Posted on 01/19/2008 5:16:07 PM PST by Libloather
Will the check be in the mail?
Last Edited: Saturday, 19 Jan 2008, 1:47 PM EST
TAMPA - Cash can be like a jolt of caffeine to a national economy. In 2001, the federal government sent every income taxpayer a $300 rebate check. It ran up our debt, but also helped end our last recession.
Now President Bush and Congressional leaders want to try it again. This time they may send every income taxpayer a larger check. Economists say that could stimulate our economy again if recipients spend much of their rebates on products.
"Letting American people keep more of their own money should increase consumer spending," said President Bush. That could potentially pull us out of the credit and mortgage mess that's hurting the entire U.S. economy. For this to work, federal leaders need to act soon.
"A stimulus must be timely—if it comes too late, it can interfere with a recovery," said House Speaker Nancy Pelosi.
President Bush also wants tax credits for small businesses that could entice them to expand and hire. Congress may also increase unemployment benefits, and increase food stamp allotments.
On the downside, big rebates can drive up debt and inflation over the long run, which takes money out of our pockets. But our government is focused on a temporary stimulus, to address the problems we have today.
This time they may send every income taxpayer a larger check.
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Looks discriminatory to me. Non taxpayers should be included if we’re really serious about spending our way out of trouble. Even illegals could help in this regard. They spend too, don’t they? /sarc
I'm nearing retirement and I think that I will supplement my income by smuggling light bulbs, transfats, cigarettes, etc.
As close as you can get without being there.
Let's see, $448,000 times 300,000,000.
$134,400,000,000,000. $134 trillion.
Give Glenn a call. Perhaps he will double book you with his government expert to debunk his comments.
Or Glenn could use a calculator?
Like I said, Bullshit. At best, only half the equation.
Excellent! Much better.
Per the transcript that is only $53 trillion. He breaks that out as $34 trillion unfunded for Medicare, $7 trillion for social security plus the nation debt + other liabilities.
Now, for the other half of the equation. If you're going to count a liability for Medicare and Social Security, you need to count the asset to the recipient. I guess we're down to $12 trillion.
The person interviewed was David Walker, comptroller of the United States.
Yeah, he's a Clinton appointee. It's too bad that good people fall for his crap.
How bazaar is it that they want to add FORTY CENTS tax on a gallon of gas???
I agree with you.
They already steal most of the tax on gas now.
We're always asked on a local level to raise our city tax to pay for roads that our gas tax money is supposed to be for.
Instead it goes for Politician's pork.
Hot button issue for me
Truthfully, corporations do not pay taxes. Only individuals pay taxes. Corporations collect taxes from individuals who buy their products that have these corporate taxes embedded in the price of their products.
Ouch, 3 degrees Farenheit.
That’s colder than here, and we just finished with 12 degree temperatures.
I STRONGLY disagree. That would be telling them its ok for them to be here and not pay taxes. If you dont pay taxes you dont get the money at all
I STRONGLY disagree.
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/sarc at the end of a post means the post was sarcasm.
The man Glenn had on was the head of the GAO - the person who knows the funded and unfunded liabilities of the Federal government better than any other person alive today.
And I believe the figure was $448000 per household - about $62 trillion in unfunded liabilities alone.
I didn't get one. The government decided I made too much money to deserve some of it back. I suspect the same will happen with this one.
Memo to president Bush, Congress, and all the economic “experts” who’ve decided how government can “save” our economy: take your $800 rebate and shove it!
Anyone with half a brain knows what’s wrong with our economy: government spending has expanded far beyond anything resembling fiscal sanity. Every other entity which operates on the basis of money coming in versus money going out is constrained by one immutable reality: if the latter exceeds the former, sooner or later you go bankrupt.
Our political class, however, adheres to completely different “principles:” 1. government NEVER shrinks, it only expands at differing rates; 2. if that rate is less than we think we’re entitled to, we call it a “cut;” 3. we will spend whatever we want, irrespective of the funds actually available; 4. we will make “promises,” aka Medicaid, Medicare, Social Security that will become impossible to keep; 5. we will never go bankrupt because we can print money–even if that money becomes next to worthless. 6. we will never plan for the long term because getting re-elected enshrines short-term thinking.
Don’t think for a minute these bums don’t know how to really fix the economy. It’s just that doing something for the good of the country doesn’t remotely compare with doing something good for themselves.
And Americans are furious with government for precisely that reason. What we see is a bunch of self-serving fat cats whose first commandment is “do as I say, not as I do.” Have to be responsible with money? We don’t. Have to prepare for your future? We don’t. We can run this country right into the ground and every single one of us will still be sitting pretty. Have to do without when times are tough? Not us. There’s no such thing as tough times when you’re spending other peoples’ money–and racking up nine trillion bucks of IOUs in the process.
The public’s anger, however, is largely worthless—and we have no one but ourselves to blame. See if this sounds familiar: all those other Congressmen stink, but I’m going to re-elect mine because he “brings home the bacon.” And you wonder why most of these folks get the sense they’re bullet-proof?
Congress won’t put the interests of the country before their own until the American public makes it clear they can’t be bought off with a “bridge to nowhere,” a “museum commemorating Woodstock,” or any other “goodies” whose principle aim is to buy your vote–one earmark after another.
Aren’t you tired of being a sucker? Or is eight hundred bucks enough to buy you off–again?
I certainly do. Because it sure is amazing that this "stimulus" just happens to be in a major election year, isn't it?
Unfunded liabilities are different than debt.
Why didn't he mention the assets?
The gubmint giving me back some of my money...How nice of them.
Good idea....I haven’t thought of that one :) SARCASM
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