What if a billionaire decided to use his money to help the economy?

Methinks that the TC overestimates the power of a billionaire.

Methinks that the TC overestimates the power of a billionaire.

coolbeans90

A billion $'s wouldnt even put a dent in the debt our Country is in.00-Riddick-00

Keep in mind that I also considered just the debt of a single state. I'm pretty sure a billionaire could afford that.

Something about the TC reminds me of someone....

[QUOTE="00-Riddick-00"]A billion $'s wouldnt even put a dent in the debt our Country is in.TechTrek

Keep in mind that I also considered just the debt of a single state. I'm pretty sure a billionaire could afford that.

[QUOTE="Danm_999"]Philanthropists are always going to donate the majority of their money outside the USA, where problems can be a little more severe than your state government being in defecit.TechTrek

Our single year federal deficit is over $1 TRILLION dollars. This is a structural problem that cannot be materially impacted by even the most generous of rich billionaires. The way to fix the federal deficit involves exactly three things. 1. Cutting entitlements. (Social Security, Medicare) 2. Cutting the defense budget

3. Raising taxes Any plan that isn't 95% or more built around those three things is a very unserious plan. Here's a visual representation of what we spend our money on to drive the point home. So when you here some bozo on the news talking about wasteful government spending, he or she is spending all of their time in the "everything else" category. If you declare 2/3rds of our federal budget completely untouchable and then take tax increases off the table, you're not going to ever be able to fix the deficit long term.nocoolnamejim

This guy gets it. It will require much more than a few wealthy angels and reduction in waste to significantly alleviate, let alone eliminate, the current deficit.

It has happened before. Not exactly in the way described in the OP, but JP Morgan played a very large role in ending the Panic of 1907 by using his enormous wealth to sure up the banking system. -Sun_Tzu-

[QUOTE="-Sun_Tzu-"]It has happened before. Not exactly in the way described in the OP, but JP Morgan played a very large role in ending the Panic of 1907 by using his enormous wealth to sure up the banking system. Mochyc

I suggest removing that 9 percent on interest. Seems pretty wasteful to me. Baconbits2004

I like the cut of your jib.

there are more needy people out there weezyfb

[QUOTE="Danm_999"][QUOTE="TechTrek"] Well, if I were a billionaire, I'd do one of the following: 1. Pay off the credit card debt of everyone in my state. 2. Pay off the student loans of everyone in my state. 3. Pay off the mortgage of everyone in my state. 4. Pay off the taxes of everyone in my state. 5. Feed all of the homeless and create a business to give them jobs. TechTrek

Agreed we need to take care of our country first, before we go out helping others.

Well, if I were a billionaire, I'd do one of the following: 1. Pay off the credit card debt of everyone in my state... 3. Pay off the mortgage of everyone in my state. ... TechTrek

Why not just use that money to increase consumer spending...oh wait

Just being curious, what countries does the U.S. owe money and how much money does it owe China? Also, why haven't these countries demanded their money back, yet?

It has happened before. Not exactly in the way described in the OP, but JP Morgan played a very large role in ending the Panic of 1907 by using his enormous wealth to sure up the banking system. -Sun_Tzu-

America makes 14 trillion a year. A few billion won't do squat.MetallicaKings

Im pretty sure a billionaire would not help our economy, not enough money. Could help local area's and such. But not the US as a whole

Just being curious, what countries does the U.S. owe money and how much money does it owe China? Also, why haven't these countries demanded their money back, yet?

TechTrek

Also, why haven't these countries demanded their money back, yet? TechTrek

[QUOTE="TechTrek"]

Just being curious, what countries does the U.S. owe money and how much money does it owe China? Also, why haven't these countries demanded their money back, yet?

lloveLamp

So, the U.S. owes the most money to itself? The Federal Reserve is a U.S. organization.

That's a silly idea, trickle-down economics doesn't work!

[QUOTE="TechTrek"] Debt is a huge problem in this country and is one of the biggest aspects of this country's economic crisis. I'd want to help in any way possible. Danm_999

That's what I was thinking giving a few billion dollars to pay off people's debts is essentially just wasting money, kind of like propping up a business and having the money go nowhere. You would help a relatively small percentage of people, even if you bailed an entire state out, which would take more than a few billion in most cases, it wouldn't make much of a meaningful impact on the overall economy, and finally you'd be better served investing in cancer research, or aiding in stopping world poverty.

[QUOTE="Danm_999"]Philanthropists are always going to donate the majority of their money outside the USA, where problems can be a little more severe than your state government being in defecit.Radiatedrich91

So we should neglect ourselves until everyone else's problems are solved?

When our problems are relatively small, and mostly our own fault like debt, yes. If someone wants to help a family who lost their home, or a person who has the disease and resides in the U.S. then go ahead, but debt is a small problem compared to situations described.

The USA has a GDP of 14 trillion dollars. Even gates at his peak with $80 billion is a small component of that with less than 1% of a single year GDP. Sure someone very rich could regenerate a small city, or maybe even one of the small states with half a million people in. Their actual effect on the national economy would be minuscule. mucgoo

I'm pretty sure Gates had around 90m at his peak, but yes I completely agree with the point you're making.

[QUOTE="mucgoo"]The USA has a GDP of 14 trillion dollars. Even gates at his peak with $80 billion is a small component of that with less than 1% of a single year GDP. Sure someone very rich could regenerate a small city, or maybe even one of the small states with half a million people in. Their actual effect on the national economy would be minuscule. TacticalDesire

I'm pretty sure Gates had around 90m at his peak, but yes I completely agree with the point you're making.

That would be enough for the debt of a single state, which was an option I mentioned in the OP.

