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How to fix the economy?

How do you all think is the best way to fix the economy?

The goverment seems to be fond of handing out money, how about handing out money to fix the economy?  Here is my idea: anyone 55 or older, is promised $500 a week if they retire.  

Heck, if the government offered me $500 a week I would quit working but I am not over 55.  But what this would do is get the older people out of work and open up those spots for younger people to have jobs.  And the older poeple can then have enough money to pay their bills and spend all their time sitting on a beach soaking up the sun.  Win win for everyone.  

What do you think?  

Also, I just saw this on Wiki, a definition for an economic depression:
Considered a rare and extreme form of recession, a depression is characterized by its length, and by abnormal increases in unemployment, falls in the availability of credit, shrinking output and investment, numerous bankruptcies, reduced amounts of trade and commerce, as well as highly volatile relative currency value fluctuations, mostly devaluations. Price deflation, financial crisis and bank failures are also common elements of a depression.

There is no widely agreed definition for a depression, though some have been proposed. In the United States the National Bureau of Economic Research determines contractions and expansions in the business cycle, but does not declare depressions. Generally, periods labeled depressions are marked by a substantial and sustained shortfall of the ability to purchase goods relative to the amount that could be produced using current resources and technology (potential output). Another proposed definition of depression includes two general rules: 1) a decline in real GDP exceeding 10%, or 2) a recession lasting 2 or more years

I think we can consider ourselves to be in a depression about now rather then just a recession, am I right?

I don't know how to fix the economy but with 26 views and 0 replies I thought I'd be the brave soul to make the first reply to this question! I'm interested to see where this goes when it gets more replies because I can see it getting extremely heated.

Hmmm. I feel like I don't know enough about anything involved to even begin to form an answer. Your idea is interesting, especially since I'm job searching right now.

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Haha nobody's going near this one, apparently.

I think withdrawing from the war(s) is probably the biggest single action that could help to balance the budget.  Whether it's the smartest decision and how this is accomplished, I don't know.

As for the $500 per week per retiree 55 and older?  Um, wouldn't work.  First off, where would this money come from?  Secondly, that amount wouldn't cover expenses for a lot of people--$24,000 before taxes?  I think many people could live on that, but $24,000 is usually (low) base salary for recent grads.  I imagine it wouldn't be much of an incentive to people who are used to bringing in considerably more and/or are not that old.  Thirdly, I have to wonder how much that would help unemployment numbers.  I suppose your trading in one unemployed person for a retiree, but that's still one less person the gov't is collecting income tax from.

I think holding rolling back tax breaks for corporations would also go a long way.

And let's be real.  The government needs to learn how to not be so reckless with our money.  Get me in there, I'll show them how to budget.

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I totally agree with the above comment - withdraw from the wars. Military takes soooo much of our budget. I also think we need to focus on bringing back jobs to our country.

I know..every politician says that and it's almost become cliche but it's true! We don't produce anything anymore. In a global playing field like it is, we need more people coming to our country for goods/supplies/etc.. We also need to cut a lot of the programs. I will say, though, healthcare should be on the forefront of what our government supports.

Lastly, I'm going to say it....we need to slowly raise taxes. Not all at once. A gradual tax increase.

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I totally agree with the above comment - withdraw from the wars. Military takes soooo much of our budget. I also think we need to focus on bringing back jobs to our country.

I know..every politician says that and it's almost become cliche but it's true! We don't produce anything anymore. In a global playing field like it is, we need more people coming to our country for goods/supplies/etc.. We also need to cut a lot of the programs. I will say, though, healthcare should be on the forefront of what our government supports.

Lastly, I'm going to say it....we need to slowly raise taxes. Not all at once. A gradual tax increase.

I disagree with all of this.

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I disagree with all of this.

Ha! Ok. You don't agree with me. Big deal. Do you have any alternative solution(s)?

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I think we can consider ourselves to be in a depression about now rather then just a recession, am I right?

I already thought we were in a depression. In fact, all this time I was thinking that recession was just an euphemistic way of saying depression. I don't really know how to answer your question though, because I am Canadian. We are having some rough times here, especially here in BC. It's not really surprising that would be true since we've basically chained ourselves to the US. But I am not so closely acquainted with US politics that I'm going to talk about them as if I have any clue.

But about tax increases. As I said, BC is doing pretty crappy. And our premier has decided to enforce the HST, despite huge public outcry. Of course, the public was primarily upset because of the skeevy fashion he went about this. However, this sales tax increases the cost of everything. Most people here are already poor and have problems affording even the simplest things. You should take a look at my one pair of sneakers that I've had over three years now! Now, even as our minimum wage stays at the lowest in the country ($6.00/h for a training wage), and the cost of goods is going up even without the HST, we have the HST. It completely affects the way of life here. I could be dumb, but I'm honestly confused what good the tax increases are going to do for the everyday person. Are you going to put them into welfare programs, homeless shelters, etc.? Would we need these services if we were not so poor? Are you going to use them to put back in our crippled medical and education systems? What is the point when kids are dropping out of school in huge rates with the primary causes being cited: Having to work, or babysit siblings as parents can't afford daycare? What is the point when so many people are struggling to afford to see a dentist or doctor? Are you going to use the taxes to fix our roads? Doesn't look to me like our premier has bothered to do that for a very long time. So what good are the taxes doing me? I'm confused. And I'm not the only one.

