Stimulus bill isn’t so stimulating for our youth

The Stimulus bill now making it’s way thru the Congress isn’t so stimulating, especially if you are a young person in America. Believe it or not, according to numbers provided by the US Census, the debt each American will owe the US Government to pay for items in the pending “spendulous”bill is $15,783. Then if you add the trillion dollar debt already owed by the Federal Government and the $700 billion spent for the bank bailout, the total owed by every American will be $29,028. So young folks, before you buy your first car, take out your first student loan or buy your first home, you will have to figure a way to pay back Washington DC for money they spent supposedly on your behalf.

This is a serious debt to be dumping on the future of America, those being the young. Yet, unfortunately the news gets worse when it comes to Uncle Sam going on a spending spree. I am referring to the funds spent by our government for the bank bailout, better known as TARP.(Troubled Asset Relief Program) We learned today from the chairperson of the TARP oversight board that when our government spent the first half of the TARP funds, it overpaid the banks for their assets by $78 billion. This means that we as taxpayers bought something at the price of $254 billion and learned it was really only worth $176 billion. With all of this money being spent on behalf of the American people, by Members of Congress who have already bought their first car, borrowed the money needed for college and more than likely have bought their first home, I would hope the younger folks in our great nation would rise up and take notice as to what they are being asked to shoulder. By the way, does anyone know what comes after a TRILLION?

Submitted by ASO member: Elizabeth Letchworth