Title: Give me a million!
Tags: bail out, Wall Street, debts
Blog Entry: Along with the political news, we’ve all been hearing about the government’s proposed bail out of Wall Street and the financial institutions. Don’t think for one minute they did it all by themselves. Every person that had a mortgage or debts that they knew they couldn’t afford and eventually defaulted on it contributed to it in their own small way. The old saying what goes around comes around has never been truer than in this case. It’s all coming home to roost now and we are all going to be paying for our irresponsible behavior for generations to come. After hearing a dozen different financial gurus estimates of what this is all going to cost I came up with this idea. Instead of bailing out Wall Street, why not just give every legal U.S. citizen that isn’t already a millionaire, an account with a million dollars credit in an account that you draw from with card that the government issues. If you loose the card, you loose the money. Any children under age 21 or children not born yet would have their money invested until they become of age. If the child dies, the government keeps it. To make things fair give millionaires a one million dollar tax credit that has to be used like the million that we get. With something like 306,000,000 people in the U.S now and one being born about every 7 seconds and one dying every 13 seconds it’s a win win deal in my eyes. It would be cheaper since we and our heirs are going to be the ones that have to pay for all the loans anyway why not get something out of it. It would solve the whole mess. People could pay their loans off and start over. The money would flow into the markets and everyone would have equal footing and a new start. Since the government can print money whenever it chooses and it’s infinite on how much they can print why not. There would be guidelines of course. Here are some I thought of but I’m sure there would have to be more. · The money would be tax-free for the first 24 months. After that, it’s taxed at a flat rate unless it’s invested in U.S Bonds, or some sort of insured account. You can invest the money, but it has to be in U.S owned banks, companies, or stocks in existing companies that are actually in the U.S and that do not have overseas branches or offices. None of that money or the money you make from it can ever leave the U.S. · Illegal aliens are not eligible and American citizens that harbor illegal aliens are not eligible. · If you leave the U.S. for any reason except for a two-week vacation, or to visit immediate members of your family four times a year, you forfeit the money. None of the money or interest from it can finance the trip or vacation. · You cannot quit your current job unless you have another one waiting or you go to a U.S. college as a full time student. You have to pay off any existing college loans or for college tuition to get a better job. However, you can only go to a U.S. college for 5 years as a full time student with a GPA of 3.00. · You must pay off the mortgage of your primary residence, and ALL existing personal debts you owe. You can buy a house if you do not have one, or sell yours and buy another one, or repair, remodel a home but only one that you can afford on your pay at the time you decide to buy one. · If you want more than one house or anything new like cars etcetera, you have to pay for it with funds you earn at your job just as you do now. · You pay for your health insurance for in advance for 30 years, if you die before the 30 years is up the overpayment goes back to the government. If you live longer then you must pay health insurance out of the balance of the million. · You have to pay all back taxes, child support, but not alimony payments. Failure to file a tax return, pay taxes or pay child support once and the money is gone. · When you die all of the remaining original million goes back to the government. · You can do anything you want with any money you make, minus the balance of the original million as long as that money stays in the U.S. · You cannot use it as collateral to buy additional houses, cars or anything else. · The people that don’t know how to manage or invest money enough to make the most of it should hire someone. Remember once it’s gone you are SOL · People that are incarcerated in any type of correctional institution including private, city or county facilities do not get anything period; they gave it up along with the right to vote when they screwed up. · Mental patients except those who volunteer or declared insane in court to avoid legal prosecution, or those that reside in any type of mental or assisted care facility are handled on a case-by-case basis. · If you are a senior citizen, pass all the mental testing, and declared mentally competent, you get your money just like anyone else. Those that aren’t, are handled on a case by case bases. · All drug addicts or alcoholics won’t get anything until they have been clean for 2 years and afterwards they have to submit to any type of drug testing at anytime with no warning the rest of their lives. The biggest thing is you’ll never be able to get any help from any government agency should you screw up some how. There won’t be any S.S. welfare, food stamps or any kind of government aid, they all go away. There will be no bailouts. It's no worse than any other idea that the powers that be came up with and it might be cheaper and benefit us all. Hey I can dream can't I?
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