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Bush considering $800 tax rebate to boost US economy
breitbart.com — President George W. Bush's administration is considering an individual tax rebate of up to 800 dollars as a short term measure to help boost the sagging US economy, a media report said Friday.
MadSquirrel- 925 diggs
- digg it
- MadSquirrel, on 01/18/2008, -5/+225So where is all this money coming from?
Don't pay attention to the man behind the curtain!- contractcentral, on 01/18/2008, -6/+43It's coming from us, the taxpayer. This is nothing more than a temporary tax cut AND redistribution of wealth, the latter being a huge mistake.
- Napoleone, on 01/18/2008, -5/+26On your second point, I'm pretty sure everyone, at a minimum, has put a measly $800 bucks in the tax system. It's a tax cut for everyone no matter how you slice it.
- Wargalas, on 01/18/2008, -19/+4Everyone, you mean, like hard working Americans. Not pimply faced idiots like a lot of people you see here on Digg.
- Napoleone, on 01/18/2008, -1/+13A lot of teenagers have jobs and pay taxes. It's not like these rebates are going to children, either.
- Gustav, on 01/19/2008, -1/+8Except that we're already in deficit spending. So this just gets tacked on to the debt.
So basically, Bush will borrow $800 from the American public, then pay the American public $800. Genius!- delafere, on 01/19/2008, -0/+5Isn't it really that Bush will borrow $800/US Tax Payer from China (in our names), then give that $800 to each US Tax Payer so they can use it to go buy more stuff manufactured in China? Surely that will help... the GOP in the elections. Don't think it will really help the economy, though.
- bjornski, on 01/19/2008, -0/+4No, it's an advance on your next rebate check.
You WILL be paying this back later. This is nothing more than an advance on money you'd be getting back a few months later.
- jsmith39, on 01/19/2008, -1/+16It'll be a distribution of wealth alright. Most people will just end up using the money to buy heating oil this winter.
- theOster, on 01/19/2008, -0/+2http://video.google.com/videoplay?docid=-610605745 ...
"HIDE THE MONEY YA'LL, THERE'S POOR PEOPLE AROUND!! HAHAHAHAHAHAHAHAHA, with ya' broke ass!"
hilarious
- Napoleone, on 01/18/2008, -5/+26On your second point, I'm pretty sure everyone, at a minimum, has put a measly $800 bucks in the tax system. It's a tax cut for everyone no matter how you slice it.
- iching, on 01/18/2008, -10/+221Here's an idea on a stimulus package.
END THE WAR AND BRING THE MONEY AND THE TROOPS HOME NOW!- CAD420, on 01/18/2008, -3/+19I can't mod you up enough.
- bugsy187, on 01/18/2008, -2/+32How about don't give a blank check to Haliburton or stop raising a private army called Blackwater? Nah, let's just rack up the budget deficit even higher...
- Hedegaard, on 01/19/2008, -8/+2I'm with you - the only problem is that there is no money to bring back home - only debt. But it would probably help if you didn't have to loan money from China to the same extend anymore.
Another thing - bringing all troops home would probably result in the biggest layoff in US history (just my subjective guess as I doubt there would be need for ~500000 full time soldiers in the US).- scotticus, on 01/19/2008, -0/+13There aren't 500,000 in Iraq and we always have a standing volunteer army... in peace time and otherwise.
We're stuck with the debt, but we'll also stop SPENDING money... money that could be used to build bridges, schools, and other infrastructure things which spur business and generate jobs.
- scotticus, on 01/19/2008, -0/+13There aren't 500,000 in Iraq and we always have a standing volunteer army... in peace time and otherwise.
- sinurgy, on 01/19/2008, -2/+2It seems most people pay lip service to that line of thinking but don't actually vote for it. It's the goddamn baby boomers!
- Ekdog, on 01/19/2008, -3/+3It's the backward hicks from the Bible Belt who are responsible for this calamity. Coastal Americans never voted this administration in.
- Navigator7, on 01/20/2008, -1/+3If the immigrants knew America would one day be populated with the spawn of liberalism commonly known as Blue States.... creating the very persecution they were escaping....they might have chosen to fight in Europe rather than to risk sea sickness.
I rather fight Blue States than go elsewhere too!
You finger pointing coastal Americans as you call your self are part of the problem and have little to offer in the form of solutions. - SpudgeBoy, on 01/22/2008, -1/+2Start paying as big of a share for the country as us Coastal Americans and we might start giving a flying ***** what you red necks think.
- Navigator7, on 01/20/2008, -1/+3If the immigrants knew America would one day be populated with the spawn of liberalism commonly known as Blue States.... creating the very persecution they were escaping....they might have chosen to fight in Europe rather than to risk sea sickness.
- Ekdog, on 01/19/2008, -3/+3It's the backward hicks from the Bible Belt who are responsible for this calamity. Coastal Americans never voted this administration in.
- TxSharpie, on 02/11/2008, -0/+0How about we just nuke the entire Middle East? That would solve the problem, eh?
- SuperWinner, on 01/18/2008, -1/+47Robing from Peter to pay... Peter?
- GoneFishing, on 01/19/2008, -0/+2Richardson equivalence?
- Markp487, on 01/19/2008, -2/+4hey i'm a ron paul supporter i got the dudes bracelet on my wrist. but ron paul uses the peter example only to further his own argument on tax rebates. I would advise reading his most recent accumulation of speeches. The only difference btw subsidies and tax rebates are from what they stem from. They both increase someone's utility which is unfair.
- omgosh, on 01/18/2008, -1/+60Doesn't matter, people are just going to spend it on Chinese goods anyway.
- runxctry, on 01/19/2008, -0/+14Agreed... half the money is going to be spent at Walmart. So, we'll move money from the US to overseas. That'll help the economy!
- TxSharpie, on 02/11/2008, -0/+0Isn't that the truth. We're so busy outsourcing all the jobs in this country.......then, we give such a huge percentage of the remaining jobs to illegals who turn around and wire the money back "home". Western Union is happy. Corporate BigWigs are happy. One of these days Americans are going to wake up and guess what? No more good old U.S. of A. It'll be a rude awakening for many.
- Octaman, on 01/18/2008, -1/+27Please remember: in the end every American citizen is going to have to pay for this tax cut (plus interest).
- RyeBrye, on 01/18/2008, -16/+4Please realize:
If every american stops spending, the economy will fall into a recession... (which sucks)- bjornski, on 01/19/2008, -0/+2That's right!
So do your duty as good little Patriots, and spend spend spend! We'll even lower the interest rate so you can borrow MORE!
- bjornski, on 01/19/2008, -0/+2That's right!
- TubaTechno, on 01/18/2008, -13/+14Remember when Bush's tax cuts actually increased the tax income revenue the government made? Cause it's been happening in the past 6 years...
In 2001 the tax brackets were the following (single person):
$0 - $27,050 - 15%
$27,050 - $65,550 - 27.5% - MIDDLE CLASS!!!!
$65,550 - $136,750 - 30.5%
In 2007 (again, single):
0 - $7,825 - 10% (but usually with tax credits you will pay 0%)
$7,825 - $31,850 - 15% - PARTLY MIDDLE CLASS!!!!
$31,850 - $77,100 - 25% - MOSTLY MIDDLE CLASS!!!!!
$77,100 - $160,850 - 28%
And yet you guys still call these '03 tax cuts "tax cuts for the rich" while you continue to ignore the benifits to the middle class. Should wealth people pay MORE in taxes just because they have more? The middle class has benifited as well as the RECORD tax revenue the government has been receiving since the tax cuts.- Ezareth, on 01/18/2008, -15/+7Trying to teach economics to a liberal is like trying to teach a pig to sing, you only waste your time and annoy the pig.
- HollowMarkeD, on 01/19/2008, -2/+3Err tax cuts and a small social state is a branch of liberalism called economic liberalism. Teach me? Oink.
- scotticus, on 01/19/2008, -3/+8"Should wealth people pay MORE in taxes just because they have more?"
Yes. Absolutely. Capital gains should be taxed. Inheritance above a certain amount as well.
The wealthiest people in this country have benefited the most from our form of government and should contribute more to it. I say this as someone in a pretty high tax bracket. Warren Buffet agrees with me: "If you're in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent."
http://business.timesonline.co.uk/tol/business/mon ...
From the link: "Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year, without trying to avoid paying higher taxes, while his secretary, who earned $60,000, was taxed at 30 per cent."- bjornski, on 01/19/2008, -1/+2But...but...but... the NUMBER of dollars they paid is MORE than those of a lower income worker!
