Man, do I hope not. The first stimulus check cost us $168 billion dollars, and that was before we had this meltdown in the financial markets which has cost us not only $700 billion of our tax dollars, but also trillions of losses in the stock market. They tried for another one a few months ago, but it was defeated. But now they are trying again for that second stimulus package, which is estimated to cost $150 billion – money that we just plain don’t have right now. Everyone knows by now that I think the government should spend money on social programs, but handing out cash to every single American is not a social program nor a way to help the economy. Surprisingly, this second stimulus package is not scheduled to be voted on until after the election – which is rare that politicians would miss an opportunity to pander to the electorate with promises of “free” money. I have said it before and I will say it again; these stimulus checks are akin to your Class President in high school promising a Coke machine in every classroom – it’s the buying of votes. I truly am surprised that they are waiting until after the election on this one, but there must be a reason for it that I am missing.
But back to the idea of a second stimulus check – I hope that when the vote comes up it is voted down. We do not have the cash to be throwing good money after bad; we are already doing that with the bailout. If they want to create a fund to pay for road repair or fixing welfare or something like that, fine – work on it and go for it. But a second stimulus check/package is not needed right now, won’t change the dynamics of our economy, and the first one was not even spent – it was either saved or put on a credit card to pay down debt. It was not used to stimulate much of anything. And for those who say “yes, please, send me the money!” – this already is your money, they are just borrowing it from you in advance and you will have to pay it back eventually. Same goes for the bailout if the government’s plan doesn’t work and the same went for stimulus check #1 – it is money borrowed from the future you to give to the current you – and you will have to pay it back. So while it seems nice that the government would send every person $1,000 or whatever amount they so choose, it is YOUR money they are sending, and you will be paying it back in one form or another. What happens then, when they want their money back? Everyone will complain about higher taxes/fees/whatever, and they won’t want to give it back.
Getting a check in the mail does nothing except momentarily put a few bucks in your pocket (if you are lucky enough to not carry debt, as most Americans do). It does nothing to fix the problem that created our economic ills in the first place – people and governments living on borrowed money and cash advances. And here we are again, thinking of borrowing more money in hopes that citizens will go out and spend it. The cycle is never-ending until we all say “NO” one of these days! Borrowing more money and then re-lending it to back to us in the form of these checks only increases the debt load that we all collectively carry. Why are we doing this to ourselves? Start making your own stimulus check for when you really need it – at least you will know that you saved it yourself instead of borrowing it from yourself!