750 Billion Dollars

Today TaxMama hears from Shirley in Florida who had a thought. “If the government has $750 billion to get this economy going again—would it not be simpler and quicker to give lets say 250 million taxpayers (out of a population of maybe 300M) $3,000 each to spend any way they like? We then protect the integrity of the marketplace by not bailing out failed businesses, etc! Or is this method too simple and maybe idiotic?”

Dear Shirley,

What an excellent idea!

Actually, as of 2007, there were about 140 million tax returns filed. That would mean about $5,000 to each household.

Or how’s this? According the November report from the Bureau of Labor Statistics, there were nearly 11 million people unemployed as of November 2008. Let’s estimate that the collapse of the US auto industry and other related industries will bring that number up to, worst case, 15 million. That would provide $50,000 to each person to help them survive, keep their homes, or even to build a business – until the economy turns around.

Heck, they might even buy cars – or repair their homes. Or, goodness, help other people!

Even if they simply squandered the money on food and housing, that would keep other people employed – like farmers, store clerks, landlords, delivery drivers, stock clerks, packaging manufacturers…and many more.

Yeah, there really are ways to use $750 billion dollars, so it actually hits the economy and helps people.

If there’s any money left by the time Obama hits office, I think part of the goal is to use some of that money for desperately needed infrastructure repairs – like to fix bridges and overpasses about to collapse. Just think, people could be employed to effect the repairs – and we won’t have to deal with lots of needless deaths as bridges collapse – or the related lawsuits.

Regardless, I love your idea of giving the money to working people, instead of those who clearly haven’t a clue how to use it.

And remember, you can find answers to all kinds of questions about using taxpayer money and other tax issues, free. Where? Where else? At TaxMama.com

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