That's not fair! They should pay the same!
/sarc - dbwood, on 01/21/2008, -0/+3No, they should pay more, but the same in percentage to weatlh. That is "fair" and not a socialistic re-distribution of wealth, which so many people who are engrossed in an entitlement attitude desire.
- mcrunch2, on 02/08/2008, -0/+1wow, his secretary paid 30% in taxes with a max rate of 28%? She must be a financial genius. Either that or she's really gullible.
- bjornski, on 01/19/2008, -1/+2But...but...but... the NUMBER of dollars they paid is MORE than those of a lower income worker!
- rlbond86, on 01/19/2008, -0/+5If our economy is so great how come gas is $3, food costs 150% of what it did a few years ago, and my health insurance costs have skyrocketed while coverage has gone down? Tax cuts can pick the economy up but you have to RAISE taxes back after it's done.
- Ryosen, on 01/19/2008, -1/+3Taxes, schmaxes. That's the next president's problem.
- bjornski, on 01/19/2008, -0/+1Tax cuts at this point in time are like choosing to lower the minimum payment on your maxxed-out credit card.
For the moment, you have a few more dollars, but you're really hurting yourself in the long run. - TubaTechno, on 01/20/2008, -1/+2Why do you have to raise taxes after it's done? The tax revenue that the government getting is at record highs. Speaking of gas prices, how much of that are taxes? You might want to look into that.
- bjornski, on 01/21/2008, -0/+1@TubaTechno
While you're looking up that list of taxes (you too, Tuba), you might want to look at when they were enacted, and when they were last raised.
Yes, there are taxes on gas, but unless your state (states rights!) decided to raise taxes on it for infrastructure repair, taxes haven't gone up on gas for quite a long time.
The cost of a barrel of crude has gone up 4x since Bush took office. But the amount of taxes raised (since it's taxed PER GALLON) hasn't gone up. It's not the big bad evil taxes that are ***** you over right now.
Now the billions in tax credits we gave the record-profit making oil companies....
You can consider those tax increases (since your share went up, and theirs went down), that hurt the country for no good reason other than to pay off some rich cronies.
Yes. You can bitch about that tax increase. - mcrunch2, on 02/08/2008, -0/+1Wow, you live in a terrible place. My food prices only went up a little, perhaps 15% as did my health insurance. I have only payed $3 for gas once a year or so ago. My national taxes have gone down to less than 20% of what they were 10 years ago.
Inflation is due to uncontrolled government printing of paper backed money. Gas prices are due to the world market which is getting tighter as china and india crank up their economies.
- Tex2002ans, on 01/19/2008, -2/+4Inflation is the reason why gas, food, and the cost of goods are way up.
- Ezareth, on 01/18/2008, -15/+7Trying to teach economics to a liberal is like trying to teach a pig to sing, you only waste your time and annoy the pig.
- minorthreat, on 01/18/2008, -2/+2Thats really great Tuba, but why do we want the government to have more of our money? I'm for the government limiting it's intake, it already waste enough!
- bjornski, on 01/19/2008, -0/+2It's called paying off the debt.
Do you realize what just the INTEREST on that $9 trillion debt costs us? It'd probably be a good idea to bring the balance down to reduce that.
But "conservatives" can't wrap their heads around that. They keep insisting on lowering their minimum payment, and sticking more and more "on the card".
Or are we just going to default on those debts?- Tilon, on 01/19/2008, -0/+3"Or are we just going to default on those debts?"
Step back and look at the facts. We have no intention of paying back this debt.
Why do you think they want to start a war so bad? Yeah. That's the definition of scary. - mcrunch2, on 02/08/2008, -0/+1Conservatives insist on not spending so much in the first place - not sticking more on the card.
In fact, many conservative would be happy if there was no card in the first place.
- Tilon, on 01/19/2008, -0/+3"Or are we just going to default on those debts?"
- bjornski, on 01/19/2008, -0/+2It's called paying off the debt.
- RyeBrye, on 01/18/2008, -16/+4Please realize:
- arbulus, on 01/18/2008, -4/+10The thing is, next year when you do your taxes, you'll be taxed on this "rebate" just like on the last rebate Bush did when he first came in to office. They sent out that "rebate" because of the surplus, money we had already paid taxes on, and then taxed us on it again at the end of the year.
- ellisgl, on 01/19/2008, -1/+1No - it was PROJECTED surplus.. Big difference.
- bjornski, on 01/19/2008, -0/+3No, it's basically an advance on your next refund.
It will be deducted from anything you'd get back later. You're not getting any more back, just a few months earlier.
- Unclekoolaid, on 01/18/2008, -1/+16SHHH SHHHHHH! Here's a cookie, did you see the pool? Go show him the pool!
- das7282, on 01/18/2008, -6/+5Well I just did my taxes yesterday and paid the government $5000... I think they can afford to give me back $800 of that!
- sealbeater, on 01/18/2008, -6/+15Actually that's the thing...they can't.
- Saiing, on 01/19/2008, -2/+3Sealbeater... Don't know why someone dugg you down. You're absolutely right.
- kenn5, on 01/19/2008, -2/+3Wrong! The 16th amendment (income tax) was never properly ratified. Google it. So, the feds actually stole $5,000 from him.
- ajwinder, on 01/19/2008, -2/+0Thats freaking stupid.
Exhibit A: http://en.wikipedia.org/wiki/Tax_protester_constit ...
Exhibit B:
Article 1, Section A of the US Constitution:
The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;
The 16th Amendment was ratified, and properly so, mind you, to clarify firmly that money the government collects doesn't need to be appropriated equally amongst all the states. It wouldn't make sense, either, in our form of government.
But, argue over that all you want, the fact of the matter is the bill was ratified properly, and even if it hadnt been, you'd still be paying taxes today :P- kenn5, on 01/19/2008, -0/+3Come on. For every article that supports the ratification of the 16th amendment, there is an article showing that it was never properly ratified. Yes, the courts believe it was ratified. But the courts also believe at one time blacks were 2/3 human. Now the courts believe that government can take your property for any reason. The point is, decide for yourself. Don't trust the courts.
- bjornski, on 01/19/2008, -0/+3And your debt to the government as it currently sits is around $30,000.
Don't worry. We'll give you more back this year. You can pay the rest off later. We'll put it here on this credit card for you....
- sealbeater, on 01/18/2008, -6/+15Actually that's the thing...they can't.
- mrgreen4242, on 01/18/2008, -0/+6China, just like all the money we borrow.
- molecool, on 01/18/2008, -1/+20It's pretty easy - the Feds will simply run the printing machines to produce this money. Which in turn will contribute to inflation; which in turn will result in prices (gasoline, food, raw materials, etc) going up even further; thereby basically nullifying this 'tax cut' (I call it a pre-election bribe). Has anyone noticed that food prices have shot up 20% in the last six months? Does anyone know that substantial increases in essential living costs, such as food and rent are expected this year? The wagon is off the rail and they are desperate to keep it rolling (downhill unfortunately).
- ellisgl, on 01/19/2008, -0/+6tax rebates of a super debted nate = inflation + unemployeement going higher + pay isn't going up for most people (that I know of) + minimal earners getting paid more each time an election of any kind = Oh crap..
- jdaniel284, on 01/18/2008, -4/+17I'll take my $800 in $50 American 1 oz. Gold Eagle coins, please. That way I can turn around and sell the "$50" coins for $14,000.
The Federal Reserve has DESTROYED the US Dollar. The rich has got MUCH richer, the middle class has shrunk, and the poor has got MUCH poorer in this country. It is obvious that a tranfer of wealth has taken place. Anyone want to guess from who to who?- wattersm, on 01/19/2008, -11/+2That's the entire point of capitalism, to make money.
- ChaosMotor, on 01/19/2008, -1/+8The point of capitalism is to make INVESTMENTS, not money, and grow those investments to increase your access to additional resources. What he describes is the wholesale removal of assets from the lower end of society. THAT is exploitation, not capitalism.
- SpudgeBoy, on 01/22/2008, -1/+2You are exactly what is wrong with this country. Capitalism isn't about making as much as you can at the expense of others.
You have Capitalism confused with Greed. *****
- wattersm, on 01/19/2008, -11/+2That's the entire point of capitalism, to make money.
- jdepp, on 01/19/2008, -2/+7what you say? Bush is morally, intellectually AND fiscally bankrupt? nah. get outta town.
- diggingaround, on 01/19/2008, -2/+7$800 for you and me and $8,000,000.- for bunch of his super rich friends :)
And that's what I call a good deal! - Andysan, on 01/19/2008, -1/+2What seems more sensible than giving taxpayers $800 is not take it from them in the first place. Cut taxes and avoid this rebate nonsense.
