The Best Economic Plan I've Heard Yet...

@anniepa (27655)
United States
October 1, 2008 3:41am CST
The best economic plan I've heard so far didn't come from a politician or an economist or even someone from Wall Street; it came from Hollywood, of all places! Russell Crowe was on the Tonight Show last night and they spoke for a few short seconds about our current crisis and here's what he proposed instead of a $700 billion bail-out: Give every one of us 300 million or so Americans a million dollars to spend as we please! It would be one heck of a lot cheaper and it would definitely stimulate the economy and probably create lots of jobs because I'm sure many of us would use some of the money to start new small businesses. I was never even a particular fan of his but by God I think that's a brilliant idea! Annie
3 people like this
16 responses
@irishidid (8708)
• United States
1 Oct 08
Now that would be a real stimulus package! Not like the crappy joke ones they've sent out in the past.
2 people like this
• United States
1 Oct 08
Oh, is that where that came from. I posted a discussion about someone who wrote a letter into The Situation Room and one line read: "Just give every citizen 1 million dollars and you will know who the illegal aliens are, they will be the only ones without the Mercedes Benz" It sounds good but I wonder if its just another short term fix because once I saw this documentary on TLC about millionaires and nearly ever one of them squandered their money away in a matter of years---wait, that would be a good boost to the economy, but how far would it go. Would it be going to other countries? Like tons of people flocking to Walmart, or sending money to relatives overseas. I know thats ALOt of money and I would take it in a second but I just worry about my kids and what problems Im leaving them with. How far do you think it could go Anniepa?
@xParanoiax (6997)
• United States
1 Oct 08
Hmm. It might be a short term fix, considering inflation and all, but actually that might just work. I mean if the people are given money and therefore in extension the ability to make more money and employ others...then that could reverse alot of the damage made by businesses leaving and big businesses and banks crashing!
1 person likes this
• United States
1 Oct 08
I'm not promoting, I'm discussing. And I asked above why you're timesing it, are you basing your math on the super low value of the dollar? I was AWARE of inflation's dangerous levels before and that's why I didn't support the bail out because of where they'd get that money (they'd PRINT it and cause levels of inflation that would destroy the dollar), it's why I said you had a plus for everything else you said...because we need some correcting here in our practices of how we treat our currency and where we spend it in order to make any move economically stable... But AGAIN, until I know why you're timesing it instead of the simple 1 million per 300 million people, equals 300 million dollars...
• United States
1 Oct 08
Lol, you've got to be kidding me. Get a calculator, multiply $1,000,000 by 300,000,000 people. $300,000,000 would be $1 for each of those people. 300,000,000 dollars divided among 300,000,000 people is $1 per person. Not trying to be a pain here but your math is seriously flawed.
• United States
1 Oct 08
Lets go here then: 300,000,000 (population) x 1 (million dollars) ____________ 300,000,000 One person then would equal a million dollars. You can't exceed more than 300,000,000 under the premise that you're just giving away a million dollars per person. When you have only so many people, and you have a number that's the millions place equivilent of ONE... There's something to be said for doing things the old fashioned way, man. I hardly ever use calculators.
@dlbruce85 (110)
• United States
1 Oct 08
To give 300 million people 1 million dollars a piece would cost 300 TRILLION DOLLARS. That's more than the entire World's supply of gold could finance. Check your math. They should just cut federal spending, shut down the Federal Reserve Bank, and get government out of the free market.
1 person likes this
• United States
1 Oct 08
Um, I thought 300 million people given a million dollars = 300 million dollars. We don't have a trillion people in this country... _ other than that, I give you a thumbs up.
2 people like this
• United States
1 Oct 08
2007 estimate of people in the United States was: 301,139,947 ...so actually it wouldn't even be half of $700b. (which was a number Paulson said they pulled out of the air, alot of number crunchers said the real amount of money spent probably would've actually be higher if not in the trillions you're talking about).
1 person likes this
• United States
1 Oct 08
Time to pull out the calculator XParanoiax, 300 million people times 1 million dollars, is $300 TRILLION. You're math would be $1 per person. $1 per person for 300 million people would be $300 million total. To give 300,000,000 people $1,000,000 a piece would be 300,000,000 X 1,000,000 which is 300,000,000,000,000 or three hundred trillion.
