Work is underway in Washington to rev up the economy. I recently heard someone ask, if lawmakers just gave all the stimulus and bailout money to taxpayers, just how much would the check be? I pulled out the calculator and a friend to double-check the numbers.
If you take the $700 billion in the bank bailout and then add the stimulus the House of Representatives approved the total is $1.519 trillion dollars! If you divide the $1.519 trillion dollars by the number of taxpayers, about 156.3 million who filed last year; it equals a bailout check of $9, 718.49 per each taxpayer.
But government leaders want to do more than pass out money. Goals for the economic stimulus plan include restoring the nation’s economic competitiveness, creating jobs and developing green technologies. Those green technologies are already creating jobs for some businesses.
Cardinal Fastener is an Ohio company expecting to get a boost from the proposed multibillion-dollar economic recovery plan. The small manufacturer makes hot forged, large-diameter, high-strength fasteners for construction, heavy machinery, bridges, oil exploration and energy generation. President Obama has made modernizing the nation’s vast power network a key piece of his $819 billion economic stimulus plan, approved by the House of Representatives.
Cardinal’s products are also in demand in the alternative energy industry. The Ohio firm began building bolts and other wind turbine parts just two years ago and is on the way to make half its earnings that way. Founder John Grabner expects green energy to account for 90% of growth in the future.
Another Ohio firm is poised to expand with the stimulus plan. The Cleveland Group of Companies as the name implies, is a diverse small business with divisions including construction, consulting, construction supply and real estate services. The firm plans to compete for a wide variety of public and private projects in 2009. Founder Eddy Zai, believes his company is ready for the new economic climate; “Americans have done business a certain way for the last 20 years, and it’s time to figure out how to do business for the next 20 years, and adapt to the new world economy.”
What form of economic stimulus do you prefer? How big would your bailout be? Let me know what you think!