by Deb Cupples | As is all over the news, the Bush Administration wants to spend 700+ billion tax dollars bailing out Wall Street firms, whose executives negligently (perhaps knowingly) drove their firms and our nation's economy to the cliff's edge.
Worse yet, the Administration doesn't want Congress to insist on oversight or accountability. In short, the Administration wants our tax dollars to go to reckless or mischievous Wall Street execs with no strings attached.
Even $1 billion is a lot of money -- more than most of us ordinary folks can really get a handle on. This got me thinking about what $700 billion might pay for. Below are 10 examples:
1. We could create 1 million American jobs, each lasting 10 years and paying $70,000 in salary, benefits and perks. If we pay less, we could create more jobs.
2. We could put 3.5 million Americans into homes costing $200,000 each. You'll have to come up with closing costs, insurance, and annual property tax.
3. We could fully pay for the Iraq war's expenses (so far) and have money left over.
4. We could buy a fuel-efficient Toyota Prius for (est. cost $30,000) for 23.3 million American families that are now struggling to pay for gasoline.
5. We could pay Harvard tuition (4 years, est. cost of $33,000 per year) for 2.1 million Americans -- not that they could all attend Harvard at the same time.
6. We could buy a well equipped Dell computer system (est. cost $1,500) plus three-year warranty for 466.6 million Americans (that's a system for every American man, woman and child -- with more than 100 million left over to give to our friends in Europe or Canada for Christmas).
7. We could buy a gift set including an I-Phone, I-Pod Touch, and Mac laptop (est. cost of $3500) for 200 million Americans.
8. We could pay the operating costs of the State of Florida's government for nearly 10 years -- or pay 10 years' operating costs for several smaller states -- thereby giving relief to millions of taxpayers.
9. We could give a luxury trip to Paris to 3.5 million Americans. This includes round-trip first-class seat (est. cost $7,000), two weeks at Hotel du Louvre (est. $6,000), and $7,000 mad money ($500 per day).
10. We could give an Hermes Kelly bag (base model, about $5,000) to $14 million Americans. Those who don't want the bag could easily sell it on Ebay for a few thousand.
Is it any wonder that so many members of Congress and the public are averse to the Bush Administrations plan?
Even Republican ex-Speaker of the House Newt Gingrich dislikes Bush's plan. Gingrich publicly called The Plan a “dead loser.”
Memeorandum has commentary.
Other Buck Naked Politics Posts:
* Bailout: Ignore the Sales Pitch -- Bush Plain is Not the Only (or best) Option
* Bailout Plan: Dem Thinks Congress Will Allow Lobbyists to Shaft Taxpayers
* Executives Skate out of Disaster with Millions
* Skeptics Question the $700 Billion Bailout
* The Virtually Undebated Plan to Save the Economy
* Schumer Asks $550 Billion Question: Why so much Right Now?
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I vote for your options over the bailout.
Posted by: Tracrat | October 19, 2009 at 05:38 PM