CREATING JOBS BY BUYING OUT PRE-RETIREES
Posted by politicalpartypooper on December 1, 2009
We have a Jobs Summit coming up in Washington, so I thought I’d give up my idea for putting many of the unemployed back to work.
Although the numbers are iffy, there are currently approximately eight million people between the ages of 55 and 60 working full-time in America. One way to create jobs for the unemployed would be to offer this age group a one time buyout. The buyout would be worth $500,000, tax-free, and 55 to 60 year olds would only be eligible if they agreed to never enter the workforce full-time again, except to start a new, small business. Couple that with some sort of bail out for existing small business owners in this age group, and I believe you would have between three and five million people accept the buyout. The cost would be between $1.5 and $3 Trillion dollars, and would create space in our economy for the unemployed to replace those workers accepting the buyout.
The money dedicated to this endeavor would create more than jobs, though. It would spur small business growth, aid existing small business owners contemplating closing their doors, as well spur new spending amongst the group of Americans most likely to actually spend it, 55 to 60 year olds. It would also address a portion of the baby Boomer generation, that portion that would be retiring in five to ten years. Those within that age group would have a definite boost to their retirement futures, and in essence, you could almost consider this as a direct bailout of the retirement funds they lost when America’s Bankers betrayed the entire country.
This is just a rough idea, but would it be feasible?