As the U.S. government debates a $700 Billion bailout for the financial industry, what does that mean for you and me, and our kids? One summary I saw broke it down like this:
About $2,300 per American
About $6,000 per U.S. household
The tally for all the various rescue measures launched by U.S. authorities this year runs to about $1.8 trillion. The $1.8 trillion is equal to:
About $6,000 per American
About $15,500 per U.S. household
Who will pay that back? Tax payers. But wait! We don’t all pay taxes.
As the chart above illustrates, in 2006, the percentage of U.S. tax payers who had a zero tax liability was 32%. That leaves 68% of us to pay back the 1.8 Trillion in debt, which changes the numbers.
But wait!