Forget the headaches in doling out money (who gets it and how much?) to needy corporations or industries that ran their businesses into the ground. Forget Obama’s grand revisiting of FDR’s 30s WPA (that never really worked) in redoing and repairing the Nations/States/Cities infrastructure. And for Heaven’s sakes–Don’t Bail Out The Porn Industry! Geez!! Forget the “tax credits” for 95% of American “workers”, which means a majority of those receiving a check haven’t paid any Federal Income Tax, so those checks become welfare checks–also, forget the “Alan Colmes” argument that those folks pay state/city/sales taxes; excuse me Alan, the money is coming out of the taxes paid to the Federal Gov’t, not from States’ & Cities’ coffers.
And then there is what are the totals? Some estimates are that the total so far with all the stimulus and bailouts is around $7.2 Trillion (yep, that’s 72 with 11 zeros after it) and that doesn’t include Obama’s plan that he says is around $775 Billion–Prince Harry Reid says it’s realistically over an additional $1.2T!
Instead, of a measly $500 individual or $1000 family of “working” folks (you can’t even buy a decent-sized flat screen with either of those numbers–Holy Moly, what kind of stimulus is that?), let’s just give a straight lump sum stimulus check to every last U.S. Citizen (legal, of course) man, woman & child, which according to the U.S. POPClock Projection of the U.S. Bureau of the Census, the resident population of the United States, projected to 01/11/09 at 09:03 GMT (EST+5) is 305,593,220 (now, that includes (unspecified classification) immigrants but we’ll presume they are legal).
Okay, so if we give 306M (rounded up since that’s going to happen within the next three months) legal citizens of the United States an equal share of the Bailouts/Stimulus why wouldn’t that work better than the stupid buyout/bailout/socialist plans that President Bush, President-elect Obama, Hank Paulson & the Congress, et al, came up with.
Let’s see, at $7.2Tthat means each check would total $23,530; at 8.4T, that’s $27,450–talk about trickle down economics! Now, the rules for the individual checks–everybody gets one and of those that go to the children (we’ll use 18 years old as the cut-off, unless they are emancipated minors–and no fair emancipating yourself between the news statements and getting the checks) the money goes to the legal guardian/parent/overseer. Okay, so in using the smaller of the two numbers, a couple will get approximately $47,000.00; a family of four (minor children), $94,000.00! And you could forget the need to cut or mess with the Capital Gains Tax, but of course, the economy would be even stronger if it was repealed.
How couldn’t this money get to where it truly needs to be given (a better distribution plan per need and to those that should stay in business, even the UAW would end up with some through car purchases). It’ll go into banks to start, then out to where ever. Sure, smart folks will pay down their debt and payoff the credit cards, most will still have some money left over to go spend which helps the city/state tax coffers, who’ll then spend the money on the infrastructure. Some, maybe a large proportion, will use the money as a 20% down payment to buy a house; another clear majority will go buy a car; many will invest it into the US markets (the DOW would break and stay above the 13,000 by the end of the year); and the rest and all with extra money will go on a monumental spending spree!
But, wait you say, what about the trashed economy? This will instantaneously fix the economy. But, wait you say, what about the folks that just put in savings or 401K, etc? Fine, it’s in a bank somewhere, which means assets, which means LENDING! Lending for the Homes, Cars, etc.! As well, all those college age and college students (those over the 18 yo cut-off) can pay a pretty sizable sum toward their education, pay on the College Loans, etc. Oh, sure, there will be some epic keggers (they’ll make Animal House look like a kindergarten juice and cookies snack), but again it pays into the city/state taxes, and, guys, you could BUY your own tap and upgrade to the good stuff–from Keystone to Budweiser!
Yeah, I know this ain’t gonna happen, duh; but, isn’t it a much better plan than any of the numbnuts in Washington have come up with to stimulate the economy–forget stimulating–this fixes the whole issue in an instant!