Bailouts are abounding. First $700 billion for the financial industry. Now car makes, home builders and more are lining up for federal handouts. Enough! By the time the dust settles on all this, these federal gifts of your tax dollars will cost more than $400,000 for every adult American.
Here's a idea. Just give each adult American a $400,000 check. Talk about a recovery plan?!?! How could you go wrong with this bailout plan? Doesn't matter what a person does with the money, the economy benefits. Buy a house=economy benefits. Buy a new car=economy benefits. Fund a retirement plan=economy benefits. Pay off your credit card debt=economy benefits. Invest in the stock market=economy benefits. Take a vacation=economy benefits. Buy a new TV=economy benefits. Where's the downside?
There is a downside. There is no such thing as "free" money. The billions the government pumps into bailout plans will contribute substantially to the debt that already chokes our economy. As the federal deficit continues to grow, our economy will continue to suffer.
How is this current economy impacting you? How have you benefited from the federal bailouts?
Richard B. Gasaway, PhD, EFO, CFO