The President's $10,000,000,000,000 Economic Stimulus Package

 

 

Steve Selengut

 

For homeowners: Cut the interest rate on all mortgage loans by fifty basis points and extend the payment schedule by three to five years. Convert all variable rate loans to fixed, at prevailing rates, and extend the payment schedule by six to ten years. No fees, points or charges tolerated.

 

More for homeowners: Provide a pre-paid $5,000 debit card to all free and clear homeowners. The cards are worth double for Ford or GM car purchases, and expire valueless if not used for retail purchases within 60 days of issue.

 

For retirees: Eliminate all income taxation, at all levels, on any formalized retirement income program. Eliminate all income taxation on one half of all non-retirement plan investment income received by retirees. Provide totally free health care coverage.

 

For Social Security tax payers below age 35: Reduce mandated contributions to 3% of salary, but allow for additional voluntary contributions. Redirect all contributions to personally owned but "untouchable until age 60" SSRIA contracts with private insurance and annuity companies. Participants would be permanently assigned to qualified providors.

 

These fixed-income-investments-only contracts would be non-commisionable, management fee only, and benefit identical at all providers. Trustees responsible for directing the investments of SSRIA funds would have strict QDI (Quality, Diversification, & Income) guidelines, with a focus on all kinds of government securities - federal, state, and local.

 

For Social Security tax payers from ages 35 to 55: Reduce mandated contributions as above and redirect to SSRIAs. Deposit one half of each person's total existing Social Security deposit account to the SSRIAs.

 

For Social Security recipients and taxpayers above age 55: Annuitize the income benefit over the next ten years using SSRIAs, starting with the youngest recipients.

 

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