The Senate passed a barely-modified version of the House stimulus bill. My prediction - it will do essentially no good in the short run (which is all its designed to do). It's $160 billion in election year feel-good deficit spending. If we need stimulus now it's worthless, as not a dime will go out for 3 months. 3 months! If the economy is at a tipping point, 3 months from now is an all-but-worthless time to try and do a single thing about it.
When my $300 comes, it's going right to pay down credit card debt. Not a dime will be spent immediately. The "rebate" in my case won't do a single thing to influence the economy. But it will represent a 60-80% increase in the federal budget deficit this year.
The government very often chooses form over substance. This is a blatant example of it. And it's a reason why I don't trust government in more arcane and less obvious matters, like how to simultaneously bring down the cost of health care while increasing the demand for its services. They just failed to pull a cat out of a tree. You think I trust them to stop a speeding train?
1 comment:
I thought it was 600 brought down from 800 for singles. Anyways, I agree, both my family and myself will be using it to pay off debt or save it for need in the future. I won't be spending it freely either. I think this plan will backfire on them. But I am thankful for the refund. Especially since I had to pay in a lot of money last year.
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