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Fixing The Economy

Maybe I need more coffee, but I really like the following idea this reader/subscriber proposed on helping to fix the current economic crisis (because it seems so simple, lol)! I think it would at least buy time until a better plan could be implemented and/or existing systems overhauled!

What do you think?

http://www.tampabay.com/news/business/article973953.ece

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Patriotic retirement: There are about 40 million people over 50 in the work force … pay them $1 million apiece severance with stipulations.

They leave their jobs. Forty million job openings — unemployment fixed.

They buy new American cars. Forty million cars ordered — auto industry fixed.

They either buy a house or pay off their mortgage — housing crisis fixed.

David Otterson, Largo

 
LoriKeet

Asked by LoriKeet at 10:08 AM on Apr. 8, 2009 in Politics & Current Events

Level 45 (194,908 Credits)
This question is closed.
Answers (31)
  • Well, part of the issue is seniors are working MUCH longer than they used to! They have to!

    Once upon a time, in a land far, far away, you worked your entire life for one company, who then paid you a pension when you retired at 55. It was a good thing, while it lasted.

    I wonder, if given the OPTION, how many seniors would buy into the above program. I would be against it being mandatory. (get the h*** out of the work force, we don't want you anymore!). So I like the part of offering people money to retire.

    I'm against stipulating that they have to buy an American car, though. Because, it blows the auto industries numbers out of the water, and falsely stimulates the economy. When the same time of year comes around, the recession will have returned, because people will not STILL be buying those cars. The industry will not have reset, it will have simply been put on hold.
    lovinangels

    Answer by lovinangels at 11:56 AM on Apr. 8, 2009

  • Hmmm..... interesting.
    LadyChamp

    Answer by LadyChamp at 10:10 AM on Apr. 8, 2009

  • It's nice in theory but a decent part of the population would be through that million in a couple years because of reckless spending or health care costs. I guess we could pay for their healthcare but 20% of our taxes are already going to that. Also, what do you do with all the people who turn 50 a year later? They just get $6000 a year because they were born a year too late?
    smalltowngal

    Answer by smalltowngal at 10:16 AM on Apr. 8, 2009

  • LOL @ being born too late.
    LadyChamp

    Answer by LadyChamp at 10:19 AM on Apr. 8, 2009

  • But what about people who own their house or cars??????It will not work.
    Anonymous

    Answer by Anonymous at 10:21 AM on Apr. 8, 2009

  • She stipulated persons over 50. Most persons over 50 would be more inclined to spend wisely and get insurnce for their health care costs. They most likely would pay off their mortgages, and if they don't already have a good car they might buy a new one, but they would put a lot in savings to earn interest and for the future, and to pass on to their children. This would fix the banking problem too. People over 50 aren't the ones out buying motorcycles and Ski-do's and other expensive "toys".
    Anonymous

    Answer by Anonymous at 10:23 AM on Apr. 8, 2009

  • Hey! I'm 52, where do I sign up for my free million?
    pagan_mama

    Answer by pagan_mama at 10:25 AM on Apr. 8, 2009

  • The million would be taxed heavily so they would only have 600k left. If the person was making 100k a year or more they would have a hard time making it very long. Are these people supposed to sell their homes and other property to make it. Sounds like socialism. Socialists don't like older citizens and do anything they can to get rid of them. Not a good plan. A good portion of our productive citizens are over 50. I am surprised Tom Daschle did not come up with this even though he is over 50 he thinks that older Americans should accept their fate and just roll over and die when they get sick. Socialist take your crazy ideas somewhere else please.
    Anonymous

    Answer by Anonymous at 10:28 AM on Apr. 8, 2009

  • Most people in their 50's did not even put away for retirement so why do you think they would spend it wisely now? I was horrified when I found out my FIL and MIL had less put away for their retirement than DH and I do and they're in their 60's. They were just going to live off pensions and social security. So, if we have serious inflation, they're pretty much out of luck.
    smalltowngal

    Answer by smalltowngal at 10:30 AM on Apr. 8, 2009

  • I think (according to the proposed plan) they would have that million to budget accordingly--be completely debt free and save/invest it or give to local charities if they truly didn't need it!

    Those born a year too late...would at least have a job to go to, and could at least provide for their families and save for their retirement.

    I have a little part time retail job (for my fun money), and I have to admit it does irk me to see about a dozen or so elderly employees working there who DO have savings, own their home outright, have pensions, are collecting social security, have medicare benefits, etc., but the younger employees who really need the money, are having their hours reduced or are being laid off, because the economy is a mess! Lord knows you can't fire anyone these days as a result of all of the anti-discrimination laws--so these women, who are in their 70's, will stay there until they draw their last breath!
    LoriKeet

    Answer by LoriKeet at 10:33 AM on Apr. 8, 2009