IMO, the people need money, which they can spend. People spending money usually can be considered good for an economy, right?

In the US's case, spending less money on war is definately a good idea. But I think Canada could benefit from that too. And not just war in Iraq, wars like the war on drugs that cost billions of dollars every year and accomplish nothing good for our society. Maybe it's about better government spending habits.

I could disagree that the US doesn't produce anything. Canada doesn't produce shit. The US produces everything we have here. Or it's Mexico. How come Canada can't grow it's own damned tomatoes? Maybe if the minimum wage was increased, people could afford farm-fresh produce, and that would support our farmers, which would support our economy? There would be many more jobs if both US and Canada stopped outsourcing. Why are all my telemarketers stationed in India? Or how come all my dishes are made in China? If these things were made here, that would create jobs. But there is a distintion, imo, Mr Monty, between more producing and less outsourcing. I don't think the US needs to "produce more," it just needs to produce more locally rather than in a sweatshop on the other side of the globe.

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I already thought we were in a depression. In fact, all this time I was thinking that recession was just an euphemistic way of saying depression. I don't really know how to answer your question though, because I am Canadian. We are having some rough times here, especially here in BC. It's not really surprising that would be true since we've basically chained ourselves to the US. But I am not so closely acquainted with US politics that I'm going to talk about them as if I have any clue.

But about tax increases. As I said, BC is doing pretty crappy. And our premier has decided to enforce the HST, despite huge public outcry. Of course, the public was primarily upset because of the skeevy fashion he went about this. However, this sales tax increases the cost of everything. Most people here are already poor and have problems affording even the simplest things. You should take a look at my one pair of sneakers that I've had over three years now! Now, even as our minimum wage stays at the lowest in the country ($6.00/h for a training wage), and the cost of goods is going up even without the HST, we have the HST. It completely affects the way of life here. I could be dumb, but I'm honestly confused what good the tax increases are going to do for the everyday person. Are you going to put them into welfare programs, homeless shelters, etc.? Would we need these services if we were not so poor? Are you going to use them to put back in our crippled medical and education systems? What is the point when kids are dropping out of school in huge rates with the primary causes being cited: Having to work, or babysit siblings as parents can't afford daycare? What is the point when so many people are struggling to afford to see a dentist or doctor? Are you going to use the taxes to fix our roads? Doesn't look to me like our premier has bothered to do that for a very long time. So what good are the taxes doing me? I'm confused. And I'm not the only one.

IMO, the people need money, which they can spend. People spending money usually can be considered good for an economy, right?

In the US's case, spending less money on war is definately a good idea. But I think Canada could benefit from that too. And not just war in Iraq, wars like the war on drugs that cost billions of dollars every year and accomplish nothing good for our society. Maybe it's about better government spending habits.

I could disagree that the US doesn't produce anything. Canada doesn't produce shit. The US produces everything we have here. Or it's Mexico. How come Canada can't grow it's own damned tomatoes? Maybe if the minimum wage was increased, people could afford farm-fresh produce, and that would support our farmers, which would support our economy? There would be many more jobs if both US and Canada stopped outsourcing. Why are all my telemarketers stationed in India? Or how come all my dishes are made in China? If these things were made here, that would create jobs. But there is a distintion, imo, Mr Monty, between more producing and less outsourcing. I don't think the US needs to "produce more," it just needs to produce more locally rather than in a sweatshop on the other side of the globe.

Let the record show that I acknowledge your argument.

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Let the record show that I acknowledge your argument.

Acknowledge, but disagree?

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Let the record show that I acknowledge your argument.

Acknowledge, but disagree?

To be honest - I neither agree nor disagree. I've learned that sometimes it's just nice hearing different viewpoints and leaving it at that. I read what you said, I've heard you out, and I'm not jumping to one side or the other. Take care.

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Let the record show that I acknowledge your argument.

Acknowledge, but disagree?

To be honest - I neither agree nor disagree. I've learned that sometimes it's just nice hearing different viewpoints and leaving it at that. I read what you said, I've heard you out, and I'm not jumping to one side or the other. Take care.

You sure take yourself seriously, Mr Monty.

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You sure take yourself seriously, Mr Monty.

:) Yeah..I guess I do. Guilty as charged. Haha

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You sure take yourself seriously, Mr Monty.

:) Yeah..I guess I do. Guilty as charged. Haha

;D Well, I guess our economy is a very serious subject. lol.

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How do you all think is the best way to fix the economy?

Get institutionalized violence (aka government) out of it completely, and encourage people to think for themselves.

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