- chizzlechest420, on 01/19/2008, -2/+2best well put sentences in a while....simple but so right on..
- wishninja, on 01/19/2008, -1/+2I am hoping for government bankruptcy with this policy that way they will have to end the drug war no choice left but to legalize. We need a law to end the dilution of the dollar and then turn off the taps.
- jdepp, on 01/19/2008, -0/+1An $800 dollar tax rebate is a way of carrying on as usual and not thinking about the problems, it's delaying facing the problem of escalating debts that are going to ruin your country in the next few decades.
America urgently needs to stop borrowing from abroad, cut the waste and accept it's going to need higher taxes to repay its borrowing.
The way the loonies who caused WWII got into power in Germany was through a monetary collapse that ruined the middle classes. The government needs to be sober and intelligent.- mcrunch2, on 02/08/2008, -1/+1I agree except for the part about higher taxes. Lets cut out our 'supersize' government and not spend so much. Its time to believe in the constitution - the part which says anything not listed is up to the states and the INDIVIDUAL. Being everyone's nanny sure costs a lot.
- falco666666, on 01/23/2008, -0/+1If anyone thinks this refund is a bad idea then maybe you make too much money. As for me, I'll take it, and spend it. If we don't take it then they will just spend it on something else.
- falco666666, on 01/23/2008, -1/+2OKAY Idiots!!!! We paid these taxes already. Redistribution of taxes back into the local economies is one on the best ways known to stimulate the economy and use tax funds properly. The purpose of taxes it to support our society. This refund will make the difference between a slow economy and a recession. I don't know about you, but I prefer employed to unemployed. This is the big DUH event.
- GreenPlastik, on 01/24/2008, -1/+2Let's dissect your comment a bit, shall we? We start out by calling everyone "Idiots", which in any reasoned argument or debate is an Ad Hominem attack, and a weak one at that, which usually indicates that the person doesn't have anything of substance to argue with. You, however, do go on to parrot the words of our politicians who support the stimulus package and substitute them in place of an argument supported by the facts. That is your choice. If you honestly believe that $600 given to every American will make a big difference to our economy, then you obviously do not understand the scale of the U.S. economy and the amount of debt that both our country and its citizen are currently in.
The GDP of this country is over 14 trillion dollars. The estimated number of Americans receiving rebates is 116 million, which at $600 per check comes out to $69.6 billion, or roughly one half percent of our GDP. That will stimulate nothing except political approval, which is the entire point of this stimulus. This will not make any difference whatsoever, especially given the fact that quite a few of the 116 million people receiving the checks wont actually need the money and will put it in their bank because it's not enough money to invest in the market and because everyone fears recession.
When the country slows to a crawl based on debt-finance real estate mortgage scandals and terrible consumer confidence, I don't think a few hundred bucks is going to make everyone buck up and say, hey wait... it's ok... we're ok...
But, that just like... my opinion, man. Maybe I'm just an idiot though. Let me know which you think it is. - mcrunch2, on 02/08/2008, -1/+1Hmm, lets see - i guess it would come from the money we already sent in. But joking about reality aside, it would be easier to just not collect so much in the 1st place, you could even save a few trees by not sending anything out - april 15th will be here before any money is sent out.
- GreenPlastik, on 01/24/2008, -1/+2Let's dissect your comment a bit, shall we? We start out by calling everyone "Idiots", which in any reasoned argument or debate is an Ad Hominem attack, and a weak one at that, which usually indicates that the person doesn't have anything of substance to argue with. You, however, do go on to parrot the words of our politicians who support the stimulus package and substitute them in place of an argument supported by the facts. That is your choice. If you honestly believe that $600 given to every American will make a big difference to our economy, then you obviously do not understand the scale of the U.S. economy and the amount of debt that both our country and its citizen are currently in.
- contractcentral, on 01/18/2008, -6/+43It's coming from us, the taxpayer. This is nothing more than a temporary tax cut AND redistribution of wealth, the latter being a huge mistake.
- MadSquirrel, on 01/18/2008, -2/+106"more than double the 300 dollar rebate featured in a 2001 effort to spur economic growth"
If I remember correctly it was more like a loan, and just made it more difficult to do the taxes the next year.- Kythas, on 01/18/2008, -0/+35Yeah, I remember people who, at tax time, didn't realize it was just a loan and they were PISSED.
- contractcentral, on 01/18/2008, -0/+20We didn't see any rebate in '01, just another big tax bill. I expect the same this time.
- these3remain, on 01/18/2008, -0/+10Ditto. Paid and paid and paid some more. We need a better accountant.
- Wargalas, on 01/18/2008, -8/+3I haven't paid a dime to the US government for tax time since I started paying taxes. I'm horrible at saving money, so I like having a "bonus" check at the end of the year.
- perogi21, on 01/18/2008, -3/+8Wow that had to be the stupidest thing I have read for a while.
Essentially, you are giving the government a loan with your own money. Try setting up an ING Direct account and having it automatically send 5-10% of your paycheck to it each payday. You will be surprised at how much interest you will accrue each month once you get a few dollars in there.
- perogi21, on 01/18/2008, -3/+8Wow that had to be the stupidest thing I have read for a while.
- fiftyeggs, on 01/18/2008, -28/+9Your choices for this election.
Vote Republican in hopes of a hand out like the $300.00 tax rebate... Or vote democrat and get a roaring economy that's good for everyone.
Or...
Vote Ron Paul and get rid of income tax all together.- drachemorder, on 01/18/2008, -14/+17"Or vote democrat and get a roaring economy that's good for everyone. "
What good is a "roaring economy" if you're paying eighty percent of what you make back to the government in taxes?- Gavagai80, on 01/18/2008, -10/+12If you're in an 80% tax bracket (speaking fictionally since there isn't one), you must be making millions... in which case, the 20% gives you a life of luxury which does you plenty of good.
- TubaTechno, on 01/18/2008, -8/+2Yeah, the wealthy doesn't deserve all their money anyway....
- brstilson, on 01/18/2008, -8/+16That's a gross exaggeration. Besides, it was a democrat administration that balanced the budget in the 90's, a very inconvenient fact for republicans who say democrats are the "tax and spend" party.
- arbulus, on 01/18/2008, -6/+5Exactly.
- falstaff, on 01/18/2008, -2/+8Except that the budget originates in the House, which was not part of the Democratic administration. The problem is when one party controls all branches of government, they lose all inhibitions and spend like a drunken sailor.
- Ezareth, on 01/18/2008, -5/+7Pretty sure it was the Republican congress that gave us a record surplus.
- TubaTechno, on 01/18/2008, -3/+6Hmmm.. I wonder what party had the majority since '94? Do you realize that spending and revenue bills originate from the House? When will liberals learn that Clinton DIDN'T do everything?
- Navigator7, on 01/20/2008, -1/+3BS...clinton balanced the budget by selling out our national defense and I might add...our intelligence gathering capabilities.
- Gavagai80, on 01/18/2008, -10/+12If you're in an 80% tax bracket (speaking fictionally since there isn't one), you must be making millions... in which case, the 20% gives you a life of luxury which does you plenty of good.
- Navigator7, on 01/20/2008, -0/+3The only way to create a roaring economy is to first elect a liberal.
Then, after inflation, stagflation, depression, recession the economy is fixed via conservative values.
Suggesting there is any relief voting the liberal party is pure nonsense.
Liberal fiscal policies and Bush's social spending are not good.
A tax cut will work.
Always does.
Government can only "Give" after it takes.
The liberal party in a nutshell.
- drachemorder, on 01/18/2008, -14/+17"Or vote democrat and get a roaring economy that's good for everyone. "
- bravo1995, on 01/18/2008, -2/+1It was my understanding that the idea is to eliminate the bottom tax bracket (10% on the first $8,000 you make) for one year.
That would mean you get your $800 check, then pay your taxes exactly as you normally do.
I could be wrong, but that's the impression I've gotten. - retrogalpal, on 02/11/2008, -0/+0This rebate is NOT taxable. I read that yesterday in the Wall Street Journal. I was concerned about that also, until I read that it wasn't going to be taxed or count against next year's filing.
- mazerrackham, on 01/18/2008, -7/+35Kids, we're going to Cancun!
- Mauna, on 01/18/2008, -4/+21Yes, take the $800 dollars and spend it with Bush's best friends, Mexicans. Bush would absolutely love that.
- contractcentral, on 01/18/2008, -1/+20Spend it here, spend it there -- same difference.