1 person likes this
@cynddvs (2949)
• United States
1 Oct 08
I read something similar to watch Russell Crowe proposed. Here is the proposal I read that sounds a little more doable than $1 million per person... 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 bon-a-fide 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 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 I 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 T. J. Birkenmeier, A Creative Guy & Citizen of the Republic PS: Feel free to pass this along to your pals as it's either good for a laugh or a tear or a very sobering thought on how to best use $85 Billion!!
1 person likes this
@cynddvs (2949)
• United States
1 Oct 08
I would like to add that the problem I could see with doing something like this would be that I think it would cause the value of the dollar to drop dramatically. Now don't get me wrong I'd love to have $297,500. But it's never going to happen.
1 person likes this
• United States
1 Oct 08
Printing more paper money without substance to back it will do nothing substantial for our economy, no matter where they put it. People forget how money works. The more money they print, the higher the cost of living. The inflation of our currency is the reason things are so much more expensive now than 10 years ago. Alot of it has to do with the 700 billion that Bush has already had printed for the "war on terrorism", but the fact remains that had this central Federal Reserve Bank not acquired complete control over the issuance of our dollar, the president wouldn't have been able to inflate our money by having it printed at will. The Fed prints money, adjusts interest rates, and creates credit bubbles, all with no public oversight or congressional approval. The problem here isn't that there is not enough money to go around. To the contrary, there is plenty of wealth, it is just divided up among a very small portion of our people. If CEO's didn't gouge their companies with 300-500 grand a year salaries or more, and if they didn't pull out their $100,000 bonuses, maybe the companies would have more money, and more wealth would be back in the market for others to share. These millionaires and billionaires horde up such a large percentage of the money, that we are forced to divide the tiny pieces that are left among the less fortunate majority. No one needs millions of dollars, realistically, for personal living. Why do we pay movie stars millions to shoot movies? Or sports players millions to play games? If we stop funneling all our wealth into the pockets of a few people, we could all be wealthier and live in a more balanced society.
1 person likes this
@cynddvs (2949)
• United States
2 Oct 08
The person who wrote this was counting approximately 200 million 18 years and older legitimate American citizens. Not just the 300 million American population as a whole that would include children and probably illegal citizens. So his math was correct based on 200 million people. Not that anything like this would work anyways. I just wanted to point out the math part of it and where those numbers came from.
@stephcjh (38873)
• United States
1 Oct 08
I heard some of what he had to say too. It sounded like a great plan to me too LOL. Someone else also mentioned that the government pay off mortgages to help the economy and the banks. I love that one too.
1 person likes this
• United States
2 Oct 08
Myself I do not believe the government should pay off my mortgage but I do believe that the banks should have the two choices, which are bring all loans down to the value of the homes or close to it and then give everyone a reasonable interest rate. If you are one that has excellent credit then you get a 2 percent and then start going upwards with that.Not for the whole term of the loan but for the next 5 years or so. Make arms illegal. If they are not willing to help with these horrid times then shame on them.
@ZephyrSun (7382)
• United States
1 Oct 08
I had heard one night and I believe that it was on CNN that if broken down into terms that Americans could understand and listed a bunch of facts and one was each American would get a little over $2300. I think that if the government did something like that it would really stimulate the economy. Take my family for instance, we would get about $11,000 we don't currently have that much in outstanding debt and we could actually buy something instead of paying bills like we did with the last stimulis package.
• United States
1 Oct 08
You are fortunate, my entire stimulus check went to debt. As a matter of fact I don't personally know anyone who got to spend it recreationally. Everyone I know used it to climb a few inches closer to the opening at the ned of the debt tunnel. It didn't help though, it really hurt everyone because it raised the inflation level and over time will gradually raise the cost of living to compensate.
• United States
1 Oct 08
I'm kinda with Bruce on this on the last stimulus...had it been up to me I woulda spent it on buying a fuel sipping mode of transportation (a scooter with approximately 75 MPG) so I could get a job no matter the distance (which'd help a ton). But my family's BARELY above debt, and since we're all living together I wasn't about to object to their spending my part of the stimulus on bills. I think a few thousand would be within means for the country as a whole, stimulus-wise, concievably. I know I'd use it to start up my own business microfarming should life all go mostly well like it seems to want to do for us -- and that'd mean I'd be selling cheaper products (that'd be my goal anyway)...and that'd help the economy, wouldn't it? I know plenty of people who'd still be using it for bills, but I know that there's a good percentage that would be able to use it for making sure they don't have to worry about bills and by doing something that means participation in the economy.
