In the midst of the frivolous shots for the vice presidential debate drinking game and deep ponderings on the status of our country, the editorial board had the opportunity to consider the latest proposal to solve the economic crisis.
The proposal, which has been circulating via mass chain e-mails, reflects an alternative option to the government’s $85 billion bailout of AIG.
In the proposed alternative, “The Birk Economic Recovery Plan,” the author, T. J. Birkenmeier, suggests that the government should have given the $85 billion to 200 million U.S. citizens (roughly, he estimates, all citizens 18 and older).
This dividend would yield $425,000 to every person 18 and older. Assuming a tax rate of 30 percent, he continues, every person would send $127,5000 back to Uncle Sam, leaving $297,500 to pocket.
Wow. Now that sounds like a plan.
If every college student had an extra $297,500 – can you imagine it? Birkenmeier throws down: “Repay college loans – what a great boost to new grads. Buy a new car – create jobs. Invest in the market – capital drives growth.” Amen, brother.
And $595,000 for a couple? “Pay off your mortgage,” he assures. “Housing crisis solved.”
Thank goodness we still have genuine, clear-thinking individuals left in this country to determine what’s best for the American people. With a level head on his shoulders, Birkenmeier can hold his own and is a lot more believable than a twitching, pale Palin offering $5,000 tax credits.