- these3remain, on 01/18/2008, -2/+7It does seem like it is the same, doesn't it? If she goes to Cancun, maybe it will help stop the flow of illegal immigrants since it will stimulate Mexico's economy. Hmmm, Maybe we should all use the $800.00 to take vacations there. Vicenze Fox might want to close the borders, then. /sarcasm
- bjornski, on 01/20/2008, -0/+1The funny part is that Mexico deports the people who illegally cross their southern border.
- AROZ, on 01/18/2008, -1/+6Yeah, odds are fair that you'll be staying in a resort owned by an American anyways.
Or spend it here in Canada. Do some skiing, or try Ontario's ice wines.
- these3remain, on 01/18/2008, -2/+7It does seem like it is the same, doesn't it? If she goes to Cancun, maybe it will help stop the flow of illegal immigrants since it will stimulate Mexico's economy. Hmmm, Maybe we should all use the $800.00 to take vacations there. Vicenze Fox might want to close the borders, then. /sarcasm
- bjornski, on 01/19/2008, -0/+1How dare you send it to Mexico!
You're supposed to send that money to Saudi Arabia. Now go fill up.
- contractcentral, on 01/18/2008, -1/+20Spend it here, spend it there -- same difference.
- Lukesed, on 01/18/2008, -1/+5More "hey kids, I got you a ps3, just like I got you a ps2 in 2001."
- digismack, on 01/18/2008, -1/+1It is kind of freaky that these offers are close to the prices of top-end consoles in their respective years, eh?
- inigomntoya, on 01/18/2008, -3/+3"So we can trade in $800 for 73 pesos!"
- blo68, on 01/19/2008, -1/+1Great..... Take the money and invest it in another country's economy. What a patriot you are. How about you place it in your savings account (if you have one) or invest it in your children's education. Maybe a mutual fund????
Instead of these sound choices, this mutant wants to give it to the Mexicans. The same Mexicans who will not police their own northern border for narcotic and immigration violations.
And if you have the need to go on vacation, can you keep it in the states? I don't need slack jawed morons like you placing Americans in a bad light over seas.- Jager4, on 01/21/2008, -1/+1First of all, you obviously lack skills in common sense and don't understand the humor in sarcasm. Second, as screwy as it sounds, the person spending money to take the kids to Mexico is doing exactly what the economy needs from this proposed rebate. Sure it would be better to spend a vacation in the States and put all of the money back into the American economy, but the $800 dollars or so spent on the plane tickets is doing far more for the U.S. economy than a responsible person putting it into savings. The idea is to spike our economy now while we are recessing, not to save it for 15 years for our children's education. Sounds terrible doesn't it?
- Mauna, on 01/18/2008, -4/+21Yes, take the $800 dollars and spend it with Bush's best friends, Mexicans. Bush would absolutely love that.
- MadKennyP, on 01/18/2008, -52/+15When Bush borrowed an additional $300 and gave it to me in 2001, I donated it to a progressive organization (League of Conservation Voters, I think).
If Bush borrows more money and gives it to me this year, I will donate that money to progressive causes too. Probably half to a Democratic presidential candidate and the rest to a nonprofit. Digg this comment if you plan to do the same.- readwriteblue, on 01/18/2008, -1/+14I salute you for putting your money where your mouth (typing hand) is.
- drachemorder, on 01/18/2008, -1/+17I agree with RWB --- even though I disagree with you on pretty much everything, I salute you for actually doing something rather than just complaining about it.
- MadKennyP, on 01/18/2008, -0/+9Thanks. But please don't take away my right to complain. :)
- Kythas, on 01/18/2008, -0/+17Good for you to back up what you say with action. I disagree with the progressive causes you donate to, but I will fight to the death to preserve your right to donate to them.
- mike17032, on 01/18/2008, -5/+28I plan to get ***** faced wasted and blow it all on hookers.
- Scottamus, on 01/18/2008, -0/+8I don't think that's the stimulus package they had in mind ...
- Ezareth, on 01/18/2008, -0/+5Hookers need money too. The rent keeps going up and the border fence is putting a cramp on their coke habits.
- these3remain, on 01/19/2008, -0/+2It will have to be cheap hookers because 800.00 doesn't get much of anything.
- Scottamus, on 01/18/2008, -0/+8I don't think that's the stimulus package they had in mind ...
- NonLeftistDiggr, on 01/18/2008, -3/+4Well count me as one of the -24 at this point. You should be using that money to put in a retirement account to make up for SocSec theft.
- jgzman, on 01/19/2008, -0/+4I'll be using anything I get to fix my car, and put in savings for next semesters classes. Would like to donate to a good cause, but my functional transportation is the best cause I am aware of.
- Iconoclast25, on 01/18/2008, -5/+43I don't recall it being that big a deal. More like the standard smoke and mirrors offered by all politicians.
- trghpy, on 01/18/2008, -1/+8Think of it this way...
Bush found a way to bribe the poor with their own money.
Yes, it is a big deal. - TubaTechno, on 01/18/2008, -6/+5Yes, EVERYTHING is Bush's fault. It's like you guys think that Bush himself writes, passes, and signs his own laws!
Take a government class, these types of bills must originate from the House, and no, not the White House. - TheSabre, on 01/19/2008, -0/+1Well, feel free to turn it down then.
- trghpy, on 01/18/2008, -1/+8Think of it this way...
- drachemorder, on 01/18/2008, -7/+19I really don't think just giving out money is the best way to spur the economy, but I'm certainly not going to complain about the check when it shows up in the mail.
- MadSquirrel, on 01/18/2008, -1/+47But when they come back at tax time and demand that you pay them back!?
My problem with this is that it is a political economic shell game and does not really deal with the problem, it just attempts to give a worm fuzzy to a group of people that are too far into debt, and have too little savings. The larger issues of overspending and speculating are totally ignored.- contractcentral, on 01/18/2008, -0/+14Exactly right.
- these3remain, on 01/18/2008, -0/+12"people that are too far into debt, and have too little savings. " Which is precisely why it will probably fail to stimulate growth - people will use it to pay debts and/or save it, if they can - both choices do not contribute to economic growth. Only purchasing goods/services contribute to growth and most folks will use it to pay bills they owe.
- Jashobeam5, on 01/18/2008, -9/+1If I can pay debt off with a tax refund, that frees up more money during the year to spend on things that will contribute to economic growth. Last year we spent our tax return on a loan and a store credit card. That allowed us to have more money this past year to spend on other things besides debt.
- perogi21, on 01/18/2008, -0/+5"most folks will use it to pay bills they owe"
Actually, most folks will use it to buy ***** they don't really need. That's why they have unpaid bills...- catbeller, on 01/19/2008, -1/+1No. People are broke because of food, housing, health care, and transportation costs.
- RNEMESiS42, on 01/19/2008, -1/+3" 'most folks will use it to pay bills they owe'
Actually, most folks will use it to buy ***** they don't really need. That's why they have unpaid bills..."
Whatever, it's going straight onto my credit cards! That will be a nice burden I don't have to worry about so much...
- sparkysko, on 01/18/2008, -3/+2http://en.wikipedia.org/wiki/Keynesian_economics
- ntriusbil, on 01/18/2008, -2/+5It was my money to begin with. If they want to stop handing it out to other people and let me keep a little extra once then that is fine with me!
- trghpy, on 01/18/2008, -1/+10If you give a man a fish, he eats for a day.
If you teach a man to fish, he eats for life.
...
So Americans will have fish to eat for another day, but will go back to starving next week.- Ezareth, on 01/18/2008, -0/+1I don't know what world YOU are living in, but anyone that I know who isn't a washed up bum looking for a handout has plenty to eat and then some.
- saranagati, on 01/18/2008, -0/+2I think this idiom fits the situation a little better
'Give a man a match and he'll be warm for an hour
Set a man on fire and he'll be warm for the rest of his life'- bagelmaster, on 01/19/2008, -0/+1haha
- ferrariman60, on 01/19/2008, -1/+1It really isn't the best way to spur the economy. Too bad Bush isn't an economist and apparently doesn't have any economists working for him, but a reduction in taxes (or even a rebate) doesn't make people spend it. Guess what? We're going into a recession. What do people do when that happens? Just like 2001, they will save it. Not spend it. Save it. And then the government will ask for it back next year. ***** Bush and ***** the ass-hats who are letting this happen.
- these3remain, on 01/21/2008, -0/+1It's not just Bush - it's on both sides of the aisle since it will have to be voted on by Congress. Uhm...what's Congress doing to head-off the recession? Exactly what they've been doing since the last November election - nothing.
