Thursday, January 24, 2008
Money for nothing
To help stimulate the economy, Congress and the White House have struck a deal to begin “rushing” tax rebates of $600 to $1,200 to tax payers hoping we will quickly spend this free money on something stupid and in the process shock this ailing economy to life. If I remember correctly, Bush did this shortly after he took office. It seems so long ago that I can’t really remember.
I’m glad that the federal government has so much extra money that they can just dispense it in such a haphazard way.
Even if the Senate quickly approves this free money scheme, the checks will not start going out till May. It could then take months before everyone gets their free money.
The fear is that people will not take this money and spend it. They might just do something responsible with it and put it away for a rainy day. That wont stimulate the economy. If they really want to make sure people use the money for it’s intended purpose, they ought to issue Visa or Mastercard debit cards. Make them so they can’t be used for anything other then something that would stimulate the economy. That means you couldn’t squirrel it away for the proverbial rainy day. You would have to use it.
I wont believe we are getting this money until we actually get the check and the check clears. Until that happens, I’m not counting on getting it.
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