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If every billionaire or multi millionaire in the US contributed half a billion dollars to pay down everyone’s credit card debt there’d be a huge boost to the economy and a lot of very happy people!
The government should have given each person $10k in the stimulus money instead of giving it to the banks and crooks on wall street who eventually felt so guilty they killed themselves.
Not "everyone" has credit card debt. When I had debt I arranged a lower interest way to get it.
Would you? If you were a billionaire, would you really be happy to hand this kind of money over for no return to total strangers? And why should they? Other people's lives are not their responsibility. There are already enough charities and projects for rich people to contribute to if they want to. Or they are already perfectly free to give it away on street corners if the mood takes them
Maybe the government should just pay £1m into everyone over the age of 18's bank account. It would be a one off payment for life and here in the UK for around 46 million adults would certainly be cheaper than the current annual welfare bill, but also accepting that there will always be a certain percentage of the population who need ongoing care and support all their lives for various reasons. But even if the government did this, you could guarantee that there would be some people flat broke and asking for more in a couple of months
I think that it is a really strange phenomenon this new idea that rich people should support the rest of us. I like my independence and don't want hand outs from anyone. I just wish the government in this country (UK) would pull its finger out and do something to get the economy going again, so that we can all get earning at decent levels again
It's called pay it forward!
Additionally, without us poor people, those mega billionaires would not be mega billionaires! They will never be able to spend their money so why not help people.
Bill Gates is already giving away most of his fortune - which is great - he's giving to education and very poor nations - but why not give it back to the people that made him rich?
To be honest - I will never be a billionaire - not because I cannot be one, but because I do not believe that anyone should be that rich - I'd be more than happy to help as many people out as I possibly could!
My understanding of economics is pretty shaky, but wouldn't that cause hyperinflation? Of-course it isn't exactly the same as printing money, but if people had their credit cards payed off, they would just go out and buy more stuff, which is good for the economy in moderation, but if it too many people start buying too many things......inflation happens.
Compared to the US National debt I think half a billion is pretty small potatoes, no? So if it really helped the economy the government could just take the credit card debt off everybody and take it to the national debt. If it helped grow the economy, it might actually end up having a good effect on the deficit and hence the debt. But I guess there are serious inflation risks and there is "moral hazard"
Actually you wouldn't need billionaires to give any money.
....and foolish people would be in debt again in no time at all, and this is why in the end, nothing would change.
The truth is that trickle down economics is proven not to work. Rich people will only spend just so much money. The rest of it sits in their bank accounts. Conversely, the people who have nothing will almost certainly spend money as they get it. Money is syphoned upwards. If you give more to people at the bottom of the pile, everyone benefits. Give money to those at the top, and hardly anyone does.
Putting money in a bank account to let it sit indefinitely is self defeating; inflation will soon decrease it's value to a fraction of what it was. No one that understands how to become rich will do that.
But are the rich out there spending so that money will trickle down? Or perhaps rich people only have teenyweeny amounts in their bank accounts, just like the rest of us?
A lot of the rich have their money in investments and not necessarily in a bank account of sorts.
I know. But whether investments means off-shore accounts, a portfolio of stocks and shares, or a collection of Impressionist paintings, the net result is the same, the money is working hard for the benefit of a wealthy individual. It's not 'trickling' down.
If you give a working mum who earns minimum wage, an extra $1,000 she'll probably splash out on some decent clothes, some better food, maybe she'll buy some furniture, or fix her house up a little. Maybe she'll treat the kids, or even get a short break away. She might clear down some debt, leaving herself more of her weekly wage cheque. Whatever it is she does, you can pretty much guarantee she won't be sticking it in an account in the Cayman Islands, or splashing out on a new Renoir.
The poor are happy to spend, and their money moves around the community freely. Money needs to flow like a river, and that way it can irrigate every strata of society.
IF......The Biggest Word Ever!
If Only Life Weren't To Short To Be Little
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