Norquist’s Bailout Plan
Grover Norquist has applied for a $700 billion subsidy from the Treasury. His appeal reads, in part:
I have a plan for this $700 billion which should be just what’s needed to get the American economy going. Since the money came from the taxpayers in the first place, I propose giving it back to them.
The rest is less amusing but probably as likely to get the economy back on its feet as giving money to incompetent auto executives or financial execs.
via Glenn Reynolds
No, it didn’t come from taxpayers, it was borrowed. Mailing it to current tax filers in the form of a check would be simple highway robbery. The current generation would be robbing their own children and grandchildren.
I’ve thought the same thing. What if a million dollars was given to each American citizen into their social security account, thereby assuring many middle aged and older citizens more (if not the only) retirement security, providing younger folks,including children, future savings, and keeping SS afloat; and in the case, SS is eventually dismantled, the money can be converted to personal savings/pension plans. I know that if I had any assurance that my husband and I are not going enter our retirement years (not too far in the future) as total paupers, I’d wouldn’t be fighting every cent spent. Probably a wacky, full of holes solution, but at least we’d know where that money went, and is it truly any worse than funneling more than 100 times more money into the blackhole that is our financial market system?
Ahh…Grover Norquist…who once compared the Estate Tax to the Holocaust and who told us after the 2004 elections that the Democrats in Congress would make a good little minority once they realized that they were like “fixed” farm animals…yeah, “humor” is about all he’s good for…
Uhhhmmm didn’t you, Alex and Dave all support the bailout? I know Alex did, I got the distinct feeling Dave did. I’m less sure about you James.
I was against the bailout both in principle and as proposed. I did come around to the idea that the government had a role in dealing with the liquidity crisis but never saw a plan that seemed to address it.
Okay, good to know. Thanks.
Sure. I think “Trillion Dollar Bailout: No Ideologues in Financial Crisis?” was probably my best statement on the matter.