EnjoyBeing (enjoybeing) wrote,

Politician Protection Act of 2008 (aka "the rebates")

I am a big fan of Clark Howard, a money-saving guru in Atlanta. Here's a link and some snippets of what he has to say about the "economic stimulus package" (aka "the rebates") that are being issued by the government. (Emphasis mine.)


Clark's Plain English Guide to Economic Stimulus Payments -- Snippet version

"People often ask me where the government is getting the $150 billion they're going to disburse as part of the package. Last time the feds offered a similar rebate, they just advanced you your own money. This time, however, they're borrowing $150 billion to make it available to you.

I want you to know that I am not a fan of this idea. Consider this: States are constitutionally bound to balance their budgets each year. They can either raise taxes or cut spending if they come up short. But the federal government has no such oversight and they own the printing presses that make the money."

"The feds will essentially "borrow" the money from people via treasuries, which are like CDs for large corporations and the rich."

"Critics have said that it's nice of your grandkids to pay for you getting a check this summer -- which isn't too far off from the truth. Bonds and treasuries are paid back over 30 years, so it really is the next generation that gets stuck paying for the stimulus package.

I think this economic stimulus package should be known as The Politician Protection Act of 2008. The purpose of this rebate money is so that politicians can get re-elected this fall; it's not about stimulating the economy. Sure, people will be excited about the rebate, but the reality is it won't address the real problem. In the long run, we'd be better off with lower tax rates and a simpler tax code than having the feds send out freebies.

Politicians want you to take your check, get that endorphin high from blowing it and then vote them back into office. But I want you to pay down your debt with it!"

Stupid self-seeking politicians. You can bet that I'll be using my "rebate" to pay down debt.
Tags: clark howard, politics, taxes

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