Saturday, July 30, 2011

Meet My New Neighbor

This 22 year old  has purchased a nearby home in Little Homby for $85 million.   I assume she won't be using the local public schools in the short run.  At a 1% property tax, she will be paying roughly $16,000 a week for garbage pickup.   That's civic engagement!  

Note that she is from England.   As I have argued before, one way for us to address our budget deficit and stimulate our housing markets is to auction off United States passports. Everyone's always saying that we need to export more. Our passports are something that foreigners want!

So, if we sell two million passports a year at $250,000 each, our treasury department will collect $500 billion a year.  That would help reduce the deficit and I do think that this infusion of successful people would encourage innovation and boost local home prices and this would stem any ongoing concerns about foreclosure.