First it was Jimmy Carter and his $50 cash distribution to every man, woman and child in
Next came Ben Bernanke and his speech about dropping $100 bills out of a helicopter for everyone to gather, and like Jimmy Carter’s plan, give the economy a much needed boost. It remained an academic idea but established the Chairman’s longstanding nickname, Helicopter Ben.
Now, the “hidden government of the United States”, Council of Foreign Relations (CFR), has produced a report declaring that the best possible step for revitalizing the economy is direct payments to the languishing middle class. They made note that low interest rates and Quantitative Easing are having no real effect on the spending habits of most Americans which is critical for growth.
They recognize that the lending habits of the Too Big Too Fail Banks (TBTFs) has been woefully absent, self-serving and not likely to change in the future. Therefore, stealing a page from many of the existing government social programs, the report suggests bypassing the middle man and crediting people’s accounts directly.
Food stamps, child credits and disability payments go directly to the needy and can be expected to be spent in the economy as quickly as received. The sale of beer, fast foods, flat screen TVs and the latest smart phone seem to surge each time a government payment is made. A real economic boost.
The problem, not addressed in the report, as I see it, is that the middle class will, like the banks, not do what’s expected of them. Most will retire debt, buy stocks or simply put it under the mattress for a rainy day. These actions would in no way be beneficial or jump start the economy.
Might I suggest since the CFR (Fabian Society) ultimately controls, that they become more practical in their approach. The ultimate socialistic order will predetermine what the newly distributed money be used for.
As an example if Caterpillar is continuing to show declining worldwide sales then each neighborhood in
Every kitchen in
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for September 22nd, 2014 | John Ransom
In Other News: Bi-Partisan Agreement that Debbie Wasserman Schultz is a Horrible Person | Michael Schaus
In Other News: State Department Covers Up for Hillary – Asks IRS How to Destroy Hard-Drives | Michael Schaus