- MadSquirrel, on 01/18/2008, -1/+47But when they come back at tax time and demand that you pay them back!?
- midoritsuru, on 01/18/2008, -9/+81Wow, that's three trips to the grocery store, a month of daycare and a few full tanks of gas. Or two weeks' rent in San Francisco. Or maybe 1 millisecond of Iraq spending.
- Kythas, on 01/18/2008, -11/+28If the check means that little to you, send it to me.
- midoritsuru, on 01/18/2008, -11/+8You can have it. This government has already stolen so much from the American people, getting a little $800 check is a slap in the face.
- Useight, on 01/19/2008, -3/+1$800 x 300,000,000 people = $240,000,000,000. I doubt they "stole" more than that. Send me your check, I want a blu-ray player.
- rapturerocks, on 01/23/2008, -0/+0Your math skills are stupendous. When figuring a bill, the executive simply goes "Ha-Dur, $800 times 300,000,000 people equals a buncha money."
The actual plan for the package is around $150,000,000 and how much money has the government stolen? Well, stolen is such a loaded word, but let's just put a figure on the board of about how much they've used in Iraq:
According to the Congressional Research Service, the number is now around $450,000,000.
That surpasses the tax rebate, but of course it gets better. If things continue as they are, we might see $600 billion spent on the war in 2010 if the war continues. If you believe that the war will not continue, consider that the war in Afghanistan is still costing us billions and that started roughly two years before this one.
You can have your blu-ray player, but I'd rather have a healthy economy for my kids.
- rapturerocks, on 01/23/2008, -0/+0Your math skills are stupendous. When figuring a bill, the executive simply goes "Ha-Dur, $800 times 300,000,000 people equals a buncha money."
- Useight, on 01/19/2008, -3/+1$800 x 300,000,000 people = $240,000,000,000. I doubt they "stole" more than that. Send me your check, I want a blu-ray player.
- Tangeuray, on 01/18/2008, -1/+10I hope your kids can afford our DEBT... Running at 155K per American if you factor in Medicare/Social Security to the 9 Trillion Debt
- catbeller, on 01/19/2008, -0/+2The debt of Social Security was caused by emptying the giant fund in 1985 to fund Reagan's tax cuts, so Round One of supply side saddled you with that debt. The real killer is the interest we pay yearly on all these cumulative loans borrowed to cut taxes. We could afford a 20-22 percent tax cut TODAY if those interest payments were off the budget, and not have to cut a single dollar of spending. Add all those years of debt interest payments up some time. We've spent trillions for those hundred dollar tax cuts.
Madness? This is the US.
- catbeller, on 01/19/2008, -0/+2The debt of Social Security was caused by emptying the giant fund in 1985 to fund Reagan's tax cuts, so Round One of supply side saddled you with that debt. The real killer is the interest we pay yearly on all these cumulative loans borrowed to cut taxes. We could afford a 20-22 percent tax cut TODAY if those interest payments were off the budget, and not have to cut a single dollar of spending. Add all those years of debt interest payments up some time. We've spent trillions for those hundred dollar tax cuts.
- midoritsuru, on 01/18/2008, -11/+8You can have it. This government has already stolen so much from the American people, getting a little $800 check is a slap in the face.
- drachemorder, on 01/18/2008, -4/+17Hey, I should set up a website ... "For all those who object to their tax rebate check, no worries! Send it to us and we'll dispose of it properly for you!"
- FlashGordon1023, on 01/18/2008, -3/+0A men
- skiddles, on 01/18/2008, -1/+1Count me in on that too.
- these3remain, on 01/18/2008, -1/+3But set it up so that it is sent in gold bullion, drache, ok? I'm all over that.
- IveGotTheRuns, on 01/18/2008, -3/+18Two chicks at the same time.
- shodanx, on 01/18/2008, -2/+2That's it?
- shodanx, on 01/18/2008, -4/+0That's it?
- mediamaker, on 01/19/2008, -0/+5make sure to show them your "oh" face
- mattassin, on 01/18/2008, -6/+1Two weeks rent? You must be living pretty upscale. I pay 850, just have to shop around and find good roommates.
- Ezareth, on 01/18/2008, -3/+0Welcome to the *Liberal* California.
- cam0man, on 01/19/2008, -4/+2roommates? most of us aren't 18 anymore.
- VeganG, on 01/19/2008, -1/+1In "the city" pretty much EVERYONE, no matter the age, has roommates. You basically have to, to afford to live.
- cam0man, on 01/19/2008, -4/+2roommates? most of us aren't 18 anymore.
- Useight, on 01/19/2008, -1/+0Hahaha, I pay $224/month between September and April, $99/month for May through August.
- Ezareth, on 01/18/2008, -3/+0Welcome to the *Liberal* California.
- funkyjunk3, on 01/18/2008, -0/+5Or two weeks of a sizable mortgage. Heck, maybe a month mortgage in some rural places. In either case, it is a small blip for the majority of people. Unless of course you go for the gold - $800 of ramen. I can't imagine a better dinner - two years of ramen.
- wattersm, on 01/19/2008, -0/+1800 bucks is almost two months rent around here, or a couple car payments. Maybe you should move somewhere cheaper.
- Useight, on 01/19/2008, -0/+1It's almost 4 months of rent for me.
- rockefeller2, on 01/19/2008, -0/+3Damn, your mom's giving you a really good deal.
- Useight, on 01/19/2008, -0/+1Actually the apartment is really ghetto. Everything's broken.
- Ekdog, on 01/19/2008, -1/+1I think I'll stay right here where I am. I don't think living in a trailer park in Alabama is my cup of tea.
- Ekdog, on 01/19/2008, -1/+1I think I'll stay right here where I am. I don't think living in a trailer park in Alabama is my cup of tea.
- rockefeller2, on 01/19/2008, -0/+3Damn, your mom's giving you a really good deal.
- Useight, on 01/19/2008, -0/+1It's almost 4 months of rent for me.
- kaelyiesta, on 01/19/2008, -1/+1If supply and demand mean anything, I'd imagine prices may slightly increase as people are spending that 800 dollars. Not significantly or anything but still increased.
- ThomasShredison, on 01/30/2008, -0/+0Dugg for accurately guessing my rent here in San Francisco.
- Kythas, on 01/18/2008, -11/+28If the check means that little to you, send it to me.
- COINTELPROAgent, on 01/18/2008, -3/+7Anyonone know if it would happen this tax season or next?
- drachemorder, on 01/18/2008, -2/+14I would assume it would happen just as soon as they can push through the legislation. The idea is to simulate the economy BEFORE it gets into a recession.
- drachemorder, on 01/18/2008, -1/+13Gah! I meant STIMULATE the economy. If we could SIMULATE the economy we'd probably be able to come up with a plan that actually works.
- these3remain, on 01/18/2008, -0/+6LOL! I think it's a freudian slip there, drachemorder! But yes, it will happen asap and this tax season.
- drachemorder, on 01/18/2008, -1/+13Gah! I meant STIMULATE the economy. If we could SIMULATE the economy we'd probably be able to come up with a plan that actually works.
- these3remain, on 01/18/2008, -1/+6Supposed to happen this tax season.
- drachemorder, on 01/18/2008, -2/+14I would assume it would happen just as soon as they can push through the legislation. The idea is to simulate the economy BEFORE it gets into a recession.
- Kythas, on 01/18/2008, -6/+7Personally, if this actually happens I'll spend the money on a cruise. Actually, I've already paid for the cruise, but you know what I mean.
- BohicaTwentyTwo, on 01/18/2008, -5/+4That's 8 hands on the $100 blackjack table.
- BohicaTwentyTwo, on 01/18/2008, -5/+2Or 32 hands on the $25 table.
- drachemorder, on 01/18/2008, -1/+18If you lose 8 hands in a row, you probably shouldn't be playing blackjack.
- MadKennyP, on 01/18/2008, -4/+2About 40 minutes at the craps table for me.
- raiderguyx, on 01/18/2008, -2/+7about two months worth of bud...
- endlessoul, on 01/18/2008, -3/+4TWO MONTHS? Either your ***** may as well be solid gold, or else you're getting ripped off.
- mrgreen4242, on 01/18/2008, -1/+3I'll pay my taxes with it. :p I try to owe to fed a few hundred dollars at the end of the year. I figure it's better to have my money up front then have them hold it in a 0 interest account on my behalf.
