Thursday, April 26, 2012

Just a thought for the day

My partner, and mentor, Charlie Soeh and I were chatting this morning, and our conversation turned to the issues facing the US economy. An interesting idea struck both of us as we discussed the $787 billion stimulus bill that the administration pushed through at the beginning of Barack Obama's presidency.

Imagine this:

What if EVERY SINGLE AMERICAN had been given an equal share of that money? In other words, split that $787 billion across each United States citizen (roughly 311,000,000 people). That would place ~$2,530 into the hands of every American. A family of four would have gotten a little over $10,000.

What do you think U.S. families could have done with that money?

  • Made current a mortgage that was up to 6 months in arrears, saving a family from losing their home through foreclosure
  • Paid the costs associated with a refinancing of a mortgage, allowing a family to reduce their loan interest rate and monthly mortgage payment
  • Paid off credit card debt, with it's crushingly high interests rates
  • Put a down payment on a new car, or help buy a used car outright
  • Put a down payment on a new home, allowing a family to move to a different town or city where job prospects were better then their current home location.
  • Allowed a breadwinner with an entrepreneurial spirit to have working capital to start his own business.
How many homes could have been saved from foreclosure? Thousands? Tens of thousands? MILLIONS?? 

How many families might have been able to increase their monthly discretionary spending by reducing their mortgage and credit card payments? How would THAT have stimulated the economy?

How many families could have taken the opportunity to move somewhere where they could have found work after their employer laid them off? How many people may have been given the opportunity to work for themselves, and so not have to WORRY about a company taking their job away? How might that have affected the U.S. unemployment rate?

Consumer spending makes up roughly 70% of economic activity in the United States. Where would our economy be today, if the Federal government had simply put all that money DIRECTLY into the hands of the people who drive the economic growth in this country?

Think about it...

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