I'm sure, by now, everyone has heard of the proposed plan to "right" our countries economic slump/recession/DEPRESSION. The President is proposing that the US government purchase the spoiled investments of some large corporations. While I think the President/congress want us to think that this is i the best interest of the tax-paying American public, I'm not sure that I agree. I recently received and email that suggested that the President give the billions to every tax paying American citizen over the age of 18. This would have figured out to be a very large sum of money to each person. The impact of this many people having this much cash would rectify the whole economic situation that we're in. While this is a novel idea, the reality is that this will never happen.
On the other hand, I myself am an independent contractor (self-employed), and right now with the real estate market the way it is, I may find myself upside down in a few financial situations. Do you think the government would listen to an email or letter sent from me asking for a freebie? I would have better luck getting my dogs to dig up gold in my back yard. The thought of rescuing a corporation from the poor decision making or their investors or multi-millionaire CEO's is ridiculous. The whole concept of our economy is the idea that companies or individuals who make poor choices or bad decisions will fall away and that will leave an opening for the next entity to fill the spot. Artificially preventing this could have long term effects that no one can predict, not to mention that there is no guarantee that the investments that the government is going to "babysit" will ever be worth what they pay for them.
The thought of all of this happening is really very depressing. There are thousands of people who are retired or close to retirement that have the bleak outlook of having their hard earned 401K plans or investments turn into nothing more than a write off. This proposed plan will do nothing for them or for you and I.
I think the whole idea should be voted on by those who will be footing the expense for this, the tax paying public. We have an election coming up in less than 45 days, this would be the best time to count our voices.