@ZephyrSun (7382)
• United States
1 Oct 08
Oh my family's stimlus check went to medical bills. That 1800 was about 7 visits to the doctor for my son who has autism.
@uath13 (8204)
• United States
2 Oct 08
Actually for the numbers to be about the same it would only be about 2.3k per person. That would still go a long way toward getting things moving again.
• United States
2 Oct 08
Someone please remove this discussion the math is ridiculously wrong. And yes you are right, it would be more like $2,300 a person, but you must remember when they print 700 billion dollars out of thin air to pay this it will raise the cost of living by increasing inflation. That $2,300 would barely be worth half that after the dollar falls again. This bailout is a bad idea, they do not need to print any more money. They need to investigate all this price gouging in the market and these million dollar a year C.E.O.s. The banks got themselves into this mess, they should get themselves out. When governments pay private companies with tax money that is called fascism.
@uath13 (8204)
• United States
3 Oct 08
I agree. The people who caused this have lined there own pockets for years & hidden away a fortune. That should be seized & these people prosecuted.
• United States
1 Oct 08
Every time I hear how much a celebrity makes for just one appearance, commerical or even a movie I think of the same thing. If that person would just give $1 million to however many people...what a difference that would make. Same goes with all those professional sports players too. I thought I was the only one who thought that way.
• United States
1 Oct 08
If those people who already have millions of dollars shared their wealth they could make alot of people wealthy and still maintain a very fortunate life style. This could be down out of generosity with the money already in circulation, therefore not inducing more inflation. It would be wonderful if they were that generous to care about the little guys that watch and pay for their movies and sports games....but they aren't.
@chrislotz (8200)
• Canada
6 Oct 08
Hey, that would be good. But of course we all know that that isn't going to happen. I have to agree it would sure boost the economy as everyone would spend a lot of it and not just hoard it in the bank, like the really rich do now. I know a few millionairs as I clean their houses, and most of them are so cheap, they don't like to spend money on anything. Then I have some that spend and spend and spend, like there is no tomorrow. Those ones are the ones that boost our economy but there aren't enough of them that like to spend their money. So I have to agree with you on this one. Not just the Americans though, they should give everyone in the world money. There should not be any poor countries, just print some more money. After all, it is only paper and ink.
@padonk (4)
• United States
2 Oct 08
I heard about that and thought at it would be great too, but after thinking about it a little more, I realized there are some inherent problems with it. Put simply, it would lead to ridiculous inflation (too much money, chasing too little goods). Think about it. If everyone had a million dollars in their hands that would simply mean that our purchasing power would be greater, placing greater demand on the goods and services. Certainly there will be a surge in the economy, but sooner or later, suppliers of goods and services will hike up the prices of goods and services because they now know that we can all afford it. As you and I know, no matter how good an investor you are, money is a limited resource and soon we will be back to where we are with ridiculously high inflation.
@Lee_Rites (845)
• United States
1 Oct 08
I realize it is unrealistic but at least he can find humor in the whole thing.
@MH4444 (2161)
• United States
1 Oct 08
I second that notion. I saw that last night. Well said. Brilliant idea, simply brilliant.
@KATRINKA (1658)
• United States
1 Oct 08
Great idea, but that will never happen. I would much rather have the million (who wouldn't?) to invest or spend my way. I don't have a whole lot of faith in the government and what they do with our money. If that ever were to happen, of course we'd have to pay a tax on that million. Can't get away from taxes.
@mehale (2200)
• United States
1 Oct 08
I have to admit that is a very good idea! It would get more money in circulation - if you have it to spend you will - and will improve our economy greatly. I also think you are right that it would create more jobs. Great idea, now if we could only get the government to listen! LOL
@ParaTed2k (22971)
• Sheboygan, Wisconsin
1 Oct 08
How is $300 Trillion "cheaper" than $700 Billion?