Personally I think the bailout is just a joke without a prayer of working....I came across this one day (see below)...sounds interesting, and honestly probably would have a better chance of working, but the powers that be want the money to keep coming right back to them, the banks, the government, the auto manufacturers, insurance companies, etc., so they'd never go for it. While I do not agree that it was just the Bush administration that brought us to this point (I think it's been in the works for decades), I do like the concept....plus it would be cheaper than the bailout....and put money in the hands of the people who actually NEED it...(let's just say I have far to many friends and family who've been laid off and are on the verge of losing their homes, an nope, none had an interest free mortgage).
The only people who can stimulate this economy are WE, THE PEOPLE. So here is the plan: Give $1 million dollars to each and every American citizen, including the disabled, calling it damages and reparations for what has been done by the Bush Administration. The money will be paid out in increments of $125 thousand every 6 months over 4 years. The program will then sunset. That money can be used by each citizen to buy back their homes, fix their cars, buy food for their families, and pay for the needs of their children. The money would have one irrevocable condition: no recipient could voluntarily quit their job or close their business for those 4 years. The penalty for voluntary quits or closure of businesses that were not closed at the inception of the program will be to empower the IRS to collect the tax on the ENTIRE $1 million, acting as a disincentive to closures and quits.
There must be simple eligibility criteria: you must be a citizen of the USA at the date the program begins. Late-comers will not be included. They must not be CONVICTED prisoners of any jail or correctional facility. They must be 18 years of age and NOT a dependent of a parent or guardian. If disabled, they must be recipients of SSI/SSDI or pending approval by hearing. Job related disability must remain a coverage of workers compensation by the states. Changing jobs, getting a new job, expanding a business...all of these would be encouraged. Importantly, this will NOT impact eligibility or receipt of current SSI/SSDI benefits, Veterans pensions, or SSA retirement. What little we receive now would remain in place, just as what little wage earners receive now will remain in place. Of course, as businesses recharge, they can choose to increase wages.
We will be able to suspend, not discontinue, subsidy programs such as Food Stamps, Section 8 housing, and even some costs under durable medical equipment, so long as controls are placed on regulation of those industries that have shown themselves to be predatory: the mortgage lending industry, the credit and banking industry, the insurance and medical industries. The money held back from programs that may no longer be needed during this time goes into the incremental pay out pot.
It's not cumbersome. It's simple. It has no pork attached. It's sleek. I don't think it can create a recession or depression. And it IS financially do-able. Rescind the Wall Street bail money (for bad faith by the Wall Streeters). Rescind the banking bail money for the same reason, and suspend payment to Detroit. They won't need it if there are 305 million millionaires in the USA over 4 years.
