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An interesting New Bailout Plan - BCam - 09-26-2008
Someone sent me this, and I have to say that it makes sense, socially AND mathematically to me.
Thoughts?
The Birk Economic Recovery PLan
Hello Fellow Disgruntled Citizens,
I'm against the $85,000,000,000 bailout of AIG. Instead, I'm in favor of giving $85,000,000,000 to America as a 'We Deserve It Dividend'. To make the math simple, let's assume there are 200,000,000 bon-a-fide 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 new jobs. Invest in the market -- capital drives growth. Pay for your parent's medical insurance -- health care improves overnight! 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! It's that simple!
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 Birk Plan only really costs $59.5 Billion because $25.5 Billion is returned instantly to Uncle Sam in the way of income taxes.
Ahhh ... I feel so much better getting that off my chest.
Kindest personal regards,
T. J. Birkenmeier, A Creative Guy & Citizen of the Republic
PS: 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!!
Re: An interesting New Bailout Plan - voodoopenguin - 09-26-2008
Speaking as a UK citizen here, I thought that the bail out was a loan and not only that it was a loan at an interest rate above the norm which was to give AIG the incentive to sell off parts in order to quickly repay the loan.
Having given every US citizen all that money how long have they got to repay it? Will they be charged that high rate of interest as well?
Re: An interesting New Bailout Plan - mikeylikesit - 09-26-2008
The way it was originally proposed, it was a gift - not a loan. How'd you like those terms? Seems a lot of folks here don't.
Re: An interesting New Bailout Plan - mrbigstuff - 09-26-2008
That sort of plan would only make sense (and I'm using that term very loosely and under assumption that this plan is sound) if the recipients used that cash to pay down debt. However, the viability of credits markets depends alot on people being in debt.
Not being an economist (and being a good many years since any econ classes at university) I don't really know if any of what he proposes would make sense - example: how much of the payout would then go toward purchasing foreign made goods and what would that do to the value of the dollar based on X amount of money flowing overseas?
Re: An interesting New Bailout Plan - swampy - 09-26-2008
Sounds like a plan to me.
Re: An interesting New Bailout Plan - kj - 09-26-2008
>>>I'm against the $85,000,000,000 bailout of AIG. Instead, I'm in favor of giving $85,000,000,000 to America as a 'We Deserve It Dividend'.
We don't deserve sh!t. The idea we "deserve" 40k cars, 400k houses, etc. is part of what sank us. That said, screw AIG. They blew it, so why give them money to continue blowing it. kj.
Re: An interesting New Bailout Plan - Bill in NC - 09-26-2008
"So divide 200 million adults 18+ into $85 billon that equals $425,000.00"
Don't think so - do the math.
Re: An interesting New Bailout Plan - Rick-o - 09-26-2008
Why just the 85 billion? Why not ALL the giveaways in the past two weeks?
Some are saying the tab will end up close to THREE TRILLION DOLLARS!!
Do *that* math...
Re: An interesting New Bailout Plan - Seacrest - 09-27-2008
Why does nobody do the math before posting this?
It's all over the freakin' Interwebs now.
And, besides that, has anyone really thought about what giving everybody in America $425,000 would actually accomplish?
Hint: Zimbabwe.
Re: An interesting New Bailout Plan - Seacrest - 09-27-2008
kj wrote:
We don't deserve sh!t. The idea we "deserve" 40k cars, 400k houses, etc. is part of what sank us. That said, screw AIG. They blew it, so why give them money to continue blowing it. kj.
Agreed.