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GLENN: So we're talking about a trillion dollars of printing it up. And his idea is the government will spend it. Instead of giving it to the people who can't stop with their credit cards. For some reason we just can't stop with our credit cards. Give it to the American people.
How about this idea with the taxpayer? How about just giving the money to the tax -- blow a trillion dollars, let's spend it on the people who are likely to spend it rather than the failing companies, which this stimulus package doesn't do. Whether them saying, "You know what, we're going to fund contraceptives," I don't know how that stimulates the economy. "We're going to buy a bunch of contraceptives." Really? $825 billion, this is the federal government saying they're going to stick to their word. There won't be another dime after $800 -- don't -- we're not this stupid, are we? "Oh, no, this will be it."
If they just took that money, there are 140 million people who filed tax returns in 2007. Of those about 100 million actually ended up paying the taxes. Understand that. 100 million out of 300 million actually paid taxes in 2007, which brings me back to the, "Wait a minute, 95% of people are going to get a tax credit?" How is 95% of the -- 95% of the people didn't pay taxes. That's only leaving out the people who paid the most amount of taxes.
So 100 million people actually ended up paying taxes. The overall median income for individual workers in America is $28,000. On that salary you'll pay 15% in federal taxes, $4200. The stimulus package would translate to $8,250 per taxpayer. So the average person in America would not only pay zero in taxes for the year but you'd get a 14% pay increase. You'd go from $28,000 a year to $32,000 a year. You want a stimulus package? Suspend the income tax. You want a stimulus package? Just cut everybody a check for $8,250. I'm not printing money to solve problems.
You want to print money so people can spend it? Good. Print money and give it to people to spend it. You'll solve an awful lot of problems. Not for very long but you'll solve an awful lot of problems. Me personally, I'd rather go through a tough period and cleanse ourselves from these bad companies and all the mistakes. I'd rather learn the lesson and still have a little bit of capitalism left. But if you insist on printing the money, why not give it to, you know, Sally Muckenfutch and her brood. Or are you done using the example of hardship person now that you're off the campaign trail. Are you now stopped talking about, "Poor Sally Muckenfutch who only has one leg, one eye and only half a child because evil oil, Exxon, came and took half of her child. So now Sally Muckenfutch has had to take all of her salary and knit half a sweater child and staple it to the other side of her child. But poor Sally Muckenfutch has dyslexia. So now her child has two left hands, one made entirely out of used yarn. $8,250. You want to spend it? Good, give it to the people. Stop with the lies.
GLENN: I'm just looking at the highlights of this stimulus package. $825 billion total, that's today. And by the way, Republicans, I swear to you, for those of you who think that you're just going to, "Well, okay, I'm going to take some of the bad stuff" but we're going to put some tax cuts in there. And if you think that's going to be swallowed by the American people, or at least a good number of Americans. Maybe the majority wants to, but it seems to me the majority wants to go socialist and I'll be damned if I'm going socialist. $550 billion in new spending described as "Thoughtful" and carefully targeted priority investments with unprecedented accountability measures built in. That's the language of this thing. Thoughtful and carefully targeted priority investments with unprecedented accountability measures built in. There's $275 billion in tax relief. That's $1,000 tax cut for families, $500 tax cut for individuals through Social Security payroll deductions. This is the way they get people who are not paying income tax a tax cut. They take it through the payroll deductions. $90 billion for infrastructure. $87 billion to Medicaid aid to states.
Stu, do you remember the story we talked about in one of our story board meetings about the $87 billion Medicaid aid to states? Do you remember this?
STU: Yeah, yeah.
GLENN: Can you give me the details on this?
STU: Not off the top of my head. It was a back door to essentially force their hand.
GLENN: Kevin or Joe.
STU: Kevin will remember.
