The Political Fray

September 25, 2008

Have you watched David Letterman’s reaction to Senator McCain’s decision to no-show on his program?  Whoooeee!  See the u-tube clip at  That site, in addition to compiling poll results on the presidential and congressional races has some great commentary.  Today the author asks how Senator Dodd (banking committee) would react if Senator McCain (not on that committee), Senator Obama (not on that committee), and the media throng showed up in his office to help draft and/or evaluate the $700 billion bail out (I don’t know how many 0’s that has, so spelled it out).

I just received an email suggesting that instead of giving that money to AIG and Lehman Brothers, we split it up equally among all adult US citizens.  After each recipient paid tax on his/her share, he/she would have about $250,000 left to pay off a mortgage or a credit card, school loans, buy groceries, or a new car.  Now that would stimulate the economy and the cost to the treasury would be far less than the cost of the bailout because 1/3 of the money would immediately come back as income tax.  We probably need to check that math.

I love creative thinking!

  1. Emily says:

    And that money would be sooo helpful, for the people who *need* it. Bailing out big business, only puts more money into the pockets of the already rich.

    *sigh* Then again, just look at who’s president.

  2. Now THAT sounds like a bailout plan that I could get behind!

  3. P.S. — I love, been checking it every election for years. I also check his counterpart at electionprojection, although not as often.

  4. Le'o Washburn says:

    I was trying to figure this out and verify. Help me out if I am missing something.
    According to Wikipedia
    “As of 2007, there are about 138 million taxpayers in the United States, including many who pay zero income tax, estimated to about a third of all tax filers.”

    If you divide $750 billion by 138 million you get $5,434.78 each.

    The number of homeowners is 73.8 million which divides into $10,162.60.

    I don’t think the bailout plan is the best idea but I want to know facts. Like I said if I’m misunderstanding something please help me out. If my math is correct some would be helped for a month or two. Some of us would go shopping and have a nice Xmas. But I doubt it would save the economic crisis.