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In the run up to the 2008 financial crash, banks, property developers, landlords and others were making a ton of money. I was a student, so was not making any m
by dkersten 6y ago
In the run up to the 2008 financial crash, banks, property developers, landlords and others were making a ton of money. I was a student, so was not making any money. Then in 2008 all of that came crashing down and many of these companies got bailed out using public money. I graduated and had to pay an added bailout tax.
So, while they were all benefiting and making money I didn't see any of that money (privatise the profit), sure some of it got paid out in taxes, but clearly not enough, since:
When their businesses started to fail, I, who didn't make any profits from them, had to pay extra in taxes to save these companies. (socialise the losses)
They only saw upside and no downside, I only saw downside and no upside.
Sure, they paid taxes while they were profited, but my life didn't change much before vs after the crash, in terms of what the government was providing. So the government provided the same to me when they were supposedly earning extra in taxes as they provided when they needed me to pay extra in taxes to bail out the companies. That doesn't sound like the taxes paid by the companies really made much difference (and that difference was easily wiped out by the bailouts anyway). Same goes for any jobs created: would have been cheaper to use the bailout money to pay these people directly (pre crash) than to give them job and let them wreck the economy, and then we have to bail them out anyway.