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Save the Rebate!

February 8th, 2008 1 comment

No, I don’t mean save it from going away, I mean save it for later. You’re gonna need it.

Yesterday the Senate passed a bill that will send a $600 rebate check to almost everyone in the US. The wife and I are looking to get $1,200 since our incomes aren’t over the limit.

So why did they do this? They are worried about an economic recession.

HELLO!!! Economists haven’t even proved we are currently in a recession. This is the most absurd thing I have ever heard of. The economy goes in cycles, expansion and contraction, just like everything else in this world. Why do they think throwing money in to the hands of a citizenry who is terrible with money is going to help?

To top it off, the government doesn’t even have this money to give away! They are borrowing it through treasury bonds that they sell to other countries. Hmmm… Borrowing money to fix the problem we have with our economy, that has to work.

Anyways, I see this postponing the inevitable contraction of the economy and making it 10 times worse.

It kind of reminds me when the Senate unanimously voted to give Bush the authority to invade Iraq. No one bothered to look into the consequences, and instead just voted with how their party told them to. An example of group think if I’ve ever seen it. I didn’t hear one commentator on the news or any big name politicians talk about the negative consequences of doing this.

I’m saving my rebate, not buying a new TV. I guess Bush would probably label me as unpatriotic, but who cares what he thinks.

Update: I just saw this in an article on CNN:

The checks are an advance on next year’s refunds, and most, if not all of the money, will be deducted from taxpayers’ refunds in 12 months’ time.

What exactly does this mean? I’m not too sure the politicians made sure everyone heard this part. I’m just wondering it it’s a typo or not.

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