Search
Recent comments
- cameron hypocrite.....
45 min 59 sec ago - sad to watch....
52 min 55 sec ago - a novel virus.....
4 hours 56 min ago - no grad.....
7 hours 37 min ago - wrong end....
7 hours 53 min ago - jews own USA....
11 hours 3 min ago - nasty japs....
11 hours 10 min ago - middle-east USA....
11 hours 23 min ago - hormuz.....
14 hours 52 min ago - decades of israhell....
20 hours 13 min ago
Democracy Links
Member's Off-site Blogs
real derivatives .....
What does $6.5 trillion of additional debt imply for the typical family?
If spread evenly over all those paying income taxes (which under Mr. Obama's plan would shrink to a little over 50% of the population), every income-tax paying family would get a tax bill for $163,000. (In ten years, interest would bring the total to well over $200,000, if paid all at once. If paid annually over the succeeding ten years, the tax hike per year would average almost $26,000.) That's in addition to his explicit tax hikes.While the future tax time-bomb is pushed beyond Mr. Obama's budget horizon, and future presidents and Congresses will decide how it will be paid, it is likely to be paid by future income tax hikes as these are general fund deficits.
- By Gus Leonisky at 18 Apr 2009 - 7:19am
- Gus Leonisky's blog
- Login or register to post comments
worsening base-case scenario
Bank writedowns associated with so-called "toxic assets" clogging up the global financial system could eventually reach $US4 trillion ($5.73 trillion), the International Monetary Fund says.
This is nearly double the amount the IMF predicted in January.
With this in mind, the IMF warns in its latest Global Financial Stability Report that costs to taxpayers could be greater if governments do not continue with policies to restore confidence in the financial system.
The IMF estimates writedowns on US-originated assets since the outbreak of the crisis will increase to $US2.7 trillion from its previous forecast of $US2.2 trillion.
This, it says, is largely as a result of the worsening base-case scenario for economic growth.
"In this GSFR, estimates for writedowns have been extended to include other mature market-originated assets and, while the information underpinning these scenarios is more uncertain, such estimates suggest writedowns could reach a total of around $US4 trillion," it said.
see toon at top...