Like what would the impact be on our economy?
What other impacts could this have?
I know this will never happen but please entertain me on this one.
2007-07-01 17:28:54 · 15 answers · asked by ForeverFREE 4 in Politics & Government ➔ Politics
People like my brother would live high-on-the-hog for a year or two, then be back where he started.
People like my mother would pay off a few loans, make improvements on her home and other such responsable things & a few years later, she would be better by a significant degree.
People like my boyfriend would invest & improve his business so he would double or tripplpe his money in a few years.
2007-07-01 17:37:41 · answer #1 · answered by Smart Kat 7 · 2⤊ 2⤋
Actually nothing much would change........ people always spend up to their own level.....no matter how much money people make, they spend it....so if everyone got the same amount, the spending ratio would be the same ....just more of the same spending.
The only exceptions to this would be the street people - the poorest of the poor for they would be given the false hope that their lives would change only to find they have no More economic power than before they got it.
And the Banking institutions......they run alot on a debt system where people have to pay interest on loans for the banks to pay interest on savings.....what people would hoard their money, wouldnt get paid high interest because supposedly everyone would pay off their debt, so the banks would go broke.
Mind you the people most teed off about this would be rich conservatives - they hate anyone getting anything for free, and they want to be the only people with money...
.
2007-07-01 18:16:19 · answer #2 · answered by Nitebreed MN 2 · 0⤊ 1⤋
Right off the bat they would want 40% capital gains. No banks would cash the checks knowing of the pending doom.
A lot of people would want to pay off their houses and retire loosing valuable years of needed income. Almost everyone would buy a new car making a glut of metal from the used cars and Mercedes Benz very rich.
Gambling, drugs, vacations and new furniture would be the norm and a new law would be passed that no-one could declare bankruptcy.
From there it would get ugly.
2007-07-01 18:30:33 · answer #3 · answered by GO HILLARY 7 · 0⤊ 0⤋
Well, I would retire tomorrow and I believe that I would
have a lot of company. I am part of the baby boom, if
all of the baby boomer's retired at the same time there
would probably be a huge depression, so please give
me my $500,000 in cash.
Other things that are likely to happen would be that more
American jobs would be shipped overseas because there
would not be enough workers in the job market and
companies still need to stay profitable.
As much as I would love to see this windfall, you are
correct that it will never happen.
2007-07-01 17:37:58 · answer #4 · answered by justgetitright 7 · 0⤊ 1⤋
Not counting the effect it will have on the national debt, I think it would be an indicator of people's intelligence. Some people will spend their money wisely, some will waste. Just think of people who win big lotteries and what their lives are like several years down the road. Many of those big winners are in deep debt because they are not intelligent enough to handle money wisely.
2007-07-02 12:31:40 · answer #5 · answered by xg6 7 · 0⤊ 0⤋
I am going to retire at 50, but I would be done 3 years earlier. It would be fine for me, but it would cause serious problems for the younger folks wanting to buy housing or just trying to get by. Bad inflation and more than likely more work shipped overseas.
2007-07-01 18:01:23 · answer #6 · answered by doctdon 7 · 0⤊ 0⤋
Florida and Texas using unacceptable stages of morons, Michigan using financial down-pull, Utah using Mormons, Alaska using Sarah Palin, and Washington, DC using politicians.
2016-11-07 22:06:41 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I'm pretty sure you would have such rampant inflation your economy would collapse. Your currency would be so devalued your standing in the world would be reduced to that of a banana republic and the Chinese would take over your role as the world leader.
2007-07-01 17:45:45 · answer #8 · answered by Ted T 5 · 0⤊ 1⤋
WE could buy out Mexico and some other Central and South American countries. Oh, and lets not forget Canada while we're at it. We could have states all the way up to Alaska! Of course we would have to stop giving money to all those other countries since we'd be taking care of our own for once!
Remember the "Louisiana Purchase"? We could call it the "Yukon Purchase" or the "Tex-Mex Purchase" if we pooled our money.
2007-07-01 17:38:13 · answer #9 · answered by socalmal 4 · 1⤊ 2⤋
The price of penny candy would go up to $100/each instead of its current five cents each.
2007-07-01 17:34:12 · answer #10 · answered by Anonymous · 1⤊ 1⤋