I was reading Mike South’s blog today and this is the best shit I have ever read. Basically the idea he posted, which I think came from one of his readers simply said instead of giving $85 billion to bail out AIG, fuck them and give it to us, the people. We the people deserve it more than some dumb ass bank and it would have more of a direct impact on stimulating the economy. I would have laughed it off as bullshit at first glance but something about it actually made sense. So I kept reading and then I did the math. That’s when I realized that although the plan sounds great on paper, turned out to be total and complete bullshit.
$369 a person isn’t exactly the same as $100,000 per person. To give each of us over 18 $297,500 (as proposed on Mike South’s post) that would work out to be $68,471,359,127,500 – that is $68 TRILLION, which is of course far more than the $85 billion they are spending to bail out AIG. Let me explain where he went wrong
I did some research and some of my own math. According to the US Census as of September 24, 2008 at 23:01 GMT (EST +5) there are 305,246,457 people in the United States. I don’t know if this accounts for illegal immigrants or just US citizens but I’m going to guess just the legal citizens. An estimated 75.4% of that is over 18. That means that right now we have about 230,155,829 people over the age of 18 in the U.S.
If you give each of those 230ish million people even just $150,000 that works out to be about $34,523,374,350,000. Yes that’s about $34 TRILLION so that wouldn’t work. But if you take the $85 billion that they have ear marked for AIG and give it to the 230 million that works out to be about $369 per person which is pretty much less than we got with our stimulus checks this year. Yes 369*230,155,829=34,523,374,350,000.
Now let us examine the new numbers that President Bush gave out in his press conference tonight. He said in all we are looking at $700 billion. So $700 billion divided by the 230 some odd million US citizens over the age of 18 means each person would get about $3041. Nice but still not remotely close to what you see below.
So although in theory the plan is great but …
SOMEBODY NEEDS TO LEARN TO DO FUCKING MATH
Generally speaking when I get these kind of things I just trash them, but this one stands out because there is a very basic problem with it Of course I know it isn’t going to happen but It should stand to remind you all that this is OUR money.
The government does not have any money other than what it takes from you and me at gunpoint.
Ok now lets see who can spot the flaw in this scheme….anyone? anyone? JimmyD?
THIS IS A REAL DAY DREAM!!!!!!!!!!!!!!!!!!
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 billion that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a We Deserve It
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 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.
Buy a second home – stimulate the economy
Repay college loans – what a great boost to new grads
Put away money for college – it’ll be there
Pay off credit cards – more disposable income to invest or purchase
goods and services – stimulate the economy
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 I do the geniuses at AIG or in Washington DC.
And remember, The Family 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, , A Creative Guy & Citizen.