Back in 2008, when we had the previous depression, our government wanted to have financial stimulus. The idea being that if you GAVE people money, they would spend it, so there would be a stream of money going through a multitude of businesses. This would make the businesses more viable, and unemployment would drop.
Unfortunately, people didn't spend it. Just the opposite, in fact. They saved it for a rainy day. After all, they, too might lose their jobs. Or being a nation of immigrants, you sent this windfall back to your family overseas. Either way, the money didn't pass through our economy, and the unemployment and bankruptcies continued.
And guess what? The 2020 stimulus package is doing exactly the same thing, and people are going to save their windfalls.
So here's an idea that I think is a good one, but I've never even seen discussed.
Instead of giving Australian people Australian dollars, give them their stimulus in special Aussie dollars. They would have the same value as a regular Aussie dollar, but they could only be spent in Australian businesses. They would be useless overseas. Furthermore, they would be dated, actually on the note, we'll say, three months after issue, when they would become valueless. If you wanted to use them, you'd only have three months to spend them in Aussie businesses.
They would be cash only, so that if you banked online you would lose the cash when you tried to redeem it. You would be forced to spend the cash, and the cash flow would help the economy.
I don't see why this woulld not work, or why it isn't done. Can anyone tell me where the fflaws are . . . or whether I have had a truly brilliant idea? 😀😀😀
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