What would you do with US$700,000,000,000?.
read US$700 billion. hope i got the number of zeros right.
anyway, congress rejected the bailout of 700 billion bucks, which comes to no surprise to me, but i think most people are disappointed with that move.
what interests me is on forbes, there's a list listing (ok, english teachers, don't kill me for that - "list listing") 7 better uses for that amount of money. here goes:
(taken from forbes.com)
Education
The U.S. currently spends some $500 billion annually on public education, yet it still finds itself slipping behind many other industrialized nations when it comes to giving the next generation the skills it needs to compete globally.
Infrastructure development
Based on estimates from the American Society of Civil Engineers, our nation's bridges need $180 billion in repairs. Besides the possibility of a tragic event like the 2007 Minneapolis bridge crash, which killed 13 people and injured 145, decrepit bridges cost local governments hundreds of millions and slow down commerce. Consider too that infrastructure projects like repairing the New Orleans levies cost $10 billion, according to the White House.
Trade
Global trade isn't going away any time soon, and America's ports are getting increasingly crowded. According to the American Association of Port Authorities, container volumes at American ports have increased by 7% per year over the last 20 years, outpacing capacity growth. New Orleans alone needs $1 billion to keep pace with international competition.
Health Care
Kenneth Thorpe, a professor of health policy at Emory University points out that for $150 billion you could provide every American with private health insurance and create a universal automated health information system. When you consider that the National Cancer Institute receives $5 billion a year in funding, you could multiply their budget by 10 and provide private health care to every American.
Solar Energy
Arizona Public Service, the state's public power utility, is currently building the nation's largest solar power array in the desert near Gila Bend, Ariz. It will be able to power 70,000 homes using only the sun's rays--and create thousands of high-tech green energy jobs to boot. Construction costs will be about $1 billion, but the utility says it will pay for itself in about five years.
National Security
After five years in Iraq, most estimates for the war's cost tally into the $500 billion range. Unlike investments in distressed assets, paying for the Iraq War won't produce a return, but $700 billion would stem the government's future debt obligations to its creditors.
Climate Change
There are a wide range of estimates on how much it will cost to reduce global warming over the next few decades. A middle-of-the-road estimate comes from McKinsey & Co., a consulting firm, which estimates that it will cost $150 billion a year to stabilize greenhouse emissions by 2030. While $700 billion won't come close to the full amount, it would allow the government to take aggressive action now without not damaging the currently fragile economy.
maybe that's why the bailout plan was overturned. imagine, spending that much taxpayers money just to save those who landed themselves in this situation because of their greed. tsk.
well, maybe this would give the democrats a little more edge in the upcoming elections. i think they're more level-minded.
even if the 700 billion rescue plan did come through, it would only be the beginning. it's not like this amount of money is going to solve all problems for good. and if it doesn't work, it would throw the economy into greater distress than now. so i'd say the risks are too great. there's much more use for that amount of money for the rest of america than just bailing out the few who foolishly landed themselves in this situation. spending this great amount would increase tax payers burdens but at least investing in these other areas would be a better bet.
anyway, i think the world is in need of prayer. so many things are taking place.
the US economy is one.
then there's china with their contaminated milk products and the 53,000 children suffering.
there's myanmar and thailand in political turmoil, not forgetting malaysia as well.
let's be praying... and loving our neighbours.
anyway, congress rejected the bailout of 700 billion bucks, which comes to no surprise to me, but i think most people are disappointed with that move.
what interests me is on forbes, there's a list listing (ok, english teachers, don't kill me for that - "list listing") 7 better uses for that amount of money. here goes:
(taken from forbes.com)
EducationThe U.S. currently spends some $500 billion annually on public education, yet it still finds itself slipping behind many other industrialized nations when it comes to giving the next generation the skills it needs to compete globally.
Infrastructure development
Based on estimates from the American Society of Civil Engineers, our nation's bridges need $180 billion in repairs. Besides the possibility of a tragic event like the 2007 Minneapolis bridge crash, which killed 13 people and injured 145, decrepit bridges cost local governments hundreds of millions and slow down commerce. Consider too that infrastructure projects like repairing the New Orleans levies cost $10 billion, according to the White House.
TradeGlobal trade isn't going away any time soon, and America's ports are getting increasingly crowded. According to the American Association of Port Authorities, container volumes at American ports have increased by 7% per year over the last 20 years, outpacing capacity growth. New Orleans alone needs $1 billion to keep pace with international competition.
Health CareKenneth Thorpe, a professor of health policy at Emory University points out that for $150 billion you could provide every American with private health insurance and create a universal automated health information system. When you consider that the National Cancer Institute receives $5 billion a year in funding, you could multiply their budget by 10 and provide private health care to every American.
Solar EnergyArizona Public Service, the state's public power utility, is currently building the nation's largest solar power array in the desert near Gila Bend, Ariz. It will be able to power 70,000 homes using only the sun's rays--and create thousands of high-tech green energy jobs to boot. Construction costs will be about $1 billion, but the utility says it will pay for itself in about five years.
National SecurityAfter five years in Iraq, most estimates for the war's cost tally into the $500 billion range. Unlike investments in distressed assets, paying for the Iraq War won't produce a return, but $700 billion would stem the government's future debt obligations to its creditors.
Climate ChangeThere are a wide range of estimates on how much it will cost to reduce global warming over the next few decades. A middle-of-the-road estimate comes from McKinsey & Co., a consulting firm, which estimates that it will cost $150 billion a year to stabilize greenhouse emissions by 2030. While $700 billion won't come close to the full amount, it would allow the government to take aggressive action now without not damaging the currently fragile economy.
maybe that's why the bailout plan was overturned. imagine, spending that much taxpayers money just to save those who landed themselves in this situation because of their greed. tsk.
well, maybe this would give the democrats a little more edge in the upcoming elections. i think they're more level-minded.
even if the 700 billion rescue plan did come through, it would only be the beginning. it's not like this amount of money is going to solve all problems for good. and if it doesn't work, it would throw the economy into greater distress than now. so i'd say the risks are too great. there's much more use for that amount of money for the rest of america than just bailing out the few who foolishly landed themselves in this situation. spending this great amount would increase tax payers burdens but at least investing in these other areas would be a better bet.
anyway, i think the world is in need of prayer. so many things are taking place.
the US economy is one.
then there's china with their contaminated milk products and the 53,000 children suffering.
there's myanmar and thailand in political turmoil, not forgetting malaysia as well.
let's be praying... and loving our neighbours.
{ Tuesday, September 30 }