Your $34,000 Bonus

billspaced — Mon, 25 May 2009 18:18:16 +0000

…that most of us will never see. I’m not saying we don’t derive benefits from the tax money we hand over to the federal government. No, not at all. In fact, we derive very REAL benefits, even if we cannot “see” them. Stuff like defense, homeland security, important safety nets that would surely cost more if we didn’t have them, etc.

However, it is startling to see a dollar figure associated with this. I know I don’t pay $34,000 in taxes, so somebody else is certainly shouldering his weight and part of mine.

Next time you want to lament, complain, or otherwise cry about taxes, think about that figure.

I am certain that the majority of us don’t pay anywhere near that amount in taxes. Part of this (most of this) is because the government doesn’t take in nearly that amount; hence, the deficit and growing debt.

Of course, it remains to be seen who will actually pay for this. Politicians like to say that it’s our children. Surely, they will pay. However, if our economy grows at a higher pace than our deficit/debt, then we will be okay, and the only people “paying” for our shortfall will be bondholders (who ultimately get paid back and then some in the form of future dollars – that will not be worth as much as they are today).

If only we could figure out how to raise our growth rate to beyond 2-4 percent…maybe we could all start working again? That might help!

WashingtonWatch.com – FY 2010, Budget of the United States Government

Money Hacks » national debt

Your $34,000 Bonus