You can hardly click a mouse, much less turn on a television without hearing about the “anger” being felt by the electorate. Tops on the gripe list are taxes and TARP (the Troubled Asset Relief Program). Polls and commentators suggest that perceptions about both issues are driving the “wave” of anger and contributing to a “throw the bums out” mentality amongst voters. PolitoMuse readers are more attuned to the facts than most, so we thought we’d check your perceptions about both issues:
And what about that huge $700 billion federal bailout (TARP)? We all heard the fantasies that the administration was offering up; that the total cost would be much less than $700 billion dollars, that the government would offset losses with profits through the program such that the total cost would be much less than the nearly 3/4 trillion-dollar price tag we all feared. Tarp officially ended this month – so what’s the REAL cost to taxpayers going to be?
Answers – The Truth About TARP, Taxes and the Economy:
Want just the true facts: The current congress and administration have lowered federal taxes by $240 billion, lowering tax rates for 95% of all Americans by about $400 for each taxpayer. TARP is currently scheduled to recoup 90-95% of its expended funds and will cost between $30-60 billion — less than all initial estimates. And while we’re at it consider these facts: On October 27, 2010 the commerce department reported that the economy actually grew 2% this last quarter, for a modest 3.1% annual growth rate. Meanwhile, consumer spending grew to its highest level in four years (see the same article). We know facts are less sexy than rhetoric, but occasionally its worth referring to them.