[QUOTE="TacticalDesire"]

[QUOTE="mucgoo"]The USA has a GDP of 14 trillion dollars. Even gates at his peak with $80 billion is a small component of that with less than 1% of a single year GDP. Sure someone very rich could regenerate a small city, or maybe even one of the small states with half a million people in. Their actual effect on the national economy would be minuscule. TechTrek

I'm pretty sure Gates had around 90m at his peak, but yes I completely agree with the point you're making.

That would be enough for the debt of a single state, which was an option I mentioned in the OP.

Just being curious, what countries does the U.S. owe money and how much money does it owe China? Also, why haven't these countries demanded their money back, yet?

TechTrek

The reason China hasn't called it in is because the US can't pay it. The only way they could would be to start printing so much money that the US dollar would be worthless, and essentially, both the american and chinese economies would go under.

It's in China's best interest not to demand the money.

What do you think would happen if a billionaire decided to use his money to pay the taxes or debt of everyone in his state? Do you think the consequences would be good or bad? Also, would such an action even be legal?

EDIT:

Just being curious, what countries does the U.S. owe money and how much money does it owe China? Also, why haven't these countries demanded their money back, yet?

TechTrek

It may sound great, but people will just reoccur the debts again.

Something about the TC reminds me of someone....

deathtarget04

Blu...???? No that cant be! Pm me if you are! Well, lets not assume it can just be a new user to gamespot OT.

id rather help a kid with a weird disease than some guy who maxed his credit.

Krelian-co

Our single year federal deficit is over $1 TRILLION dollars. This is a structural problem that cannot be materially impacted by even the most generous of rich billionaires. The way to fix the federal deficit involves exactly three things. 1. Cutting entitlements. (Social Security, Medicare) 2. Cutting the defense budget

3. Raising taxes Any plan that isn't 95% or more built around those three things is a very unserious plan. Here's a visual representation of what we spend our money on to drive the point home. So when you here some bozo on the news talking about wasteful government spending, he or she is spending all of their time in the "everything else" category. If you declare 2/3rds of our federal budget completely untouchable and then take tax increases off the table, you're not going to ever be able to fix the deficit long term.nocoolnamejim

Dang that graph is bad. I cannot believe a federal government would spend more on defence then what they would on health and education. Our total budget goes Social Security (32.4%), General Government Services (26.2%), Health (16%), Education (9.3%), and then Defence (5.9%). Heck, Defence is only just above Industry and Workforce (4.1%), Transport and Infrustructure (3.5%), and Culture (2.4%).

[QUOTE="nocoolnamejim"]Our single year federal deficit is over $1 TRILLION dollars. This is a structural problem that cannot be materially impacted by even the most generous of rich billionaires. The way to fix the federal deficit involves exactly three things. 1. Cutting entitlements. (Social Security, Medicare) 2. Cutting the defense budget

.daqua_99

Dang that graph is bad. I cannot believe a federal government would spend more on defence then what they would on health and education. Our total budget goes Social Security (32.4%), General Government Services (26.2%), Health (16%), Education (9.3%), and then Defence (5.9%). Heck, Defence is only just above Industry and Workforce (4.1%), Transport and Infrustructure (3.5%), and Culture (2.4%).

[QUOTE="daqua_99"]

[QUOTE="nocoolnamejim"]Our single year federal deficit is over $1 TRILLION dollars. This is a structural problem that cannot be materially impacted by even the most generous of rich billionaires. The way to fix the federal deficit involves exactly three things. 1. Cutting entitlements. (Social Security, Medicare) 2. Cutting the defense budget

.surrealnumber5

Dang that graph is bad. I cannot believe a federal government would spend more on defence then what they would on health and education. Our total budget goes Social Security (32.4%), General Government Services (26.2%), Health (16%), Education (9.3%), and then Defence (5.9%). Heck, Defence is only just above Industry and Workforce (4.1%), Transport and Infrustructure (3.5%), and Culture (2.4%).

I do like, though, that only 21% of US Federal money goes to Social Security. If we reduced ours to even 25%, that's an extra 7.4% that could be spent on improving infrustructure. I hate it how it takes me longer, by train, to get from my local train station to the airport than it does to fly from the airport interstate ...

[QUOTE="lloveLamp"][QUOTE="TechTrek"]

Just being curious, what countries does the U.S. owe money and how much money does it owe China? Also, why haven't these countries demanded their money back, yet?

TechTrek

So, the U.S. owes the most money to itself? The Federal Reserve is a U.S. organization.

[QUOTE="kayoticdreamz"][QUOTE="TechTrek"] Well, if I were a billionaire, I'd do one of the following: 1. Pay off the credit card debt of everyone in my state. 2. Pay off the student loans of everyone in my state. 3. Pay off the mortgage of everyone in my state. 4. Pay off the taxes of everyone in my state. 5. Feed all of the homeless and create a business to give them jobs. comp_atkins

EDIT: lol in 2000 it was running backwards... aah the good ol' days...

[QUOTE="TechTrek"] Debt is a huge problem in this country and is one of the biggest aspects of this country's economic crisis. I'd want to help in any way possible. Danm_999

I completely agree. The worst thing you can do for people who spend irresponsibly is clear their slates. Without consequences, some people will spend absolutely every dollar - borrowed or otherwise - that someone will give them.

Helping people who are stricken with a medical catastrophe or helping successful students (who couldn't win scholarships because they aren't elite students) with loans I could get on board with, but I'd never spend my money helping other people buy wants. As for mortgages... people need to be reasonable about their financial circumstances and buy a property they can afford. If you buy a home with mortgage payments you can't afford or don't plan ahead for potential rising interest rates, it's your own fault, and it's frankly no different than carrying any other sort of want-related debt. You need shelter... but you don't need a dream home.

The US's debt is in the trillions. A couple billion won't even make much of a difference.