It'll be nice to not have to pay those taxes this spring though! Heck if they really did $800 (which I don't think will happen) for each my wife and I we'll get some cash back to put in the bank... maybe I can convince her that the point of the "free" money is to blow it on retail goods to stimulate the economy and get a new TiVo HD or something. :p
- BohicaTwentyTwo, on 01/18/2008, -5/+4That's 8 hands on the $100 blackjack table.
- chicofaraby, on 01/18/2008, -24/+36That's 145 BILLION dollars of your debt (not counting the interest that will accrue) that George just signed you up for. Don't you want to vote Republican now? They obviously are the party of fiscal responsibility.
- Napoleone, on 01/18/2008, -4/+17I get what you're saying, but isn't it a little bit disingenuous to ignore the fact that Democrats support this, too?
Both parties got us into this mess, and both are trying to patch it up, albeit temporarily.- MadKennyP, on 01/18/2008, -6/+13About $3.2 trillion (over one-third) of our $8.9 trillion total national debt has been accumulated during the first six years of the Bush Administration. Almost 75% of the total national debt has been accumulated under the past three Republican administrations – Reagan, George Bush Sr., and the current George Bush.
- Napoleone, on 01/18/2008, -5/+13I'm gonna take you on your word on that, but consider the fact that Democrats have given us I.O.U's worth $50,000,000,000,000 dollars (that's trillion), with Social Security and Medicare.
I think both parties are atrociously fiscally irresponsible.
- Napoleone, on 01/18/2008, -5/+13I'm gonna take you on your word on that, but consider the fact that Democrats have given us I.O.U's worth $50,000,000,000,000 dollars (that's trillion), with Social Security and Medicare.
- MadKennyP, on 01/18/2008, -6/+13About $3.2 trillion (over one-third) of our $8.9 trillion total national debt has been accumulated during the first six years of the Bush Administration. Almost 75% of the total national debt has been accumulated under the past three Republican administrations – Reagan, George Bush Sr., and the current George Bush.
- janeuner, on 01/18/2008, -3/+3Ya think the democratic congress will pass this? Open Mouth, Insert Foot.
- snatchmstr, on 01/19/2008, -0/+3No they will try to use it to provide welfare and healthcare to illegal aliens.
- catbeller, on 01/19/2008, -0/+1Yes, those are the problem. Obviously. Not the tax cuts and oil prices.
- snatchmstr, on 01/19/2008, -0/+3No they will try to use it to provide welfare and healthcare to illegal aliens.
- NonLeftistDiggr, on 01/18/2008, -5/+2Republicans are douches, but are you trying to tell me democrats would let them cut spending if they tried? Iraq war gone, okay, now we only spend 2.x trillion dollars a year.
- catbeller, on 01/19/2008, -0/+1Republicans haven't spent a thing. They borrowed. You haven't seen the bill yet.
- WakeUpToFreedom, on 01/18/2008, -5/+8I will vote for a republican. I bet you can guess who it is......
- faskippy, on 01/19/2008, -1/+2Me too!
- YouAreDumb, on 01/19/2008, -1/+1How are you going to vote for Ron Paul when his name is nowhere on the ballot?
Morons. - jthomp3120, on 01/19/2008, -1/+2yeah, huckabee is pretty cool
- EXreaction, on 01/18/2008, -1/+10Buried for thinking that all republicans are neo-cons.
- wattersm, on 01/19/2008, -1/+5It's my money, I'll take it.
- bernie_a, on 01/19/2008, -2/+3Technically it isnt. Your money was already spent on something else. This is a loan that your kids and your kids kids will have to repay with a huge amount of interest too.
- Useight, on 01/19/2008, -4/+3I want my money back, I'll keep voting Rebublican. If Bush could run a third time I'd vote for him again.
- markgl, on 01/21/2008, -0/+2isn't that the goal of a democrat. take everyones money and distribute it to all.
- MisterWonderful, on 01/21/2008, -1/+1Only if you're an ignorant *****-wad who makes blanket statements. Go back to class moron.
- markgl, on 01/22/2008, -1/+2ooo harsh words. someone needs a nap.
- MisterWonderful, on 01/21/2008, -1/+1Only if you're an ignorant *****-wad who makes blanket statements. Go back to class moron.
- Napoleone, on 01/18/2008, -4/+17I get what you're saying, but isn't it a little bit disingenuous to ignore the fact that Democrats support this, too?
- Unixed, on 01/18/2008, -3/+54I do not understand why he does not make it $8,000 per person, I mean since he will be making a request to the Federal Reserve anyways. Where do you think they are going to get this money? It is not like we have a budget surplus to tap into.
- Napoleone, on 01/18/2008, -0/+16$800 worth of funny money per adult is going to significantly dilute the value of the note. $8,000 would kill it.
Hyper-inflation ain't a pretty thing.- Markp487, on 01/19/2008, -0/+1were looking at stagflation not hyper-inflation.
- addiktion, on 01/18/2008, -0/+5its already diluted unfortunately. The best thing we can do now is kill off the US Dollar while we still have a chance!
*sarcasm* - cambob76, on 01/18/2008, -1/+5They can just print more it doesn't really represent any tangible value... but the US economy (and the world economy necessarily) is ***** anyway. Not sure why Bush is trying to look like a hero anymore.
- Ezareth, on 01/18/2008, -0/+2No they will borrow it from Social Security like they do with the rest of our debt.
- flavioribeiro, on 01/19/2008, -0/+3Social security trust funds are already composed of treasury notes, so they're already "funded" by the Fed. It's almost funny, because a trust fund is supposed to be composed of assets, not liabilities. So borrowing from social security would just be an indirect way of printing more money. And as absurd as this sounds, to the informed eye this is actually very coherent with American economic policy since Nixon dropped the gold standard.
- Ezareth, on 01/18/2008, -0/+2No they will borrow it from Social Security like they do with the rest of our debt.
- catbeller, on 01/19/2008, -0/+1We don't borrow a thing from the Reserve. We borrow it from other countries and from private concerns. We pay immense cumulative interest that dwarfs the principle. 20+ percent of the Federal budget is just interest on loans taken out mostly since Reagan -- 75 percent of that load under Reagan, Bush and Bush for tax cuts and deficit spending.
- Napoleone, on 01/18/2008, -0/+16$800 worth of funny money per adult is going to significantly dilute the value of the note. $8,000 would kill it.
- PhreakMac, on 01/18/2008, -0/+18So basically he wants to show us how really ***** we are by us seeing how far $800 goes.
- shipmate50, on 01/22/2008, -0/+0watch your language *****
- jimbabb, on 01/18/2008, -4/+95Make it $800,000. They just print it out of thin air anyway.
- skiddles, on 01/18/2008, -16/+6They don't just print it, you EARN it and send it to them. The issuance of currency is not directly linked to the budget in any way. Look at it this way. There is nowhere near enough physical currency in circulation to cover the US financial assets.
Here is an example:
Grandma gives you a crisp $100 bill for Christmas.
Because you are smart you put the $100 bill in a savings account.
The Bank lends the $100 to Jon Doe for a (very) small business loan.
Jon Doe takes the $100 to the Hardware store where you work and buys a new circular saw for $100.
The owner of the hardware store pays you $100 for a weeks work.
You take the same bill to the bank and deposit it AGAIN.
Now you have $200 in savings, BUT, it was only one $100 bill.
The amount of currency in circulation IS important. You CAN print to much and cause inflation, but the government does not just print money to give you a tax refund.- michaelGregoire, on 01/18/2008, -0/+11Actually, the bank takes your $100 and lends $1000 to others. That's how it works. The bank only has to cover 10%.
The whole banking industry is built on a crooked credit system.- skiddles, on 01/18/2008, -1/+3Your sort of right. The bank needs to keep $10 in reserve for every 100 you deposit. They can not lend $1000 on your $100. They can lend $90 of your money. As the money eventually makes its way back into bank accounts in the form of deposits or loan repayments the bank can continue to lend against the new deposits less the 10% reserve. So my example did not show the reserve. It shows the concept.
The reserve is there to ensure that the bank has cash available to cover withdrawals. - diggingaround, on 01/19/2008, -0/+1ups...wrong RE...
- cmackattack, on 01/19/2008, -0/+2so everyone go to the bank and clear out your savings for a day to watch them freak... /sarcasm
- skiddles, on 01/18/2008, -1/+3Your sort of right. The bank needs to keep $10 in reserve for every 100 you deposit. They can not lend $1000 on your $100. They can lend $90 of your money. As the money eventually makes its way back into bank accounts in the form of deposits or loan repayments the bank can continue to lend against the new deposits less the 10% reserve. So my example did not show the reserve. It shows the concept.
