Friday, January 25, 2008

Government Handout Announced

Get excited if you believe this sort of shallow, politically-motivated economic "stimulation" will have any effect on the economy beyond the first sixty minutes after everyone gets their check and pays off their Christmas (er-sorry-Holiday) Visa bill.

It sounds fair in that if our ill-advised legislators are going issue a "rebate", at least most of it appears to be going to those that actually pay income taxes. It would appear this is the best compromise the White House could muster.

Watch your mailbox in June.

AP: Congressional leaders announced a deal with the White House Thursday on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children.

House Speaker Nancy Pelosi said Congress would act on the agreement — hammered out in a week of intense negotiations with Republican Leader John A. Boehner and Treasury Secretary Henry Paulson — "at the earliest date, so that those rebate checks will be in the mail."

President Bush praised the agreement in a statement he delivered to reporters at the White House. "This package has the right set of policies and is the right size," he said.

The rebates, which would go to about 116 million families, had appeal for both Democrats and Republicans. Pelosi's staff noted that they would include $28 billion in checks to 35 million working families who wouldn't have been helped by Bush's original proposal.

Republicans, for their part, were pleased that the bulk of the rebates — more than 70 percent, according to an analysis by Congress' Joint Tax Committee — would go to individuals who pay taxes.

Individuals who pay income taxes would get up to $600, working couples $1,200 and those with children an additional $300 per child under the agreement. Workers who make at least $3,000 but don't pay taxes would get $300 rebates.

You mean handouts. Meanwhile our national debt grows, our dollar continues to devalue as our government hands out more money it doesn't have.

Why doesn't the Treasury just give us all Visa cards?


Night Writer said...

It's no better than shooting a little alcohol into the carb. A little flash, a puff of smoke ... but without any gas in the tank you're not going anywhere.

Anonymous said...

Bush is just trying to win votes with the people trying to pay us off so he gets more votes and people to back him. this is just a ploy for votes. No one could turn the bill down because it would have become a political issue of republican vs democrats. I say forget giving away the money just lower the gas prices and help MICHIGAN'S RECESSION!!!