Real Economic Stimulus

With the American economy in the dumps, and the Bush administration pushing through a half-hearted spending measure designed to stimulate the economy, I would like to take this opportunity to share my thoughts on what we really need to do to get back on track.

My Economic Stimulus Plan:

• Immediate Relief
  • Tax rebate of $500 minimum to every tax payer
  • $500 pay-out to all SSI recipients immediately
  • 30% increase to Social Security benefits effective immediately
  • 12 month extension of Unemployment Benefits nationwide
  • 20% immediate increase of Food Stamps nationwide, retroactive for 3 months, paid in lump sum
  • Federal Reserve rate break on mortgages of at least 1%


• Long Run Goals
  • Tax breaks for employers who show staff increases of 10% or more over each fiscal year
  • Tax credits to individuals who purchase hybrid vehichles
  • Increase Federal Minimum Wage to $8/hr by 2010
  • Offer a tax break to employers who give all employees a salary increase equivalent to each minimum wage increase
  • Authorize $100 Billion fund to create a government sponsored rent-to-own and low-income credit programs for first time buyers and credit challenged buyers
  • Enact legislation excluding medical debt, federal student loan debt, and delinquent energy and heating bills from credit reporting bureaus
  • Enact legislation requiring all employers grossing $1MIL or more annually to offer health insurance to all employees, with a tax credit for all employers who offer these benefits free
  • Create a $50 billion dollar fund to subsidize tax rebates for home owners who convert to at least 50% renewable power
  • Require employers to pay equivalent federal payroll taxes on all non-American employees. The fund created by this will be channeled into the Social Security Administration.
  • Hire independent financial consultants to evaluate government administrative spending, and decrease spending by 30% over 5 years
  • Create a $100 Billion dollar fund to sponsor college scholarships for Americans living below the poverty line
  • Offer a tax credit to employers who offer tuition reimbursement to employees
  • Enact legislation prohibiting insurance companies from denying benefits based on pre-existing conditions
  • Offer tax breaks to employers who provide housing subsidies to their employees
  • Authorize price controls on residential rentals based on cost of living with tax incentives to landlords who offer below-market rental rates to individuals or families living below the poverty line
  • Enact legislation requiring employers to offer credit rehabilitation programs to employees, by pre-tax payroll deduction


• Contingency Plans
  • If the real estate market is unable to recover within 2 years, authorize government mandated mortgage deferrals or reductions of up to 12 months, based on income and cost of living evaluations
  • If crude oil prices do not fall below $50 a barrel within 2 years, authorize 100 million barrels of oil from the Strategic Petroleum Reserve to be sold on the open market. The funds raised would be placed into a discretionary fund earmarked in the Senate for economic relief

Of course, this is why I'm not president.