Excerpt provided by the Committee to Unleash Prosperity. Sign up to receive a free subscription to the full weekday Unleash Prosperity Hotline newsletter by clicking here: https://committeetounleashprosperity.com/hotline/
If only we could print money and borrow our way to prosperity, America would be well on its way to becoming a very, very rich nation. But, of course, most non-politicians understand that bills have to be paid, and debts have to be repaid. So how is that going to work out for us now that the $1.9 trillion spending pork bill has passed and the bonds are now being issued?
Trump senior economist Kevin Hassett has made some reasonable estimates about how much of the debt will be paid by those Americans of varying income groups, based on the current progressive tax system.
Those with incomes between $40,000 and $50,000 would pay about $9,000, while those earning between $50,000 and $75,000 would have to fork over $16,000. That rises to $27,000 for incomes between $75,000 and $100,000, and $51,000 for incomes between $100,000 and $200,000. For higher earners, the bills climb so fast that they jump off the chart. The average for Americans with incomes between $500,000 and $1 million is $304,000.
Now that $1,400 of “free money” per person doesn’t sound like such a bargain, does it?
There’s more to explore:
- Germany’s flattened society
- Biden’s war on small business
- The media’s virus fearmongering