I hope I'm not the only person out there feeling like i've been taken to the cleaners by the government more than once with taxes. Now with the proposed bailout of Freddie Mac and Fannie Mae by the government, that will force taxpayers to step up and bail them out. Now here is the bad part of this. We pay taxes to the government for many priveleges that we have and I agree with, and we pay mortgages to live in houses. We are charged interest on these loans that we pay to other companies, mainly Freddie and Fannie to prop them up. Now because they got greedy and loaned out bad money and over leveraged themselves and are now faced with bankruptcy, the taxpayers have to bail them out.
Do you think you'll get a tax break because of this or a lower interest payment on your mortgage to bail out the company? Of course not, you'll get to pay more. So here's the catch 22. You make less money and bring home less because of increase in taxes, interest rates go up, so you pay more, the dollar is getting devalued so your money is worth less, and you're supposed to invest for retirement on your own because the government failed to realize that unless they invest the Social Security money appropriately, we're going to run out. What a fine mess!
Subscribe to:
Post Comments (Atom)
1 comment:
Another good read, I wish I had found your blog last year! Why has it been so long since your last post? With all that is going on in the economy today I would think that you have plenty to write about.
I am one of those people that put as much into my 401k as allowed so I would save on taxes and not have to rely on Social Security when I retire. Now I have lost some 50% of my retirement & investment savings.
I have left my investments alone for now in hopes the market will return. I understand that you are not a financial consultant, but I really do not trust financial consultants. Where would you invest "new" money in today's economy?
Post a Comment