I’m sure all of you have heard about the seven TRILLION dollars the government pumped into the economy to help stimulate growth and kick start the economy.
Well, how did THAT work? Even a blind man can see the answer. Not too good!
Most of the money went to useless programs, a lot went to prop up and bail out the banks who were “too big to fail” but failed anyway. A lot went to corporations overseas to build up THEIR business!
To me, the banks failed, not because of anything that was beyond their control. They failed because of mismanagement. Grossly overpaid, extremely incompetent, mismanagement. I would have let them fail and let the board of directors and the corporate officers answer to their stockholders and the SEC.
What would I have done to stimulate the economy? First, do you realize how much money seven trillion dollars is? To make it simple, it’s a shit load of cash! If it was in $100 bills, that would be 70,000,000,000 notes. That’s right, seventy BILLION! Figuring each note weighs 1 gram, that’s 154,320,987 pounds, yes, 154 MILLION pounds or 77,160.5 tons of hundred dollar bills or 3,430 fully loaded semis, each loaded with 45,000 pounds of $100 bills.
I would take all the social security numbers of everyone who filed a tax return in the last three years. Remove all the tax filers that are under 18 years old, also remove all filers who, in any of the last three years reported wages, dividends, capitol gains, interest or other compensation of over $100,000.00. Of the remaining numbers draw seven million of them then send each one of them a check for a million dollars.
Why do this? First, the government will reap a windfall in income tax right off the top. Figure, even at 25%, the Federal Government will collect 1.75 trillion dollars in income tax. That REDUCES the cost of the bailout by 25%. Next, what do you think these seven million new “instant millionaires” are going to do? They are going to SPEND, SPEND, SPEND! Granted, some of them would devise a plan and be very conservative with the money, planning for the future. But I’ll guarantee the vast majority of them are going to go out and spend money like a “drunken sailor”. I’ll bet the auto industry would have sold at least seven million new cars and trucks. That alone would boost the economy.
What do you think would have been more successful? Giving money to banks that used it to buy more banks? Or create seven million new millionaires that are going to spend the money and almost immediately start to pump it back into the economy?
I’m just sayin’.