Taxpayers continue to beg for cuts during bailout

Home Editorial & Opinion Taxpayers continue to beg for cuts during bailout

by Nathan Cooper

The economy is under incredible pressure as newly elected President Obama takes office, and many are wondering how he will handle it from here on out. Several have already outstretched their palms in anticipation of a bailout, but I for one hope that our tax dollars won’t be given away blindly, never to be repaid.

It is one thing to give out loans to businesses that have prospective plans to become more profitable; however, to give out loans to companies that are still bleeding profits from the neck is unacceptable.

Everyone has heard of the executives from the big three automakers flying in private jets to appear before congress. If any one of the CEOs had driven to Washington in a hybrid or other high efficiency vehicle, their plight for financial aid might have seemed a little more sincere.

I am a college student with only one semester of economics under my belt, but even I know that paying corporate executives an exuberant salary while the company flounders in debt is just bad business practices.

According to an article in the L.A. Times, the median of compensation or “Golden Parachutes” given to CEOs has risen to 8.8 million dollars. I wonder if these companies and their shareholders will ever realize what a drain the executives upstairs are.

How can the U.S. give out money when these companies show no fiscal responsibility?

Unsecured loans helped create this economic crisis, so then how might more unsecured loans given out by the government aid us?

Obviously, there are many things to consider in the large undertaking of revitalizing our economy; however, throwing money we don’t even have at our problems blindly is a fruitless endeavor.

Instead, I think a significant investment must go towards public works projects as well as education and national healthcare, thereby securing a brighter and healthier future. Significant public works projects could result in more jobs thus bolstering America’s economy. Better education means more American minds will remain competitive on a global scale.

The only problem with this idea seems to be the same as with the bailout: from where is the money coming to pay for all of this?

As it is, our nation is in debt, yet taxpayers continue to ask for tax cuts while simultaneously asking for more of everything else. Maybe if people were not so hungry for a tax cut it might be possible to have such luxurious things as a good affordable education from primary school all the way through college.

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