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Instead of these multiple trillion dollar stimulus packages and bailouts, what if we put those funds to a more productive use?
Early retirement.
Since the virus has a disproportionate impact on those over 50 years old,. What if we gave people an incentive to take early retirement?
Lower the retirement age to 55 for full Social Security benefits and provide other tax incentives such as making 401K and other retirement savings completely tax free.
Maybe include some type of mortgage payoff program for those who are still paying for their homes.
This would help reduce the spread of the virus and get many of the most vulnerable people out of daily risk of exposure through their jobs especially if they're essential employees who's occupations involve limited ability for social distancing or not being able to work from home.
This would also open up the job pool for many younger workers who will need to get back to work and have long term job security to ensure that the economic recovery from Covid-19 has a chance to bounce back.
I know, it sounds pretty far fetched......
But it's an idea that makes sense to me.
If we're going to go trillions more into debt to get out of this.......it may as well be spent productively.
Long term cost would be far higher unless this was a once only thing for a limited time.
What kind of work restrictions would you put in place? SS is not that much per month.
Long term cost would be far higher unless this was a once only thing for a limited time.
What kind of work restrictions would you put in place? SS is not that much per month.
Limit it to anyone who turns 55 before the crisis is past, you'd have to officially define what that means though.
Work limitations would include anyone who's job description necessitates coming into close proximity to other people on a daily basis. Especially if they have any health conditions that put them at a higher risk
The mortgage program would have to be a one time deal, only your existing home that you currently occupy and you can't sell the home for say ....10 years?
Again, the parameters would have to be defined.....
Limit it to anyone who turns 55 before the crisis is past, you'd have to officially define what that means though.
Work limitations would include anyone who's job description necessitates coming into close proximity to other people on a daily basis. Especially if they have any health conditions that put them at a higher risk
The mortgage program would have to be a one time deal, only your existing home that you currently occupy and you can't sell the home for say ....10 years?
Again, the parameters would have to be defined.....
I don't claim to have all the answers here ....
Just floating the general concept.
Ok, now you're going off course.
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