I agree to Idea How To Create Jobs, Now In This Economy
Voting Disabled

2 votes

Rank119

Idea#323

This idea is active.
General »

How To Create Jobs, Now In This Economy

I suggest you... with our economy needing to create 250,000 to 300,000 jobs each month to sustain a healthy economic recovery, move with all deliberate speed before we enter into another downturn. The President and Congress can act now to create needed jobs by changing the laws governing Social Security to allow 9,600 baby boomers who will be retiring each day over the next 18 years to take partial distributions of $20,000.00 dollars from their Social Security principal. Congress, by extending the partial distribution option, which is required among private pension funds( private pension plans must present this option, among other options also, at the time you are thinking of retiring and rolling over your retirement funds), to Social Security and waiving or reducing taxation on the first $20,000.00 dollars withdrawn from any retirement fund, Social Security included, effectively creates a pool of capital big enough, to stimulate the economy, creating jobs. The reduced or waived taxation would act as an incentive to boomers to take the partial distribution. Boomers could dump as much as $192,000,000 million dollars into our faltering economy each day, based on the waived taxes benefit, and the $20,000.00 dollar partial distribution, ( $20,000.00 x 9,600 ) which amounts to approximately $70 billion dollars a year, AS THEY PURCHASE PRODUCTS, SERVICES AND REDUCE DEBT TO COMFORTABLY RETIRE. Imagine, that number doubles to $384,000,000 million dollars per day pumped into the economy if the partial distribution is raised to $40,000.00 dollars. Corporations and businesses, small and large who purportly have as much as $2.6 trillion dollars on their balance sheets would have to use that capital to compete for this money ceating even more economic expansion. Our objective should be to have Congress enact legislative changes to Social Security to make this possible. And put our country back to work !!! ( I feel it s/b offered to all retirees @ 66 years of age who are taking down “full” retiree benefits ). Let’s have this conversation!! www.sslumpsum.com

Submitted by Jamesabides 2 years ago

Vote Activity

  1. Agreed
    2 years ago
  2. Agreed
    2 years ago

Events

  1. The idea was posted
    2 years ago

Comments (1)

  1. Jamesabides Idea Submitter

    The above plan will not increase the deficit as an added bonus, because Boomers take a correspondingly lower monthly check based upon the amount of the partial distribution received. In other words, if my principal were $170,000.00 prior to the partial distribution and I took $20,000.00, my monthly Social Security Check would be based on $150,000.00 dollars.

    2 years ago
    0 Agreed