Posted on 09/26/2008 10:30:31 AM PDT by Revel
There is a mass email circulating around the internet. I just read that Senator Debbie Stabenow-D-Michigan was on C-span citing it to make a case. Instead of me telling you, Can anyone pick out the serious mathematical flaw in this "presentation"? (Email begins below)
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Subject: Sobering Perspective
From the "Non-financial" world:
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 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 US 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,
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!!
It is $700b (at least the “bail out” they’re currently talking about). Somebody was probably drunk or stoned when they fired off this email.
I’m agreeing with you. The numbers look very clear to me.
Another though I have is these people just passed legislation a little while back to give everyone $600 or less. And they know that it cost 150 billion to do it. So how can they not question this?
OK...I thought I was missing something for a moment there :)
$85,000,000,000 divided by 200,000,000 equals $425.
Slightly different than $425,000....
Cheers,
MK
LOL!! And the FReeper who posted that e-mail without checking its math has sworn to never post again before he's had his coffee! '-}
LOL!! And the FReeper who posted that e-mail without checking its math has sworn to never post again before he's had his coffee! '-}
I read this am that some were speculating McCain might be working on a plan to do this with private investment. I was trying to work the numbers and see if that was even realistic. So, it looks like you’d need 2 million homeowners willing to add $40K to their mortgage. A little (okay, a LOT) less doable! But something tells me there’s something there to think about.
Oh thanks for letting me know that. I should have guessed...LOL
Senator Shelby has been citing the list of over 150 economists with PHD’s who don’t think this bailout will work, for his material. (He held it up on TV yesterday, and there is a statement on his website that mentions it). The democrats are citing DU. That is so funny!
NO ONE believe this would be looked at as a viable answer. This was sent as a joke!!!!!!!!!!!!!!!
However, it looks like it has been reviewed better than the Dummocrat proposal. WE KNOW VERY LITTLE about where OUR MONEY will be spent, AS USUAL.
Give me my $425,000 first.
Give me my $425,000 first.
This e-mail refers to the $85 billion Federal Reserve bailout of AIG - even tho’ it got it all wrong.
Not to be confused with the $200+ billion bailout of Fannie Mae and Freddie Mac.
Not to be confused with $700 billion bailout Bush, Paulson and the dimowit congresscritters are trying to sell us.
(best ballpark voice) Bailout programs, get your programs here, programs.
Private financing is brilliant! Sell bonds to finace this! Sell them at in $2000 lots and mak them mature in X years at the same time reinact the Glass-Steagall Act.
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