Senator: Send Stimulus Package To Wal-Mart
BENTONVILLE, AR - A proposed amendment to the $170 billion economic stimulus package could save billions of dollars and infuse the economy even faster than originally anticipated. Arkansas Senator (D) William S. Walton is recommending that lawmakers take the main idea of the package - putting money in the hands of those who would spend it quickly - a step further by sending the entire amount directly to Wal-Mart.
"The people targeted for the rebate checks - lower and middle income families and the elderly - are the exact same demographic groups as Wal-Mart customers." explains Walton. "Since most of the money would end up there anyway, it would be much more efficient to send it to Wal-Mart directly."
The General Accounting Office has estimated the cost of distributing the stimulus package to millions of households to be about $3 billion. Walton says a single check made out to Wal-Mart could be issued for as little as $10,000. "There are better ways to put money to use than to invest more into the stimulus package." said Walton. "Let's not forget the billions it cost to collect that $170 billion in the first place."
Economists say that taxpayers would still benefit, even though they would not be receiving any checks. "A lot of the money would go right back to the government in taxes - easing the burden on individuals." says R. Frederick Jenkins, professor of Analytical Macroeconomics at Howyflyl University. "Beyond that, with an influx of about $100 billion in cash, Wal-Mart could probably afford to lower prices even more, or perhaps buy American-made products again. Either way, it's a win-win situation."
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