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What You Could Do With $700,000,000,000.

According to a recent Time magazine, you could:

  • Give each person in the U.S. $2,300
  • Pay the income tax of every American making less than $500,000
  • Fully fund the Defense, Treasury, Education, State, Veterans Affairs, and Interior Departments – as well as NASA
  • Buy gasoline for every car in the U.S. for 16 months
  • Buy every NFL, NBA, and MLB team, build each a new stadium, and then pay the players $191 million a year
  • Or, you could pay off 7% of the $9.8 trillion national debt.

Sure puts that made up number in perspective, no? I am so glad that it failed, but I imagine they will just reword it and give the same amount away later this week.


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Comments (11)

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  1. Rob says:

    You’re right – they will just reword it / tweak it slightly, and it’ll pass. I’d bet it passes before the week is out.

    As for what else could be done with $700 billion, how about nothing? Remember, this isn’t money that the US Government actually *has*. They will have to create it, borrow it. The money doesn’t currently actually exist. More debt = the solution to too much debt? Sometimes I wonder what these cats in charge are thinking.

  2. david says:

    Rob, “nothing” might be the best thing to do with it, for sure. But you and I know that won’t happen – the government will find something to spend it on!

  3. Rob says:

    Haha no doubt. Once they have it in their mind to spend it, it’s as good as gone. They just have to figure out to convince the remaining few intelligent congressmen to change their minds. All this bailout fuss almost makes me want to move to Canadia.

  4. […] posts about what we could do with $700 billion. This definately puts it in perspective for […]

  5. How about help everyone hurt by hurricane Katrina!

  6. Lacey says:

    This was a great post! There is so much turbulence in the market today, and people need peace of mind more than ever. It blows my mind that a bill will most likely be passed tonight. What a crazy world we are living in. I wanted to offer your readers a link to another blogger who is doing great work. He writes about our ‘childhood money messages’ and how the best approach to stability in today’s market is to resist letting these emotions control our buying/selling habits. It is really fascinating work, and something you should all check out.

  7. bill says:

    2,300 for everyone? Just exactly the amount that’s the max you can donate to a campaign? Hmm…..

  8. david,

    I can certainly understand your frustration and anger with our present situation, but your post points to your lack of understanding of the “bailout”. Hopefully, you’ve been paying attention the past couple of days as Washington and the mainstream media are now calling it what it really is: an “investment”. The basic plan is for the governement to buy distressed assets and hold them until they can be sold or mature, likely at a substantial profit to the Treasury and taxpayers. Is the plan perfect? Of course not. Does it suck that we are in this crisis? You bet. But action must be taken otherwise we run the risk of much, much great diffficulties.

    For your own education I suggest watching Charlies Rose’s interview of Warren Buffett on 10.1.08. You can find it at http://www.charlierose.com.

  9. David says:

    Brent

    My “lack of education” points out nothing – these points are from a magazine, as I mentioned in the post. And as for my opinion on the matter, I wish it wouldn’t pass and we let the chips fall where they may. Depression? Maybe…but maybe that’s what we need. Even as a liberal, who some say loves giving away government money, I think this is a bad deal for US taxpayers & homeowners and only benefits the wealthy corporations that screwed this up in the first place. I get nothing if I don’t pay my bills or my small business fails; these guys get $700 billion. Enough is enough.

  10. Rob says:

    Brent;
    The assets are “distressed” for a reason- they are worth nowhere near what the banks expected. The securities are backed by “failing” or “failed” mortgages. People who aren’t, won’t , or never could hope to pay the bill. Let’s call it what it is – the government is borrowing money into existence, and giving it away to large businesses for free. In exchange, they get a pile of toxic waste that will likely never be worth more than it is today. Whether you like it or not ( I don’t, many do ), it is what it is. If it looks like a duck, sounds like a duck, and smells like a duck… chances are pretty good it’s a duck. And this time, it’s a duck.

  11. jack says:

    To pay the national debt, all work required is just printing out dollars and U.S done. Thats why U.S could borrow so much money without any worries. If USD doesn’t becomee international money, then U.S is screwed.

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