GLENN: Whoever was the one who brought that story to us, could you get on the phone or come into the studio, please? $79 billion school districts, public colleges to prevent cutbacks. $54 billion to encourage energy production from renewable resources. By the way, Stu, give me the list, if you have it, of all the top priorities, of Americans' top priorities. $41 billion for additional school funding, $14 billion for school modernizations. You know what? I don't care if my kid learns in a shack, I really don't. I mean, we build these temples to education and they fail. $24 billion for health information technology to prevent medical mistakes. Hmmm. $24 billion, this is stimulus. Health information technology. You know what this is? Quote: To prepare for universal healthcare. That's what part of this money is. To prepare -- quoting from the document -- prepare for universal healthcare. This is so the government can have access to all of your medical records easily. You tell me the government having a system run by the government with your healthcare. Let's say, oh, gee, it looks like you have leprosy. "I don't have leprosy." It's in the system you have leprosy. Well, I can't take it out of the system. It's in the system. How do I get it out of the system? Oh, it's easy. You just have to file this paperwork.
Can you imagine? What happens if something goes in your medical file that shouldn't be in your medical file? How do you get it out of there? You want the government having all of your medical records on one central database that they control? I don't. $16 billion for science and technology. $10 billion for science facilities, research, instrumentation. $6 billion to expand broadband to rural areas.
You know what? If you want Internet access, pay for it yourself. I'm sorry to be such a hate monger, but buy it yourself. Why is every -- why is it now a universal right to have broadband access in your house? Why is it -- you know what really drives me crazy? You know why television stations -- here, here, television stations have lost about 60, 70% of their revenue. These are your local stations. Your television stations have lost their revenue. Why? Because they are mainly car companies. They are mainly financial ads and Viagra ads. Well, only Viagra's left, gang. So how are your local television stations making money? Oh, on top of that, the date to be fully converted over to high definition is rolling up on top of them. Now, I don't know about you, but I was perfectly fine without high definition television. Were you okay, Stu? Did you live an okay life without high-def?
STU: It was tough, but I did it.
GLENN: It was very tough. I don't know how we did it without being able to see all the pores in people's skin but I made it through without high-definition television. Yet the government said they mandated that everybody be high-definition by this year. Well, where did that money come from? Who had that money? They mandated it. It had to be done; so we did it. By the way, you know what was part of the last bailout project? Millions and millions and millions of dollars of bailout funds to the television stations that couldn't afford the high definition. And so we bailed them out. You are now paying -- your tax dollars are now paying for that high definition that you most likely can't really get at your house anyway. So your tax dollars went to bail out the high-definition move and then the government said, "Well, nobody's ever going to be able to meet this anyway because of the economy now." So they suspended it. And now we're getting into broadband. Yeah, now let's do the broadband thing. You've got to be kidding me. $15 billion to increase Pell grants by $500. $6 billion for the ambiguous higher education modernization. What the hell is that? They are going to be changing light bulbs, I'm not kidding you, changing light bulbs in government businesses. This is your -- government businesses, I apologize. They haven't made all business government yet. In government buildings, like which will soon be the Bank of America building and the CitiBank building. This does not include any of the bank bailouts.
The bill provides enough spending to give every man, woman and child in America $2700. $2700 to every man, woman and child in this bill. The total cost is almost as much as the annual discretionary budget for the entire federal government. Let me say that again. The total cost of this one bailout which only $20 billion go to the economy this year, the total cost of this legislation is almost as much as the annual discretionary budget for the entire federal government. This legislation nears a trillion dollars. Best way to understand that, best way to understand a trillion dollars is imagine a crisp new stack of $1,000 bills. If you have a stack of $1,000 bills four inches high, you're a millionaire. A trillion dollar stack of $1,000 bills would measure just over 63 miles high. 63 miles of $1,000 bills stacked on top of each other.
Give you a little more perspective. In $20 bills a trillion dollar stack would be 3,150 miles high. That's the distance between D.C. and Peru. To give you a little perspective, $1 trillion, if you have a stack four inches high, $1,000 bills, you're a millionaire, the whole stack is 63 miles high. How many people say to themselves, "Well, nobody's going to miss this four inches." How many people say, "Well, that's only eight inches. I can just move these eight inches. That's 63 miles. Who's going to notice the eight inches." How many things, how much of your stack of $1,000 bills is being moved to things that most people don't even know and all in the name of, "Hurry, we've got to get this done." No, we don't. The bill is going to cost you $6700 in additional debt. Actually it's not going to cost you that. It's going to cost our children or our grandchildren $6700.