This came to me via email by my family, it is so profound I had to post it. I don’t know who the original author is, but they have my vote. I did some clarity editing but it is for the most part as I found it.
On to Bailout Plan B:
Simply put, I am against the $85,000,000,000.00 bailout of AIG. Instead, I’m in favor of giving $85,000,000,000 to all Americans as a “Dividend”. To make the math simple, let us assume there are 200,000,000 bonafide U.S. Citizens 18 and over. 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.
Divide 200 million adults 18+ into $85 billion, and that gets you to a hefty $425,000.
My plan is to give $425,000 to every person 18+ as a “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 in taxes. That sends $25.5 Billion right back to Uncle Sam. Neat, huh?
It also means that every adult 18+ has $297,500 in their pocket, so a husband and wife have $595,000.
What would you and your family do with between $297,500 to $595,000?
Let’s see:
- Pay off your mortgage … housing crisis solved!
- Repay college loans … a great boost to new grads!
- Put away money for college … it’ll be there and allow more people to actually be college grads!
- Save it in a bank … create money to loan to entrepreneurs and earn some interest!
- Buy a new car … create jobs!
- Invest in the market … capital drives growth!
- Pay for your parent’s medical insurance … health care improves!
Remember, this is for every U.S. Citizen 18 and over, including the folks who lost their jobs at Lehman Brothers, Enron, and every other company that crushed their employees. If we’re going to re-distribute wealth let’s really do it instead of trickling it out.
If we’re going to do an $85 billion bailout, let’s bail out every adult U.S. Citizen.
As for AIG - liquidate it and sell off its parts. Sell off the real estate and let the private sector bargain hunters cut it up and clean up. Where is the bailout for Small Business America when we fall on hard times? Why should AIG get preferential treatment just because they are a “big” company?
Here’s my rationale, we deserve it and AIG does not. We were never invited to the last 10 years of party time bonuses. And remember, in reality, this plan truly only costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
UPDATE: It looks like AIG got more than it bargained for, and no, not in a bad way. Instead of the $85 billion dollar bailout mentioned above, the have gotten about $150 billion so far. That’s not a typo folks. We have people that are homeless, starving and dieing in the streets and our Government gives $150 billion dollars to an insurance company (don’t insurance companies rip us consumers off anyway?) because they couldn’t run their business on their own. How lame. You can hit the link to read more
here.