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Note: The figures in this article are erroneous. They actually come out to be $425.00 per legal citizen. So forget the money but enjoy the fantasy...Joel
During this financial shenanigan, a letter began circulating the internet where someone figured out their own idea of how to resolve it. After studying it, I believe that, as goofy as it sounds, it would work. When you start talking in billions and trillions of dollars my aged brain refuses to function correctly, but to give the letter writer's figures as best I can remember was like this. Instead of the 800 billion to be paid out to money wasting huge financial institutions, take only 85 billion and distribute it equally to every legal citizen over 21 years of age in the U.S. His figures say that would amount to approximately $425,000. per citizen (about 200 million). He then went on to itemize many benefits.
Think about the benefits, these are mine, not his. Congress could even specify how it was to be given, etc. For those who have mortgages, pay those off for them unless they are over $425,000. Then give those who are now in the work force, 25% of what ever is left in cash and the balance in stocks to be held for their social security benefits at retirement. This would, not only revitalize the bad mortgage holders, but also bring down the massive indebtedness of the American public and resolve much of the Social Security headaches. And if you are looking for a stimulus surge for the economy, look what this would bring on.
For those who are past retirement age after their mortgages were paid, could be given their choice of balance in cash or stocks for additional income.
We Americans have paid taxes all of our lives to be gobbled up by greedy politicians and CEO's of giant organizations, and yet our government is going to hand out 800 billion for our children to pay back. I know that I am lacking in understanding the financial workings of this nation, but somehow, this seems to be an idea that would have extreme benefits for the nation, the taxpayer, and everyone concerned. The government could even take 30% of it back in taxes if they wanted to. Or, depending upon the amount of good they wanted to accomplish, they could double the 85 billion, or half it. It is the taxpayers money, they should benefit first from their sacrifices.
With the way our government hands out pork projects for votes, 85 billion means nothing to them. Any who voted for the bill I have outlined would ingratiate themselves to their constituents forever. Realizing that there are many more bad loans than simply the home mortgages, many more billions would be needed to revive some of the firms, however, I doubt seriously that any amount equal to this 85 billion would be of more benefit to all concerned.
Those of you who are politically savvy, let's hear your reasons that this would not be a benefit of enormous magnitude. Just don't curse me. Write your congressmen and ask them to come read this.
Author Biography:
Joel Hendon was born September 20, 1930 near Gadsden Alabama. He attended public schools in Cherokee County, Alabama and after serving a tour of duty in the U.S. Army during the Korean War, attended Jacksonville State University, Jacksonville, Alabama majoring in Business Administration. He became a Christian in 1948, and although he followed secular work as a career and retired from Allied Signal Aerospace in 1997, he is an avid student of the Holy Bible and related works as well as biblical history. He produces a bi-weekly publication, The Household of Faith Ezine which is free for the asking. Archives are accessible at: http://www.piedmontcoc.org/archives.html He is also the author of Final Stronghold, published in 2003, available from Amazon.
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Putting taxpayers first -- what a unique idea, Joel! I only wish our government felt the same way. Instead, it's too busy bailing out financial institutions and homeowners who have become hoisted on the petard of their own bad decisions.
Thanks Terry for reading and commenting. It would be nice, but tell we, why won't they do that or a part of it anyway?. It would seem to me that most common folk would be able tp pay their mortgages off which would really, really help them and look at all the foreclosures that would stop.
Terrific! Well presented, clearly expalined and supported and a wonderful idea. It shows the comparison of values, interests, conventions by pointing out how the interests of big business drive government decision making to the determent of working folks!
Thanks Walter for the kind remarks, I was stupid enough to send a copy of this to each of the candidates headquarters, as if if would get their attention.
this was a well written, interesting article put together very well. i was talking to my 21 year old son, and i said to him how unfair i thought it was that people had to pay taxes their whole lives, and yet, not get any money back until they are too old to enjoy it, and they can't afford their taxes, so the homes they paid for over all those years, they now have to sell and move from.
it's despicable to me.
my son's answer, by the way, was , that's why you need a retirement fund or a 401k, and i said, yes, but that won't solve 9,000 in house taxes a year, or those who don't have those things for whatever reason. .
Thanks Susan. Eventhough it is only fantasy, we can dream can't we? $9,000 in house taxes?? Good grief! I don't know how you do that. I don't pay any. Alabama has a law that IF, you are over 65, and earn less than some figure (I don't know how much but I do know my income qualifies) you are tax free on your home! But even if that were not the case, tax on my 75 year old house would be under $1,000. God bless you and yours.
Thanks for reading and commenting Anon. Yes, I already have sent it to both candidates for president and a couple of others and I told them I had published it online and I also stressed to them the fact that nothing could ingratiate them with their constituents as much as something like this. But don't hold your breath. Few if any really want to do anything for the masses. Only special interests. I do have a couple more that I plan to send it to.
Oh, Joel, I do admire you and you're right, the ideas within this are not bad but the problem is is that I've tried and tried to contact Congress and the House and the bill got passed anyway -- this is a subject I am apparently extremely passionate about but, hey, Joel, this is our future we're dealing with. Thanks for a great article.
Thank you Judi. Yes I know that any attempt to influence congress is futile, the only way is at the polls and we are always so restricted in our choices there.
But I keep thinking, maybe--just maybe, one will consider the huge opportunity to amass a very large following by doing this, even if it is watered down some. Anything for us beats what ehty do regularly.
Great article, Joel. You are right--bailout should begin at the bottom of the pyramid and work its way UP. If the taxpayer has no money to spend, nothing is bought and if nothing is bought, nobody wins. When gasoline went up, all that did was make everything else go up in a never-ending vicious cycle.
Yes, I really wish they would start at the bottom. I would much rather live my last few years with a few things we need and also leave my wife with a little more than she will have. But, I won't complain. My life has been far happier than millions who have had it worse. Thanks much, for reading and commenting.
You know Steve, I thought something was wrong with those figures but I have no calculator that goes that high. I tried multiplying it out with three zeros left off each figure but still couldn't get it right. Shows my math abilities. I wound up taking the original figures the man had. Now I've made a fool of myself to a bunch of politicians..which seems somehow fitting.
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