The US$700 Billion Bailout, or Quick Fix

The Bush Administration has pledge US$700 billion rescue plan to prevent a economical collapse from failing financial institutions. Where is the money coming from?

The US is heavily in debt, they spent tens of billions a year in the Iraq war. Over the years, the US Reserve has plunge deeper into debts. They will need Tresury Bills to be issued and having other countries to buy into the Tresury Bills. The future generations of America will be caught paying for this rescue plan.

It is obvious Tax Payers will bear the blunt of the bill from the mistakes of the leaders (be it government or economy). This quick fix can leave a slightly positive legacy for George Bush as he departs the White House in a few months. But the next President will be the one introducing higher tax.

Rather than making the people pay for the mistake created by others, the government could have opt to make the 'creator' pay for it. The Inland Revenue Service (IRS) could look at the top income earners of these 'creators' and have them pay the repair bills. If the IRS targets the top 10,000 earners (of the 'creators'), taxing each one of them a range of $1 million to $50 million (top earners of the 'creators' were making $100 million a year then). If the average amount works out to $20 million each, that would raise $200 billion. Work up the ladder to raise more money.

Afterall, since the 'creators' reaped from the spoils, and created ruins in the economy it is in now, they should be liable to pay for their mistakes. Even if half of these 'creators' goes bankrupt, it saves 20 million people in America, and countless millions globally and the global economy.