I can't take credit for this myself a family member emailed it to me, but it is funny to read & think about anyway.
I'm against the $85,000,000,000.00 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in
a We Deserve It Dividend.
To make the math simple, let's assume there are 200,000,000
bonafide U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman
and child. So 200,000,000 might be a fair stab at adults 18 and up..
So divide 200 million adults 18+ into $85 billon that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a
We Deserve It Dividend.
Of course, it would NOT be tax free.
So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket.
A husband and wife has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads
Put away money for college - it'll be there
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs
Invest in the market - capital drives growth
Pay for your parent's medical insurance - health care improves
Enable Deadbeat Dads to come clean - or else
Remember this is for every adult U S Citizen 18+ including the folks
who lost their jobs at Lehman Brothers and every other company
that is cutting back. And of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it...instead of
trickling out a puny $1000.00 ( "vote buy" ) economic incentive that is
being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every adult U S
Citizen 18+!
As for AIG - liquidate it. Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't.
Sure it's a crazy idea that can "never work."
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion
We Deserve It Dividend more than I do the geniuses at AIG or in Washington
DC.
And remember, The plan only really costs $59.5 Billion because $25.5
Billion is returned
instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest.
Feel free to pass this along to your pals as it's either good for a
laugh or a tear or a very sobering thought on how to best use $85 Billion!!
All joking aside though the economic crisis out country currently finds itself in really makes me nervous. When I get back after this weekend I may ponder a post on the economy.
Edited to add: This plan doesn't actually work. If you do the math it only equals out to $425 a person. -Bethany
7 comments:
Nice. Much better than bailing out irresponsible corporations. Of course, then we'd be $59.5 billion further in debt. Plus we saw how ineffective the last economic incentive plan was.
But if the government gave me free money, I'd try not to be too disappointed.
:)
I really like that idea of getting money back! If only it would be that easy!! The thing that really bugs is that everyone tries to blame everything on the president, I wonder how many people really know how much of everything that goes on in this country has to do with congress? Of course the President does his share...but...hmmmm, I wonder!
I work in the financial industry, so I feel like I've been getting a good front row seat to the action. It's also helped me keep a good perspective on the long term. I'm still not too worried about any damage to my personal finances. My 401K will recover before I need it.
The thing that bothers me is where all the blame is going. Like Paper Therapy said, how much can it really be put onto the president?
You know who I think is to blame? The American People. I know. Shocking. But really, it all started with too many people buying houses that they couldn't afford and banks giving out loans to those people anyway, even though they knew that those people were buying above their means and had a very high risk of not meeting the loan agreements (sub-prime). Then there were more people in big corporations that did stuff to cut up, repackage and resell the sub-prime stuff in ways that weren't totally crystal-clear honest so they could make a bigger profit.
I'm no financial expert and I know that there are many complicated variables to this mess. But in MHO, when you boil it all down, american people and american corporations got a little greedy, and it got out of control.
I understand the bailout will help stabilize things again,which is good. But will we have really learned our lesson about managing finances wisely and living within our means? or will we learn that when we max out the credit card, big daddy government will pay it off for us everytime?
I want $595,000!!! Nice plan :).
Shaina, it's so true that the banks and greedy Americans are to blame. Mostly the banks. Why in the world did they give loans to some of the people they did?! I've been shocked at times hearing people I know who tell me they just got approved for a house loan. Huh?! I know they don't make enough and I'm not even a financial person. Shouldn't the bankers be able to see this? And shouldn't the people applying for the loan be able to realize this and not want to be house poor? I guess I can see why they might still do it. Who doesn't want to get into a house? And if someone's willing to give you money to make that happen it'd be hard to refuse.
What a mess.
I too have been amazed by some of the home loans available. If you have to get an interest only loan, then you really can't afford that house right? It is astounding the bad loans that have been given out and with the housing market declining it's only made the problem worse. I am glad I'm not the president or any of those guys trying to figure out a solution to this messy problem!
I dont think anyone did the math on this because 85 billion divided by 200 million is only 425 dollars. Thats not all that great if you ask me.
I was wondering if anyone would notice that, Ben. Good job. I had it pointed out last week and was going to delete the post, but 1- didn't want to delete a post someone else did, 2- didn't want to delete the comments, and 3- figured it was posted long enough ago that no one would notice. I'm going to edit the post now to state that it wouldn't work.
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