I wrote the following comments just now in an email, then came here to ATS to post it. Glad to see someone already started the discussion, but
here's what I wrote ... it doesn't take a genius so see how this is all VERY BAD.
Some comments and observations about Bush's "rescue plan" ...
First, read it ...
This really paves the path to no more private property as it very clearly gives the Treasury the authority to do whatever they want without
limitation. And as a bonus, check out this little gem hidden in the back:
Sec. 10. Increase in Statutory Limit on the Public Debt.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and
inserting in lieu thereof $11,315,000,000,000.
Are you kidding me? $11.315 TEEEEEEEEEERILLION DOLLARS! This is an increase from the current limit of $9.815 Trillion. Current public debt is $9.7
Trillion dollars, demonstrating that the only spending restraint these people have is the debt limit, but it's not much of a restraint since they can
raise it at will. But anyway, without a doubt you can expect the public debt itself to rise to somewhere around $11.315 Trillion dollars.
I wonder, where did they come up with that number? That's exactly a $1.5 Trillion dollar increase, or about a 13.3% increase. That works out to
$37073 per person in the US population.
This is exactly the OPPOSITE of a fix!! Check out this little explanation below, which sums it all up...
From Wikipedia: en.wikipedia.org...
The Government Accountability Office (GAO), Office of Management and Budget (OMB) and the U.S. Treasury Department have warned that debt levels
will increase dramatically relative to historical levels, due primarily to mandatory expenditures for programs such as Medicare, Medicaid, Social
Security and interest. Mandatory expenditures are projected to exceed federal tax revenues sometime between 2030 and 2040 if reforms are not
undertaken. Further, benefits under entitlement programs will exceed government income by over $40 trillion over the next 75 years.^ The severity
of the measures necessary to address this challenge increases the longer such changes are delayed. These organizations have stated that the
government's current fiscal path is "unsustainable."^