A 7.4 trillion dollar bailout; is Congress, President Bush, and Mr. Obama kidding? That is $53,623.19 for each of the 138,000,000 tax returns filed in 2007 if you do the math. Instead of focusing in propping up the financial industry, auto industry, or any other industry that comes groveling to the Federal Government, I say give the money directly to the taxpayers.
The taxpayers would have a greater influence in pulling this economy out this “recession” than any current or future program our economic wizards can think of. Just image what each taxpayer would due with the $53,623.19.
- The taxpayers would put that money in the bank; this would trouble banks by providing increase assets to draw on. (bank bailouts)
- Majority of the taxpayers would pay off their debts. This would increase liquidity in the market and improve the lending potential of the public since credit scores would increase.
- A portion of the taxpayers would use the funds as a nice down payment on foreclosed home or a new home. This would boost the housing market and mortgage industry.
- Another portion would get a new car. Hopefully an American car which would boots sales and would starve off any threat of bankruptcy in the near future. Hmm…maybe that not a good thing.
- Consumer confidence would rise which would lead into increase sales of durable goods and services.
All in all, a win-win situation for economy, the public, and believe or not our government since they would be serving the public interest for once in the last twenty years.