Congressman Jesse Jackson proposed giving $40,000 to each of the 15 million unemployed persons in America for four years.
Utterly brilliant; even the Greeks haven’t thought of this one.
Just think about it a moment.
Which makes more sense? Congressman Jackson or President Obama’s "Enact it now" non-jobs jobs plan?
The cost will come to roughly $600 billion annually, or the equivalent of 1,200 Solyndras. It’s much cheaper than the President’s non-jobs jobs bill.
It would solve so many problems.
State unemployment funds are broke, and hence borrowing from the Feds. No more unemployment compensation. Indeed, we could do away with the state employment and unemployment offices at substantial savings to the states.
No more debates about the minimum wage, since the new minimum wage will de facto become $40,001 annually. Any one earning less than that will quit and file for the guaranteed federal $40,000.
Forget any “Stimulus Bill” with or without shovel ready jobs. These checks will go directly to the people.
No more hypocrisy about the jobs bills really being mostly payoffs to teachers unions. No payoff to public employee unions.
Thus, we could cut the $1.2 trillion deficit in half by eliminating the other programs.
No more fictitious government make-work jobs.
No more ambiguity about who’s on the public dole.
Some issues still have to be resolved. For example, would it apply only to those currently on the unemployment rosters, or could it extend all unemployed and unemployable persons?
The potential for fraud and corruption is great. The Skid Road liquor stores could register all the homeless bums, and then reap the ensuing booze sales. I saw a sign yesterday in a downtown. It said “No lies; It’s for beer.”
I forgot. Congressman Jackson is from Chicago so corruption is not an issue. He was interested in buying a Senate seat Governor Blago was interested in selling.
Will the $40,000 constitute taxable income? Will the government thereby give with one hand and take back with the other?
Will the $40,000 annually count towards federal pension plans?
How about the government’s medical plans?
Will the beneficiaries pay into social security?
Do prisoners qualify? They seem able to tap into many government funds.
Will defeated politicians qualify?
Will undocumented immigrants qualify and day laborers qualify?
What about college students?
Maybe they will occupy the federal building rather than Wall Street.
Of course, the plan makes no economic sense, but neither does President Obama’s three year economics plan.
Congressman Jackson’s suggestion rates right up there with Herbert Hoover’s 1928 “A chicken in every pot and two cars in every garage” and George McGovern’s $1,000 tax credit for every citizen.