I have both headphones in my ears with the music cranked up loud to drown out the idiots around me discussing politics and the financial crisis. Jan (the really and truly lady) heard somewhere (and has repeated the thought no less than three times today) that we should take the $700 billion and divide it amongst the adults in this country and then have them pay taxes on this money. She’s like I think it’s brilliant, that would be $200-300K per adult – enough to pay off their house and get us out of this crisis. How many people dose she think are in this country that $700 billion dollars would stretch that far? By her calculations only 2-4 million people would get this check. Argh, why am I here?!
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Meta
Unfortunately, even if the math worked out (which it doesn’t), the pitfalls of giving every American over the age of 18 a windfall like that would be a huge detriment to the economy. If more money is available, the dollar is worth less. Then the cost of gas goes up, as well as everything else. Inflation runs rampant. If every person paid off their house, the cost of housing would go through the roof. Anyone who didn’t own a house would be unable to buy one because the prices would go so high so fast, their incomes would no longer match what a monthly mortgage would run. Then you have to factor in all of the people that either don’t own a home or wouldn’t take that money and pay their house off…they would blow it on crap, thus boosting the economy in the short term, but throwing the entire stock market into a rally that no one could comprehend. That would lead to a huge market boom, only to watch it get overestimated (look at the market in the last 18 months) then lose everything it gained and more when it corrects.
But just for fun, let’s do some math.
$700,000,000,000/200,000,000 (approx number of US adults) = $3,500 per person.
700,000,000/200,000
700,000/200
7,000/2
Well now you know who will be voting for semi-arab-terrorist Barrack “empty promises, hey everyone FREE MONEY” Obama.