Thursday, April 23, 2009

Business as Usual

Yesterday I received an Email from a friend who lives on Treasure Island. I said to myself “What the hell, I Blogged about this topic more than two months ago”. Before sending a flaming email, I checked and I hadn’t.

When I write a Blog I first write it in MS Word. While going through my files I found that I have 8 unfinished Blogs; one dating back to last October. What usually happens is I start writing at night (when I am pleasantly intoxicated) and plan to finish the next morning or afternoon. But occasionally the next morning I get a new divine inspiration for a Blog and pigeon hole the previously partially written Blog. Being the good procrastinator that I am; sometime weeks or months go by before completion. In most cases time is not of the essence.

I started to write a Blog early last February and for some unknown reason never finished it. I was to be titled Trickling Up II - Addendum Part III. It concerned possible alternatives to the government’s master plan, of the allocation of our tax dollars, to get the US economy back on track.

But then I read the following article in the business section of The Saint Petersburg Times and had planned to plagiarize (adopt and adapt) some of the ideas written by readers of the newspaper.

I don’t know if the newspaper’s staff listed them by relevance; but the first was the best idea:

Put America first

Patriotic retirement: There are about 40 million people over 50 in the work force … pay them $1 million apiece severance with stipulations.
They leave their jobs. Forty million job openings — unemployment fixed.
They buy new American cars. Forty million cars ordered — auto industry fixed.
They either buy a house or pay off their mortgage — housing crisis fixed.

David Otterson,

Add to this my friend’s (“Indiana (Indy) Bob” - He probably got his nickname from the household dog) concept that all people that can (more than a million families), should give, their children a tax free gift of $12,500 with the stipulation that they spent it and not hoard it.

These are both very sound ideas, but neither will fly in today’s society.

Our business as usual Congress and the people who have the ability to give their children a tax free gift, both travel to a beat of a different drum. After all, they will long gone before the full impact of the bailout effects the next generation.

The Beach Bum

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Blogger The Beach Bum said...

The comment below was originally sent to me as an email.

My friend Mike, who lives in Maryland, occasionally posts comments to this Blog as Uncle Mikie.

He has three adult children, including my godchild Patrick, (who is graduating from Catholic University (Washington DC), this spring.

Mike gave me the approval to post his email as a comment.

The Beach Bum

Fri Apr 24, 12:55:00 PM  
Blogger The Beach Bum said...

As you know I have recently turned 56 years old (thanks for the congratulatory call).

I have some problems with Mr. David Otterson’s proposal.

I plan to work for at least 10 more years. If I took a million dollar early retirement I would be getting an average of $120,000 per year for ten years (and that’s including my diminished 401K and the taxable interest that I received on the million dollars). If the severance pay is taxed, even less.

Even postulating that I don’t receive any pay increases over the next ten years (which I will), that the value of my 401K remains stagnant and that my severance pay is tax free; I end up with about $12,000 more per year (for 10 years) to leave the first job in my lifetime that I have really loved.

One of Mr. Otterson’s stipulations was that each retiree buys a new house or pay off the current mortgage. I, as well as many others my age (or slightly older), have no mortgage. Is he saying that I must sell my house (currently valued at $40,000 less than 2 years ago) and buy a new home? I love my neighborhood and would hate to move.

Another stipulation was that you buy a new US made automobile. I bought a new car (GM) last year, as I do every five years. Being a one person household, I must now have two new cars sitting in my driveway. What will my neighbors think?

As to your friend Indy’s suggestion, I have given my three sons more than that amount, each year, during the past three years (cash and gifts). Patrick will graduate from college this May, if he doesn’t find a job, he’ll be moving in with me. That will put three new cars in the driveway.

Finally, many of the best Educators (such as me), Lawyers and Doctors do not peak until they are in their 50’s. It would be a terrible thing to lose these people to early retirement.


Fri Apr 24, 12:56:00 PM  
Anonymous Anonymous said...

Looks like it is too late to buy a new Pontiac.

Sat Apr 25, 06:43:00 PM  
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