The board members of 48Bars was sitting at the round table and had a discussion about the current economical state of the the U.S. and the global economy. We discussed how American citizens are accumulating a massive amounts of debt, causes ranging from falling house prices, disappearing jobs, flat wages, lower benefits, and skyrocketing costs for the most important consumer items are quickly emptying the pockets of middle class America and bringing many families to the edge of financial ruin.
Before I begin I would like to give some statistics as indicated by the U.S. Census Bureau -the U.S. population is 305,404,776. If the United states really wanted to bailout the U.S. economy, 48Bars proposes that all citizens over the age of 21 who filed taxes for 2007 should received a stimulus check for $1,000,000 and provide a college education for every child in the U.S. Now this may sound crazy, but is it really? Just think about it...the congress just approved nearly 900 Billion dollars for ONE financial institution!
According to the Q1 2008 U.S. Foreclosure Market Report, which tracks foreclosure filings (including default notices, auction sale notices and bank repossessions), 649,917 properties were foreclosed upon during the first quarter of the year, a 23% increase from the previous quarter and a 112% increase from the first quarter of 2007. The report also shows that one (1) in every 194 U.S. households received a foreclosure filing during the quarter. Also In a stark indication that the crises gripping the US housing market and the financial sector are spreading throughout the economy, unemployment figures for -has rose hitting a five-year high.
Lastly, household debt averaged a record 133.7% of disposable income in the fourth quarter of 2007. In the fourth quarter of 2007, families spent 14.3% of their disposable income to service their debt, up from 13.0% in the first quarter of 2001.
By issuing an $1,000,000 stimulus check the U.S. citizens could pay off mortgages, credit cards, purchase health benefits, pay off medical bills, start new businesses and provide a decent education for all of our children. Now here at 48Bars we are the first to admit that we're not experts in economics but hey...can we jack things up more then what they are? In closing.... the problem I have with the Corporate Bailout Proposal that the Congress just passed is that I don't know the details, it is my strong belief that the government did not really wanted the American people to support the Bailout..... why isn't there a website to outline the details.
I think it is an insult to give "Main Street" a $600 stimulus check and in return we give "Wall Street" nearly 900 Billion!!!!!!!!!
(This article was written for entertainment purposes only...to spark a conversation and a interest in what's is going on around us, we're not politicians or economist...we are here to entertain)
Rollie
4 comments:
I am inclined to agree that some sort of bailout given to the American taxpayer would help thousands of people from going under financially. If corporations can get a "do over" why not extend that same privilege to the taxing paying public. I'd call it debt amnesty. Let's start the petition to the powers that be.
This economic "crisis" was likely engineered by a small group of powerful people that are now even richer than two months ago.
CONCERNED
The people need the money, not these GREEDY companies. This is the only way to go, start at the bottom and it will work it's way up. Bailing these companies out still leaves in the same situation. Giving the money to the people, you won't have to bail anyone out, will do it.
I agree. I totally agree. This stimulus program is a sham. Where is this money REALLY going?
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