A "country boy's" stimulus package idea

[AppyLover2]

Several weeks ago my farrier and I were talking about the economy and he had an idea about how the latest stimulus money should be spent. I've given it a lot of thought, mentioned it to several people and everyone seems to agree that it would have been a good idea. I'll try to describe it the way he did because I'm interested in other opinions.

His idea was to give fix the economy from the bottom up rather than from the top down (which doesn't seem to be working so far).

His idea was that the government would give every taxpayer in America $100,000 from the stimulus fund. That money would be taxed at 10%. $10,000 from every taxpayer in the country would amount to a huge amount going back into the federal treasury.

Each US taxpayer would have (after taxes) $90,000 to use as they wanted.

One of 2 things would be done with the money - people would either spend it or save it.

If it was spent (on their mortgage, health insurance, a vehicle, clothing, food, shelter, etc) it would improve the economy and help keep businesses open and people employed, not to mention decreasing the growing number of home foreclosures.

For those people who would save it, it would either be put in the bank (I doubt many of us would keep it under our mattress) which would help relieve the financial burden on banks (they'd have more for loans) or invested which would strengthen the stock market.

I dunno, there are far greater minds than mine making decisions about how to get America back on it's feet, but I just don't see a downside to his idea. When he started telling me about it he said "I know I'm just a country boy but this is what I'd do". I think he had one helluvan idea!! What do you think????

 

[Keri]

I think its a great idea and always thought the money should go to the american people, not the big companies (who are giving themselves huge bonuses!). We would definately pay off credit card bills, student loans and put a nice chunk on our house so that we could get rid of our extra insurance they tack on when you buy. Then go buy some land to retire on in years to come.

 

[Basketmiss]

I say " It couldnt hurt"! What they have been doing isnt working so why not try something different...

 

[~Lisa~]

It is an idea that many people have tossed around in slightly different forms I do think it would have helped

 

[LowriseMinis]

I don't think it's a bad idea, but I see it as a short term solution. You'd be shocked how many people will spend it, and spend it quickly! I'm talking a year or less. When that money runs out...what happens? Has anything been impacted long term?

I certainly wasn't complaining when Bush's stimulus, but that money was gone before I could blink and while it may have caused a temporary boost, it didn't seem to have any lasting impact.

 

[Boinky]

I personally think when they did the bank and credit card bail outs that the stipulation should have been made that all the companies that got bailed out had to drop all the interest rates/charges and allow the american people to pay back ONLY what they owed/borrowed not all the extra interest and charges that credit card companies make up as they go. In that way it would have bailed out the American people AND the credit card companies....even if they had told them they could charge interest but at say a 3% interest charge to EVERYONE (as in going back and wiping clean any extra charges, penalties, or percentages in the past and tack 3% onto what they truly borrowed/owed). I personally think Credit card companies should have been told to shove it that they weren't being baled out because they have done everything they can to put the screws to their customers from charging astronomical late fee's to jumping intrest rates to 30% or higher for missing your payment by A DAY. this has been going on for years and years.

In the end they haven't proven to even be using it very appropriately ....... that's ok though... the little people can suck that up too after they have screwed them over financially for years and years anyhow!