- diggingaround, on 01/19/2008, -0/+2dude... just google "money masters" ... maybe you will learn something in the process..
- michaelGregoire, on 01/18/2008, -0/+11Actually, the bank takes your $100 and lends $1000 to others. That's how it works. The bank only has to cover 10%.
- CTK14A, on 01/18/2008, -2/+9You know, in the days of the Weimar Republic, children would play with dollars in the street, like old leaves. We ought to learn from the Weimar Republic.
- imightbewrong, on 01/18/2008, -0/+6the hyperinflation of the Weimar Period wasn't caused by tax cuts, it was caused by Germany having to dilute their currency in order to pay out huge war reparations which they couldn't afford
- CTK14A, on 01/19/2008, -0/+1Correct.
- catbeller, on 01/19/2008, -0/+1So say the Germans. But of course OUR hyperinflation will be caused by reparations paid to our bondholders in interest on all these 27 years of tax cuts since Stockman sold that pile of lies to Congress in the eighties. Tax cuts are killing us. We borrow so as not to pay taxes, then kick the bill back out of the mail slot for the next generation. Now we ARE that next generation.
- CTK14A, on 01/19/2008, -0/+1Correct.
- imightbewrong, on 01/18/2008, -0/+6the hyperinflation of the Weimar Period wasn't caused by tax cuts, it was caused by Germany having to dilute their currency in order to pay out huge war reparations which they couldn't afford
- CTK14A, on 01/18/2008, -1/+2http://www.pbs.org/wgbh/commandingheights/shared/m ...
- skiddles, on 01/18/2008, -16/+6They don't just print it, you EARN it and send it to them. The issuance of currency is not directly linked to the budget in any way. Look at it this way. There is nowhere near enough physical currency in circulation to cover the US financial assets.
- avengingturnip, on 01/18/2008, -0/+33OK, so if an $800 rebate is a good idea, what is wrong with the idea of not taking the money from the taxpayers in the first place? Why not retroactively rebate all income taxes? Why is $800 the number?
- diggerydood, on 01/18/2008, -2/+15It should be $666.
- TheLastFreeMan, on 01/18/2008, -1/+5More like $911
- SuperWinner, on 01/18/2008, -1/+13All this will do it give the market a dead cat bounce, then drop it further than its would have gone on its own.
- shakingfist, on 01/18/2008, -1/+3Because if the amount was much more than that then people might get the idea that the income tax is an unconstitutional tax.
- jdepp, on 01/19/2008, -1/+2Bush -- just when you thought he had been as dumb as possible, a new surprise.
- Hedegaard, on 01/19/2008, -0/+2AFAIK; It all started with a small tax (think it was 4% or so) on people making more than $800 / month - this is of course way back when. But that must be the reason for the $800 now only no account for inflation and a bit reversed as it's a tax cut ... okay .. I give up ;)
- megashaun, on 01/19/2008, -2/+1It's $100 for each year he's been in power.
That's 27.38 cents per day he's ***** you in the ass with no lube.
- diggerydood, on 01/18/2008, -2/+15It should be $666.
- skiddles, on 01/18/2008, -1/+55In 2001 Bush changed the tax rate late in the year, so most people had been paying at the higher rate all year and were going to get the money back after filing their taxes. It was a refund. It was not a loan. If you go to a store and by $15 worth of goods and hand over a $20 you get $5 change. The store is not lending you $5. This $800 seems to be different because I have not seen any indication that GWB or congress wants to lower the tax rate for 2007. So you may need to give the money back come April 15th. This does not seem to me to be as much of a stimulus as people might think.
The big problem is that people see a tax refund as the Govt giving you their money. It is the Govt giving you BACK your own money.
As far as the deficit goes, almost everyone save the most disciplined utilize deficit spending. How many people can drop $150K in cash for a house? Most people borrow to buy a house. How many can drop $25K for a new Prius? Most people borrow to buy their prius. In my opinion, the problem is not that the govt borrows to cover outlays. The problem is that the gov't has no strategy to their borrowing. They borrow billions of dollars to cover perishables on 30 year bonds. Under normal circumstances, people don't get a 30year fixed loan on a TV, but that is what the gov't is in effect doing.
I would like to see the budget process changed so that any borrowing needs to be amortized over the life of the asset it is funding. So the government could borrow the money for a bridge on a 30 year bond, but should not pay for unemployment benefits by issuing a 30 year bond. There should be some duration limits for raising debt based on the use of the funds. I can afford a $150K house on a 30year fixed loan, but I cant afford a 150K Ferrari on a 5year loan. The same principle applies to govt and if this approach was implemented I think that everyone would be a whole lot less stressed about the deficit, if for no other reason other than it would be smaller.- scrumpy, on 01/18/2008, -1/+9Well said. Intelligent comments on digg. A rarity indeed.
- iceman5664, on 01/18/2008, -1/+5Very well stated.
- RyeBrye, on 01/18/2008, -4/+1"I think that everyone would be a whole lot less stressed about the deficit, if for no other reason other than it would be smaller."
No - people are stupid and think that the government ever having a deficit is bad. Most people have no understanding of economics - period. - iloveliberals, on 01/19/2008, -1/+4No, no, no you don't. Not even close. My borrowing money to buy a house or a car is NOTHING like government borrowing.
If I took out a $100,000 loan and spent all the money, then somehow managed to pass off the loan repayment obligation to my children and grandchildren, THAT would be like government borrowing.
The government is spending tax money from the pockets of people who aren't old enough to vote, or haven't even been born yet. Taxation without representation. - Jager4, on 01/22/2008, -0/+0Finally someone with an economic and business background making an educated comment. I completely agree with the amortization of loans part, although I'm sure it will never happen since putting debt off seems to be the way of our country. But the part about giving us back our own money is a little off. The thing is, our government has already spent "our" money and has decided to create new debt and give us money from new treasury bills and bonds instead. They can't give us tax money that is already committed to things like $6 billion dollars a month in Iraq.
- blindhammer, on 01/18/2008, -1/+86Stick it to the system: use it to pay off credit card debt instead of purchasing useless consumer goods.
- scrumpy, on 01/18/2008, -7/+2Would it kill you to spend it at Banana Republic?
If you get the reference leave a comment.- Thuktun, on 01/18/2008, -0/+2Bush is treating the country like a Banana Republic. (not the store)
http://en.wikipedia.org/wiki/Banana_republic
http://timpanogos.wordpress.com/2008/01/02/bush-co ...
There's also a regular editorial comic strip that alludes to this, but I forget the author. - bravo1995, on 01/18/2008, -0/+2West Wing. A labmate and I were talking about that very episode earlier today.
- Thuktun, on 01/18/2008, -0/+2Bush is treating the country like a Banana Republic. (not the store)
- Thuktun, on 01/18/2008, -0/+1That's probably where most of it would go. Credit card companies started squeezing high-balance borrowers not too long ago after sucking them in with low interest rates. Anyone with high balances on credit cards (which is apparently most of America, given some of the statistics) is feeling that pinch.
Either that, or it would go toward temporarily offsetting the high cost of food and energy, both of which are rising at more than the consumer price index (since they explicitly exclude those). - willdelaney, on 01/19/2008, -1/+13Some of us aren't in credit card debt.
Astonishing, i know.- bagelmaster, on 01/19/2008, -1/+5Self control is a very underrated thing now days
- funkywood, on 01/19/2008, -0/+1Or if you don't actually have any debts (anybody?) and still believe the Ron Paul line you can buy just under an ounce of gold with it.
- catbeller, on 01/19/2008, -0/+1No debt. Been expecting this idiocy to crash since the 80's. The bell is tolling now.
- salinemist, on 01/19/2008, -1/+1I was going to buy some Treasury Bonds.
- mcduckov, on 01/19/2008, -1/+2I don't have an debts and if i get money outside my expected budget I'll probably spend it on something stoopid.
- scrumpy, on 01/18/2008, -7/+2Would it kill you to spend it at Banana Republic?
- diggerydood, on 01/18/2008, -4/+16I'm curtailing all expenditures until the war is over.
- cybrguy, on 01/18/2008, -1/+5If the citizens actually saw the costs of the war directly we all would be doing that. Instead we are getting more debt which will be worse for our children.
- CiXeL, on 01/19/2008, -1/+3haw you actually think we're going to pay it back? the US is beyond the point of no return. we're clearly going to default.
- snatchmstr, on 01/19/2008, -0/+1OK go live on the street with no food if you really want to. It's your life.
- catbeller, on 01/19/2008, -0/+1Gonna wait a century?
