Shawn H asked in Social ScienceEconomics · 10 years ago

If every person in the United States donated \$1 to a pool...?

If every person in the United States donated \$1/day to a pool and when the pool acrrued \$10,000,000 ten U.S. citizens were given \$1,000,000 each until every U.S. citizen was given \$1,000,000...

1. How long would it take for each U.S. citizen to recieve \$1,000,000 tax free.

2. With each U.S. citizen being a millionaire how would that effect jobs in the economy?

3. With each U.S. citizen being a millionaire, how would that effect prices in the economy?

4. If you recieved \$1,000,000 from such a program would you quit your job?

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• Anonymous
10 years ago

1. It would take 1 million days. Think about it. \$1 per day per person... it would take 1 million days for everyone to get their million bucks. That's approximately 2,739 years.

2. It wouldn't have much effect. I'm assuming that over the course of 2,739 years inflation will do quite a number on the value of a dollar. If the dollar still exists, \$1 million won't be that big of a sum.

3. If every citizen were a millionaire, prices would skyrocket. But as I've pointed out, your program wouldn't make everyone a millionaire for almost 3 millenia.

4. If I got \$1,000,000, I would not quit my job. A million dollars isn't enough to live out the rest of one's life in comfort.

By the way, your pool would reach well over \$10,000,000 in the first day. There are 310 million Americans, so you would collect \$310,000,000 per day (assuming no transaction costs). It would still take thousands of years for them to all be millionaires, though.

• JC
Lv 5
10 years ago

If the total population (307 million) gave \$365 (\$1 per day), only 112,055 people would receive \$1,000,000 in the first year. It would take almost 2740 years to make everyone in the US a millionaire in this manner. Clearly we don't live that long. This also does not account for a growing population. This program won't work.

• 7 years ago

What Will Happen ? If All People Donate You Just 1 Dollar . Find Out The Answer

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• 4 years ago

not even close! The inhabitants of the USA of a is sort of 3 hundred million human beings. The national debt is approximately \$eleven.3 Trillion. Doing the maths, assuming via "electorate" you meant human beings residing interior the USA of a, each and each might could donate approximately \$40,000. yet in a diverse thank you to envision it, if each and each man or woman donated \$a million each 2nd for a million year, it might come close to to paying off the national debt