Life Application…IV
Financial Crisis
We are where we are!
I know that sounds obvious but we have arrived at this point as a society and country due to things that were set in motion many years ago. Now where do we turn? Many of us know very little about what it means to be in a national recession much less a national depression. Yes, we have lived through downturns in the economy yet nothing so seriously threatening as what we are facing now.
Our government is currently planning a financial bailout (although they don’t like using the word bailout) of our national financial crisis. The sum total of the plan as originally presented is $700 billion. Let me write that out for you in $700,000,000,000. At a rate of $191M/day, it would take more than 10 years to spend $700B.
How do we as a nation pay for this? Tax dollars! This equates to somewhere around $2300/person (man, woman, and child) over a 1 year period. I can only think of one word, FRIGHTENING!
Below is an interesting email that I received regarding the planned bailout of AIG.
OK…..here’s a plan I could live with.
Hi Pals,
I’m against the $85,000,000,000.00 bailout of AIG.
Instead, I’m in favor of giving $85,000,000,000 to America in a We Deserve
It Dividend.
To make the math simple, let’s assume there are 200,000,000 bonafide U.S.
Citizens 18+.
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..
So divide 200 million adults 18+ into $85 billon that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.
Of course, it would NOT be tax free.
So let’s assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket.
A husband and wife team has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage – housing crisis solved.
Repay college loans – what a great boost to new grads
Put away money for college – it’ll be there
Save in a bank – create money to loan to entrepreneurs.
Buy a new car – create jobs
Invest in the market – capital drives growth
Pay for your parent’s medical insurance – health care improves
Enable Deadbeat Dads to come clean – or else
Remember this is for every adult U S Citizen 18+ including the folks who
lost their jobs at Lehman Brothers and every other company that is cutting
back. And, of course, for those serving in our Armed Forces.
If we’re going to re-distribute wealth let’s really do it…instead of
trickling out a puny $1000.00 (“vote buy”) economic incentive that is being
proposed by one of our candidates for President.
If we’re going to do an $85 billion bailout, let’s bail out every adult U S
Citizen 18+!
As for AIG – liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here’s my rationale. We deserve it and AIG doesn’t.
Sure it’s a crazy idea that can “never work.”
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion
We Deserve It Dividend more than do the geniuses at AIG or in Washington DC .
And remember, The Birk plan only really costs $59.5 Billion because $25.5
Billion is returned instantly in taxes to Uncle Sam.
Ahhh…I feel so much better getting that off my chest.
Kindest personal regards,
Birk
Check this out! This is a national deficit counter or clock showing what the national debt of the US is by the minute. Once you open it, hit refresh a few times and watch it grow.
http://www.brillig.com/debt_clock/
Challenge Questions of the Week:
Where do you stand on our current financial crisis?
Are you making changes to your financial planning at current?
