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THE COUNTY: $7.4 million - an 8 year total of $59.2 million.
THE CITY: $13.5 million - an 8 year total of $ 108.0 million
THE SCHOOL DISTRICT: $8.2 million - an 8 year total of $65.6 million
That adds up to a combined $29.1 million a year - an 8 year total of $232.8 million.
THESE ARE DIRECT GRANTS, NOT LOANS. Think how much the public infrastructure and the economy of that city and county will improve with these funds available.
You can figure how much your city and county would receive each year. The formula used to distribute the $300 billion a year is: Your City or town will receive its population times $505 per person. Your County will receive its population times $175 per person. Your Schools will receive $2,000 per student enrolled. And your State will receive its population times $90 per person.
This program will put millions of people to work at high paying construction and manufacturing jobs. Just the dividend check and this program together will end the present recession and return us to prosperity.
$300 billion to provide full employment for all at a living wage. The government would become the employer of last resort. The living wage would be $10.00 per hour plus health care benefits. This program would be similar to the WPA (Works Progress Administration) and the CCC (Civilian Conservation Corps) of the 1930s.
$100 billion to Save Social Security as it is and, at the same time, exempt the first $25,000 of earned income from the 6.2% employee share of the Social Security tax - resulting in a $1,550 pay raise for everyone earning $25,000 or more a year. The current "cap" on earnings subject to the Social Security tax is $102,000 per year. That cap will be removed and the Social Security tax, like the Medicare/Medicaid tax, will apply to every dollar earned (after exempting the first $25,000).
Universal Health Care. We will finally have universal health care like almost all industrialized countries in the world. We presently pay 17% of GDP for health care and over 45 million people are not covered. The other countries cover all of their people and spend 10% of GDP or less. We're already paying for universal health care, we're just not getting it. Legislation to do this has already been introduced. It is the Conyers/Kucinich bill, H. R. 676.
$50 billion to guarantee a college education to all who meet specified criteria, mainly that their grades indicate that they are serious students. A well educated population is critical to the future of our country.
Monetary grants to the states. Each year the Monetary Authority will instruct the U. S. Treasury to disperse per capita grants evenly over a 12 month period to the 50 states equal to 10% of the money created under Title V the preceding year. The states will use these funds in broadly designated areas of public infrastructure, health care and paying for unfunded Federal mandates.
Last, but certainly not least, we will pay off the privately held portion of our National Debt as it comes due. This is simply a matter of replacing interest-bearing government securities with non-interest bearing U. S. money. The portion of the current National Debt held by the government will simply be cancelled. When we create, issue and regulate our own money we cannot owe money to ourselves. Thus the entire National Debt will be paid off, saving the interest charges now paid to the holders of the national debt.
These are the kinds of benefits we can receive when, instead of letting the privately owned banking system loan our "debt-money" into circulation as interest bearing debt, we, instead, create, issue and regulate our own money. In the process we receive the benefits we would have received in the first place if we had always issued our own money.
The American Monetary Act is the only way out of this recession and back to prosperity. The time to pass it is now.
Dick Distelhorst, Chairman
Burlington, Iowa Chapter
American Monetary Institute
www.monetary.org
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