700 billion “rescue plan”

My step Father, a naturalized citizen of the United States shared with me the following letter he sent to President Bush on Thursday. We rarely agree politically. As I usually point out to him, “he doesn’t know what he’s talking about.”

At any rate, his letter is insightful and offers a different perspective on the magnitute of the bailout needed and the best way to get there.

From: dieteruckert
To: comments@whitehouse.gov
Subject: 700 billion “rescue plan”
Date: Thu, 25 Sep 2008 12:29:06 -0400

Dear Mr. President,
 
There are roughly 200 million adults in the United States. Dividing 200 million adults into the current super-complicated 700 billion dollar “rescue plan” amounts to $35,000 per adult. Why not simply send each adult a check for $35,000 which would be taxable at, say, 30%. Thus, 210 billion would flow right back into the treasury leaving a net outlay of 490 billion.
 
In this scenario single adults would receive $24,500 each after taxes, a married couple, for example, would get a net $49,000. All these monies would flow directly through, and relieve, the presently stressed financial system by way of consumer deposits and new investments.
 
The resulting never-before-seen economic boom would wipe out the 490 billion debt through surging tax receipts and this “economic crisis” would be history within a few months.
 
Respectfully,
Dieter Uckert
Emlenton, PA

  11 comments for “700 billion “rescue plan”

  1. Ellinorianne
    September 26, 2008 at 9:36 am

    Interesting, seriously. This would allow many to pay off their debt and keep up on their mortgages. But that would debunk the whole “ownership” society Chris!

    You know, you’re on your own!

  2. Heather
    September 26, 2008 at 4:20 pm

    Though it might be tough to find a bright side during the economic crisis at hand, this blog post gives some good tips for using this as an opportunity for positive change. Dr. Toni Galardi coined this as a “LifeQuake™” and talks about looking on the bright side – i.e, no money to dine out means more meals spent at home with the family and downsizing to a smaller house means living in closer quarters and getting to know your loved ones better. Check it out for inspiration: http://lifequake.blogspot.com/.

  3. Brad
    September 26, 2008 at 5:29 pm
  4. Marcia
    September 26, 2008 at 9:46 pm

    Nice letter, but the math is wrong.

  5. September 27, 2008 at 1:19 am

    Oh well, My step dad is a Republican. As with most Republicans, who cares about one zero? The Iraq occupation was supposed to be paid for by oil revenue. That math didn’t add up either.

  6. Dana Pflaum
    September 29, 2008 at 6:19 pm

    Why bail out at all? Why must we, the taxpayer, bailout a financial wizzard who has a 7 figure income, (& that doesn’t include his bonus packages each year)? If we must declare bankruptcy, our neighbors don’t bail us out – we have to sell our assets to recover. With that premise, why haven’t these executives started to sell their multimillion dollar assets & re-ivest in their own debacle?

  7. Josh
    September 30, 2008 at 9:25 am

    Umm learn to do your math, 700 billion / 200 million is 3,500 not 35,000

  8. September 30, 2008 at 10:06 am

    Wow, that one even makes it to the Liberal OC eventually.

    FIRST I get it forwarded from the rightwingers at the church I work at (maybe last week)

    THEN Larry puts it up on the OJ a few days ago (and the math is debunked)

    And in due time, here it is!

  9. September 30, 2008 at 10:07 am

    OK maybe you’re around the same time as Larry now that I notice, didn’t see it here until Josh commented.

  10. Alec
    September 30, 2008 at 12:00 pm

    Not only is the Math wrong i don’t really see any point in taxing a giveaway.
    This rescue money is another loan from the Federal Reserve a loan against the taxpayers future labour. Don’t give it to the banks, don’t borrow it at all. Remember the only way money is created is by way of a loan. There is not enough money in circulation to pay off all the debts!
    We are effectivley trapped by this system.

  11. Dan Chmielewski
    September 30, 2008 at 12:05 pm

    Honestly Vern, if you want to start counting the number of stories you guys never touch, I’m happy to do it; please keep explaining to me how coming over here to hype stories posting on OJ isn’t blogwhoring. Good thing someone else let your comment post before I saw it or it would have been gone.

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