This is a little blog about our family sprinkled with political rants, business perspectives and anything else that comes up. Enjoy!
Thursday, December 4, 2008
Bailouts
Ok. So if we add in the automaker bailout....Oh, I'm sorry, I mean 'loan'... We are up to ........What?..... about 2 TRILLION dollars now? It's hard to put 12 zeros in a line and be able to put perspective to it so I thought I'd help you out. The Commomwealth of the Bahamas has over 2700 separate islands and cays ranging several hundred miles long and a population of over 370,000 people. The entire federal expenditures for fiscal year 2008/2009 is set at 1.8 billion dollars. That's only 1/47th of AIG's FIRST bailout. They have no income tax, sales tax, corporate tax, capitol gains tax, estate tax, death tax, inheritance tax, gas tax, property tax, etc, etc, etc. The government collects an excise tax on all imported goods. It's revenues are (ready for this) 1.8 billion dollars. No deficit. If you think the government isn't adequately providing for the people, then you should know that the Bahamians have a literacy rate of 98.6%. So next time you hear how some corporation needs another 25 billion, then think about how truly inefficient they have become and are they really worth saving?
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