Romney proposes giving $1,000 to every American adult as coronavirus response measure (politician, education)
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So much talk about how to distribute it, but little talk about how to pay for it, no matter we're Trillions underwater.
Do we:
a) Borrow more to pay for it, what's another Trillion?
b) Print more funny money, which makes your real dollars worth even less?
c) Reduce all 2021 federal spending by 2% across the board so the payouts do not add to the debt?
d) Or, I dont pay federal income taxes, so I don't care, just keep the free money comming!
Well the way I see it, is this can be an experiment for Modern Monetary Theory. Basically use taxes as a lever against inflation and they can keep printing money, since it is fiat currency after all. Taxes can be used to take money out of the economy. Funding of government isn't dependent on our tax money, but the ability to pay taxes with our currency is what gives it it's value, and makes it universally accepted.
Trump may actually put forth an experiment in MMT, and if it plays out correctly, this is ammo for advocating greater social spending, even...you don't say... MEDICARE FOR ALL.
I'm typically left-leaning, but I feel like the people that need it most would probably squander it (new TV, steak dinner, beer and weed, etc.) , and the people who need it least would put it in savings (not letting it trickle down or boost the economy).
Personally, I would love $2k (me and wife), but it would not impact us in any way, other than savings for a future trip, or something. If it's given, I'll be happy, but I don't think it will work as well as it sounds.
We would be in the same boat. We would probably plan to save about half of it and spend the other half or even donate the other half in some instances to local businesses that really need it. It should come with stipulations that it must be spent in 60 days. Or a percentage of it spent within 60 days. The idea of course is to put the money right back into the economy while also giving a helping hand to those that truly need it because of loss of hours/business.
Now how do we make sure it is spent within 60 days? That i can't answer. Especially since a person could easily spend the government check but then just spend less of their own income.
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