| [Rumble] 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. With Today's ALG Minute, I'm Catherine Mortensen. But, of course, most non-politicians understand that debts have to be repaid. So how's 1.9 trillion dollar covid bailout bill going to work out for us? 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. He estimates: 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. Now that $1,400 of "free money" per person doesn’t sound like such a bargain, does it? |