Are You Kidding Me?
http://news.yahoo.com/s/ap/financial_meltdown
The Senate will be voting on another version of the bailout bill today. One great idea has also surfaced: Increase the FDIC insurance limit from $100,000 to $250,000. This is a fantastic idea, since it would increase confidence in the banking system. Hopefully, it may also help to increase deposits and give banks more confidence to make loans. Unfortunately, not all the changes are good changes.
The new packages includes tax cuts. Normally, I'm a big supporter of tax cuts. Unfortunately, we have a huge deficit, and the bailout package is going to increase the national debt by about $700 billion. Is this the smart thing to do? I know it's being done for political reasons to make it look like the bailout has some direct benefit for the tax payers, but this just isn't the time or the place. Increasing our deficit will require higher tax rates in the long run, and will all but guarantee that our the national debt will continue to increase.
The Senate will be voting on another version of the bailout bill today. One great idea has also surfaced: Increase the FDIC insurance limit from $100,000 to $250,000. This is a fantastic idea, since it would increase confidence in the banking system. Hopefully, it may also help to increase deposits and give banks more confidence to make loans. Unfortunately, not all the changes are good changes.
The new packages includes tax cuts. Normally, I'm a big supporter of tax cuts. Unfortunately, we have a huge deficit, and the bailout package is going to increase the national debt by about $700 billion. Is this the smart thing to do? I know it's being done for political reasons to make it look like the bailout has some direct benefit for the tax payers, but this just isn't the time or the place. Increasing our deficit will require higher tax rates in the long run, and will all but guarantee that our the national debt will continue to increase.
Comments