His idea is, of course, absurd. But not much more absurd than what Obama did with his stimulus.
As of Sept 2001, there were 14,000,000 (14 million) people unemployed according to official US gov statistics.
http://www.bls.gov/news.release/empsit.nr0.htm
We all know that the actual number is much higher, but let’s
run with those numbers anyhow.
Ellison says give everybody a job = $40,000/year. Basically, give unemployed people this amount of money.
40,000 x 20,000,000 (20 million people/ 6 million more
than official stats) =
800,000,000,000 (800 billion)
Obama’s stimulus ~850,000,000,000
- 800,000,000,000
Ellison plan would have saved USG ~50,000,000,000
So Ellison’s plan would have saved the US Taxpayer 50 billion dollars + whatever share of unemployment the federal govern paid these individuals over 1 year.
< SARC > So, compared to Obama, Ellison is a real
deficit hawk < /SARC > LOL....
Also, under Ellison’s suggestion, the 800 billion spent would not have been funneled through friends of Obama (You know Unions and fake Green companies, etc.) and this money then would not have come back to him in the form of laundered campaign contributions. So, it would have been better to give people the money directly for those reasons alone.
Is the 40k $ a ‘total package’ price (SS+Medicare+Workmen’s Comp +Underemployment Ins+...).?
If so that would be in minimum wage territory.
If we deduct admin cost the wage rate is near ZERO.