I think it’s a load of crap – I won’t hold anything back here. G.W.’s (and now the Democrats as well) brilliant plan to give out around $100 billion dollars to “stimulate the economy” will do nothing of the sort. There are of course the people that will view it as a gift from the government (like they see tax refunds too) and buy themselves a plasma TV, and that of course will, I suppose, stimulate the economy a bit…at least at Best Buy. But here is the question we really should be asking (if we actually had a say in the matter):
Where is this money coming from?
We are borrowing to pay for everything nowadays because Bush has spent us into the poorhouse – between the war, the mega-tax cuts for the rich, our national debt and failing international trade. We cannot even afford to travel internationally right now because our dollar has become so worthless overseas. And yet we still have $100 billion to hand out to every person in the country? No, we actually don’t…it will be paid for by us, just not today. But eventually it will be, same as all the other debt that has been racked up in the past 8 years. The National Debt has continued to increase an average of $1.44 billion per day since September 29, 2006, and is now at around $9,207,038,602,594. Each person’s share of this debt is around $30,000…how does it feel to owe that much? So glad I paid off my credit cards, only to find myself back in debt. Because eventually we will be paying it back…in the form of new fees, taxes, pay cuts, etc. It will be coming, so be ready for it.
So who will spend this “free” money to stimulate the economy?
“Getting money to low and moderate income people is good in the sense of getting a bang for the buck” because they tend to spend it quickly, Bernanke said.
Yep, they are depending on the low and moderate income people to correct the economy. Not the corporations, who are getting a giant tax cut in the form of equipment rebates, and not the rich, who will just put this money right into their bank accounts. The poor and lower middle class are being depended on to take their $600 and go shopping. Not to save it, not to put it into a retirement account, but to spend it right away. Remember after 9/11 Bush told us all that “going shopping” is the best way to help recover from the terrorist attacks? Well we have been spending trillions of fake dollars since then and the hole we are going to find ourselves in is getting deeper and deeper.
Wanna see something funny I found on the Treasury website?
How do you make a contribution to reduce the debt? Make your check payable to the Bureau of the Public Debt, and in the memo section, notate that it is a Gift to reduce the Debt Held by the Public. Mail your check to:
Attn Dept G
Bureau Of the Public Debt
P. O. Box 2188
Parkersburg, WV 26106-2188
Yep, you can just send them a check right now. Maybe we should just send our “stimulus” check back to them? Nah, I am sure they would find a way to spend it right away. Me? Putting it right in the bank for when that bill comes due down the road.