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Feb 3

Financial Foibles

Posted on Wednesday, February 3, 2010 in Uncategorized

What Will Our Future Look Like?

For hundreds of athletes this is an exciting day. Today at “National Signing Day” young football players will reveal at which university they will transform from boys to men. Millions of dollars will be spent on indirectly paying young men to play football as a fundraiser for the university.

Fans of the chosen universities will celebrate at their good fortune. Hopes will rise for the winners and hopes will be ravaged for those left wondering what their favorite university will do without this or that teenager.

The Future Is Uncertain

Without stellar athletic or academic success no one begged me to attend their university. I had choices to make but none of them included thousands of dollars in scholarship offers.

I chose a college with a “lifestyle statement” — a list of dos and don’ts — that I may or not prefer but I didn’t mind them because in order to get the education I wanted I gave up some rights.

My rights are important to me. I value the right to use my time and talent and money wisely.

With that mindset I don’t mind paying my fair share of my taxes. I care about the poor, uninsured, and less fortunate even if I do not know them. I want some of my resources to help those who need the help. I’ll give up my right to use some of my money because I hope that there will be a fair return in services.

President Obama undoubtedly is trying to convince the American citizens that his tax plan is a sound investment in our country’s future; a fair return.

Perhaps it’s a good plan, I haven’t read it thoroughly, but I’m skeptical. So many of our national budgets have been mismanaged in the past that I have little hope that this plan will not punish our grandchildren.

The Past Plans Punish Us Now And Later

I’m skeptical that such plans really have our citizens’ best interests in mind. Past plans leave our future burdened by previous financial mismanagement.

If the numbers are correctly posted on CBS the trend of exponential increases in national debt are staggering:

Recent additions to the public debt of the United States:
2001 $144.5 billion
2002 $409.5 billion
2003 $589.0 billion
2004 $605.0 billion
2005 $523.0 billion
2006 $536.5 billion
2007 $459.5 billion
2008 $1.017 trillion

While the tax burden grew heavier I shook my head in dismay as the debt increased with the bailout of our financial institutions.

The Past Plans Reward The Wrong People

We paid, and will pay, and pay…to keep the banks running, but as NPR reported some of those same financial giants again will disrespect the public and our hard-earned tax dollars. In order to fill their pockets they will empty ours.

“Bank of America, the largest lender in the U.S., plans to pay its investment bankers bonuses totaling about $4.4 billion for the past year — which works out to about $400,000 for every employee in the unit, according to a report in Bloomberg News. The insurance giant AIG is also forging ahead with plans to pay out bonuses worth about $100 million to employees of its financial products division. Some have been critical of the move because the unit was responsible for nearly bankrupting the company.”

Despite the inevitable outrage and silentscreams of the people millions and billions will be given to those who need it least.

It’s been said that there are only a few things that we can count on including death and taxes. I’m afraid that the burden of the taxes will bring a premature death to our nation.

Well, that is unless they are taking these huge bonuses to give them to world-changing and worthwhile causes. That would be amazing, and unlikely.

And, again I will feel silenced by my smallness but at least I’ll express mysilentscream.

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