President Bush has finally signed a stimulus package into law. For the record, I think this is a bad idea. Our country is already facing a huge budget deficit, spurned on by the large tax cuts Bush has given the rich and the cost of the war against terror. I mean, where exactly are we getting this money from?
I freely admit that I am not an economist, but I'm don't understand how this is going to prevent a recession. Most every one I've talked to about the stimulus package is planning to use the rebate they will get to pay off bills or to add to their savings. That said, I will happily deposit the rather large rebate check that Mr. M and I are predicted to get and put it in savings, all the while standing by my belief that this form of stimulus will not help the economy that much. Does that make me a hypocrite?
3 comments:
No, you are not a hypocrite, both parties who comprise the federal government are....
This stimulus package seems to be nothing more than a bailout for the banks as people pay off their credit cards instead of buying the huge TV. The Gov., probably knows this but it knows it cannot ask for another bailout for banks as it has done in the past.
This is not going to prevent a recession as the rebates will be sent out late Spinrg or Early Summer instead of now. It will provide an excuse for members of Congress who said "We tried..."
If I were you, I would put the money in your savings, knowing that it will not go to Mr. or Mrs. M, but to Wild Man. He, or his kids, will need the money to pay off the deficit.
I'm similarly torn. On the one hand, I agree that this "stimulus package" will do nothing to help the economy. And the comparatively meager amount of money that people will receive isn't going to help anyone facing serious financial issues. On the other hand, that little check will pay most Supadiscofamily's rent this summer--which temporarily relieves us of one financial worry.
Not in the least. Last time, Bush cut checks to folks, the same bill threw many state budgets into crisis which directly resulted in significant premium increases to state health care plans. My family and I "paid back" that check through increased premiums in less than three months. I expect no different this time.
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