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Old 09-28-2012, 12:28 PM   Topic Starter
Direckshun Direckshun is offline
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Outside the box stimulus idea. Don't say I didn't warn you.

http://www-personal.umich.edu/~mkimb...ck-29may12.pdf

To quote the study's author:

"Provide $2,000-lines of credit to every taxpayer, accessed through a government-issued credit card.

"The interest rate would be 6% per year, the money could be paid back over the course of 10 years, and the credit limit would gradually fall as the economy recovered and the stimulus from this extra borrowing power was no longer needed… most of the funds people borrow using these government-issued credit cards would eventually be repaid—particularly since the government can enforce repayment through payroll deduction. The unemployed would have their payments deferred, but once the economy is moving again, most people would have jobs with paychecks so they could repay… the stimulus effects of Federal Lines of Credit would be at worst only a little smaller than the stimulus from a $2,000 per person tax rebate.

"If 90% or more of everyone eventually repays, a $2,000 per person line of credit would ultimately cost less than $200 per person. With a good deal like that for getting the economy back in gear, maybe even Republicans and Democrats can agree on it."
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Old 09-28-2012, 12:36 PM   #2
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I'd rather just vote Obama out of office and get a pro-business POTUS in the WH. But thanks for the suggestion.
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Old 09-28-2012, 12:41 PM   #3
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Holy shit.
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Old 09-28-2012, 12:43 PM   #4
HonestChieffan HonestChieffan is offline
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Breakthrough stuff. I admire people who can think through problems and come forward with real creativity.
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Old 09-28-2012, 12:50 PM   #5
mlyonsd mlyonsd is offline
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How many people can the government hire to oversee this debacle?
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Old 09-28-2012, 12:52 PM   #6
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How many people can the government hire to oversee this debacle?
A few thousand to distribute the money and then a few thousand to write off the money they can't collect on the loan.
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Old 09-28-2012, 12:52 PM   #7
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Old 09-28-2012, 12:54 PM   #8
vailpass vailpass is offline
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A government issued credit card? Direckshun are you really in favor of government dependency and invasion or is your whole schtick an elaborate troll movement?
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Old 09-28-2012, 12:54 PM   #9
Iowanian Iowanian is online now
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Why don't we just skip directly to where you and Obama would like us...

Everyone turn all of their money and report to their govt assigned work camp where we'll all be issued the same box of dry noodles and money for the month....It's like the left wants all Americans to work for a coal camp and owe their life to the company store.
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Old 09-28-2012, 12:55 PM   #10
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Old 09-28-2012, 12:56 PM   #11
vailpass vailpass is offline
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"If 90% or more of everyone eventually repays, a $2,000 per person line of credit would ultimately cost less than $200 per person."

Considering who the people are that would actually need/use a government credit card, what do you realistically think would be the percentage of those who repaid?
Considerably less than 90% would be my guess.
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Old 09-28-2012, 01:44 PM   #12
Amnorix Amnorix is online now
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Quote:
Originally Posted by vailpass View Post
"If 90% or more of everyone eventually repays, a $2,000 per person line of credit would ultimately cost less than $200 per person."

Considering who the people are that would actually need/use a government credit card, what do you realistically think would be the percentage of those who repaid?
Considerably less than 90% would be my guess.

Yeah, but if you do one of those one-time rebates, the money is gone anyway, so if you're posing an either/or, that part doesn't matter much.
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Old 09-28-2012, 03:15 PM   #13
vailpass vailpass is offline
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Originally Posted by Amnorix View Post
Yeah, but if you do one of those one-time rebates, the money is gone anyway, so if you're posing an either/or, that part doesn't matter much.
It seems it would matter in the context of the article being misleading when saying that if 90% paid back the credit loan the cost would be approx. $200/person.
Not only is the 90% figure HIGHLY unlikely, the author neglects to include the administrative costs of the program which would result in a much higher cost per person.
Given the federal government's track record in dabbling in private sector practices the final administrative costs per person may exceed the $2000 benefit. A fitting, if tragic, exclamation point to another ill advised big government initiative by the obama camp.
We MUST stop trying to fix our problems by throwing money at them.
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Old 10-01-2012, 06:44 AM   #14
Amnorix Amnorix is online now
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Quote:
Originally Posted by vailpass View Post
It seems it would matter in the context of the article being misleading when saying that if 90% paid back the credit loan the cost would be approx. $200/person.
Not only is the 90% figure HIGHLY unlikely, the author neglects to include the administrative costs of the program which would result in a much higher cost per person.
Given the federal government's track record in dabbling in private sector practices the final administrative costs per person may exceed the $2000 benefit. A fitting, if tragic, exclamation point to another ill advised big government initiative by the obama camp.
We MUST stop trying to fix our problems by throwing money at them.

Yeah, no argument.
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Old 09-28-2012, 01:33 PM   #15
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Makes no sense at all, really.

EDIT: Ok, this is proposed as an alternative to a simple tax rebate. I suppose if the issue is "we need to stimulate consumption -- should it be a tax rebate or a credit card like this one", then I can see room for debate/discussion. IMHO those who assets took the rebate and banked it, so it's no different than what happens if you give out credit cards like this (those with assets wouldn't use it).
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Last edited by Amnorix; 09-28-2012 at 01:43 PM..
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