Posted on 05/12/2020 8:24:04 AM PDT by Responsibility2nd
$5,000 Stimulus Check Loan Proposal: The Washington Post reported that senior economic officials at the White House are exploring a polarizing proposal by conservative scholars at the right-leaning American Enterprise Institute and Hoover Institution. The scholars, Andrew Biggs (a Forbes contributor) and Joshua Rauh, had published an opinion piece in The Hill outlining their plan, which would provide cash to households, but not in the form of a direct stimulus payment. Instead, the two argue that Congress should offer voluntary loan checks of up to $5,000 the actual amount is up for debate in exchange for a delay in receiving their Social Security benefits in retirement by up to three months.
The two describe how individuals who opted to receive the loan would have the balance carried forward at a specified and favorable government interest rate until the time they choose to claim Social Security, with the loan then being repaid out of the very first Social Security checks that individuals would otherwise receive, after which their full Social Security check would be restored. Biggs and Rauh note that those who choose not to receive a check would keep their Social Security retirement benefits and incur no delay.
~snip~
Democrats and Republicans Debate New Stimulus Checks:
~snip~
Why Is The White House Interested In This Plan?
~snip~
Does This Proposal Thread The Democrat-Republican Needle? Republicans stand to be supportive of this proposal because it would provide aid without fear of adding trillions to the national deficit. Democrats might appreciate the ability of cash-strapped Americans, including the 20 million who lost their jobs in April, to receive more money directly into their bank accounts.
But is this good public policy?
~snip~
Robbing Peter To Pay Paul?
(Excerpt) Read more at forbes.com ...
How about this. In exchange for NO Socialist Security benefits, I never pay Socialist Security taxes again, ever?
AND you will pay taxes on that $10 interest income !!!
Are they paying me back with interest on the money I have paid in for 40+ years./s
“AND you will pay taxes on that $10 interest income !!!”
Not on $9.99 though.
.
I agree
LOL! You and me are still here. And glad of it.
Yes.
$5000 today is worth more than $5000 tomorrow.
Garbage, still too much government swamp aids and employees, spending and $$$$$ benefits, pensions $$$$$$$
I get more in SS in three months than 5,000 I get 6,000;in 3 months and if this is for people before they are on SS who in the hell is doing the bookkeeping on this what could go wrong??
I’ve already been receiving SS payments for 10 years now. Leave mine alone. I do just fine with it.
Way too late.
I like the idea. Get the money upfront with at a nominal interest rate. I’d take it. Otherwise I leave all my SS contributions on the table in the hopes I’ll collect which is looking increasingly doubtful. Give me the money now.
At some point the future, this will be reversed by liberals.
I haven’t lived the healthiest life so I would be taking away from my wife’s future income most likely. Hell, sounds like a plan.
We should start a club.
PeteB570 wrote:
“Well, since I could draw $2,000 a month now if I went on SS getting a $5,000 loan for three months dont make much sense.”
Agreed, anyone in that situation would be better off going on social security.
Question then is, what to do for health insurance?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.