailouts we have already agreed to, let alone any more? Also, much of this debt is owed to foreign individuals and other entities, in China, India, and elsewhere.

These folks have always thought that we have the soundest , most reliable economy in the world.

                        What will they think now, and will they continue to lend us their money?

We need to start reducing this debt as fast as possible. The extreme concentration of wealth in America indicates here that we should consider a federal property tax on the top 10%, who own 7l% of all private wealth, and the 10% of families that own 86% of all stocks and bonds.

                                                                         
                                                                Please think about it!

Kermit C. Moss
PO Box 1136
Monticello, AR 71657

PH 870-367-2486 - office
870-367-7034 - home

October 4th, 2008