- cybrguy, on 01/18/2008, -1/+5If the citizens actually saw the costs of the war directly we all would be doing that. Instead we are getting more debt which will be worse for our children.
- theutopian, on 01/18/2008, -8/+10I have no problem with this whatsoever. My wife and I would put the money to good use.
- jaymzdean, on 01/18/2008, -6/+46Hell, yea. What's $150 Billion more on the chinese credit card? Americans who fall for this are stupid.
- cybrguy, on 01/18/2008, -1/+7On the flip side, if he cuts 150 billion in spending and gives it back to the people then its a good thing, however, I think he should cut 150 billion in spending and just leave it at that.
Or maybe do that 5-10 times and then call it good.- kingmanic, on 01/18/2008, -0/+5No No, you don't' understand republican economic theory. It's much too advanced for you. You raise spending bu 150 bil, and then rebate taxes by $1200 per person. Te taxes economic growth from the $1200 will pay for both.... err or at least thats what the well coiffed talking head said.
- cybrguy, on 01/18/2008, -1/+7On the flip side, if he cuts 150 billion in spending and gives it back to the people then its a good thing, however, I think he should cut 150 billion in spending and just leave it at that.
- khail250, on 01/18/2008, -5/+35how about Mr. Bush gets us out of a 2 trillion dollar mistake!!?!!?!?
- Ezareth, on 01/19/2008, -8/+2I love how you Liberals throw that number around like it is true.
Every single economics EXPERT has denounced it as complete BS.- cheesejaguar, on 01/19/2008, -0/+2Well, let's assume it is true because a liberal won't believe you. 2 trillion dollars that went straight into the pockets of US soldiers in the form of wages, or US defense contracting companies. Economic problems are probably more closely related to the actual taxation, rather than how the taxes are spent.
- CrazedLeper, on 01/22/2008, -0/+1Buried for use of a label: "Liberals".
- CrazedLeper, on 01/22/2008, -0/+1Why do you assume it was a mistake, because they allow you to? Because they said so? This government doesn't make mistakes, it tells lies. That's all it does.
- Ezareth, on 01/19/2008, -8/+2I love how you Liberals throw that number around like it is true.
- davidkeithjones, on 01/18/2008, -2/+21Bail out by the White House Visa? The more debt you create, the worse things will get in the long term. Wanna save money? Stop the war it will save billions if not trillions.
- 1hotmama, on 01/20/2008, -1/+0You don't get it, do you--so we get out of Iraq...and leave an entire country in need of security, government, etc? This will only create a vacuum leading to a new superpower in the world--a terrorist superpower. I don't like our men and women dying there any more than anyone else, but we can't leave until they are ready to stand on their own. Do you remember the planes, do you remember the poor souls who decided that it was better to jump from hundreds of floors up than to stay and be burned to death in airplane fuel, do you remember the buildings falling, do you? We can't and won't stop everyone that wants to hate us, but we CAN'T leave a country that we know will end up turning back into a terrorist state and just tell them, "Well, we hope it works out for you!" My friends are over there and I've heard the real stories--the good stuff that none of the dems want you to hear. The Iraqi soldiers that want to learn. The Iraqi families that come out to greet our men and women and desperately want help. The schools that have been built but stand empty because they are without school supplies. Has it occurred to you to help. To send support to our LEADERS as well as the men and women fighting. Build them up and they can do their job faster and more efficient and get home.
$800 doesn't save the world or even the day, but don't blame the mess we're in on a war that needed to be fought so that my son and daughter don't have to live on a day like September 11 ever again!- bethbird, on 01/26/2008, -0/+0I see this war as an personal attack toward Bush, not the US. Ben L & GW new each other previously. B L expected him to claim revenge as he is that way in life. This attack was directed at monetary symbols of capitalism, and its reason may have been the sight of greed as evil. It will not be easy to bring out all us troops and personnel safely if not done with care.
- Damien79, on 01/26/2008, -0/+1Do you remember the planes, do you remember the poor souls who decided that it was better to jump from hundreds of floors up than to stay and be burned to death in airplane fuel, do you remember the buildings falling, do you? We can't and won't stop everyone that wants to hate us, but we CAN'T leave a country that we know will end up turning back into a terrorist state and just tell them
SAUDI ARABIANS what the ***** has Iraq got to do with 9/11. You are deluded. - Berybery, on 01/28/2008, -0/+0Last I heard, jet fuel couldn't melt steel... I remember exactly where I was when our government, in conjunction with 'terrorists' (Oops... Saudis) commited this heinous act on American soil, and took American lives. Damien's right... you are deluded. If you don't want your kids to live through another 9/11, you'll vote for anyone to get this ***** administration out of the White House. Buildings falling? Try controlled demoltion... it was a nice ploy to dupe dumbasses like you into believing we had to attack a country that had NEVER attacked one SINGLE American EVER. Oh... and um, by the way? We may be getting ass-raped by this government without any lube... what do you think GW's getting ass-raped with? You got it. Iraqi oil!
- 1hotmama, on 03/03/2008, -0/+0Oh, the conspiracy theory. I didn't realize I was talking to one of those. And I bet you believe Saddam is still alive and working in the white house picking our next "target?" Are you serious? Have you actually talked to anyone there? Two planes hit those buildings. And the buildings fell. It is you who are deluded by the evil acts of radical individuals in the world. Here's something you might want to consider...everyone in our government is not perfect, nor are they any closer than you to perfection, but the government is not out to get us or fool us at every turn. Do politicians lie, yes, do you? Do they tell us what we want to hear? Absolutely, you wouldn't vote for anyone if they told you what they were really thinking. They're really thinking, oh if I can get him/her to believe that Bush brought down those planes, then maybe they'll vote for me...who cares if it's true or not. Pulling the troops out in a hurry just creates a vacuum for a worse dictator to take hold. Yes the Iraqi government needs to step up. Yes our men and women need to come home-at the right time. Get your head out of the conspiracy theorists world and look at the truth on the wall. Whether you like the war or not, it would be murderous for future generations for us to pull out in a mass exodus.
- 1hotmama, on 01/20/2008, -1/+0You don't get it, do you--so we get out of Iraq...and leave an entire country in need of security, government, etc? This will only create a vacuum leading to a new superpower in the world--a terrorist superpower. I don't like our men and women dying there any more than anyone else, but we can't leave until they are ready to stand on their own. Do you remember the planes, do you remember the poor souls who decided that it was better to jump from hundreds of floors up than to stay and be burned to death in airplane fuel, do you remember the buildings falling, do you? We can't and won't stop everyone that wants to hate us, but we CAN'T leave a country that we know will end up turning back into a terrorist state and just tell them, "Well, we hope it works out for you!" My friends are over there and I've heard the real stories--the good stuff that none of the dems want you to hear. The Iraqi soldiers that want to learn. The Iraqi families that come out to greet our men and women and desperately want help. The schools that have been built but stand empty because they are without school supplies. Has it occurred to you to help. To send support to our LEADERS as well as the men and women fighting. Build them up and they can do their job faster and more efficient and get home.
- VeryBoredNow, on 01/18/2008, -3/+29I'll convert the money into euros the same day
- shakingfist, on 01/18/2008, -3/+3From one fiat currency to another. Convert to gold or silver. Hell, convert to lead, it's worth more than the paper.
- Drax0n, on 01/18/2008, -0/+1Very good point, since they will just print this money out of thin air... trade it before the value of the american dollars drops further.
- CrazedLeper, on 01/22/2008, -0/+1Good idea. I would suggest British pounds, however. Since that's where all the gold stolen from Ft. Knox went, I assume it's supporting the world's most highly valued currency in some way.
- these3remain, on 01/18/2008, -1/+9It will do little to stimulate the economy because most people are living paycheck to paycheck and carry a big debt load. So chances are, rather than putting the money back in to the economy, the money will go toward bill-paying or, if you are fortunate enough, toward savings, an extra mortgage payment, etc. Unless the money is used to purchase durable goods (preferably made in the USA!) , it will do little to stimulate the economy and bolster the retail market. The past Christmas market (NOT "holiday") was the worst in the past 5 years, I'm not sure if it was just flat or actually down. I , personally, don't have a problem with getting some back - I'd also like to see more done for small businesses - the backbone of our economy. As an entrepreneur, we are taxed to death for EVERYTHING not only on the federal level, but the state and local levels, too.
- ntriusbil, on 01/18/2008, -0/+3I think you are underestimating the vast amount of people that will blow that money on nonsensical things because they "deserve a break."
- these3remain, on 01/19/2008, -0/+2You may be right, sigh. I tend to think that there maybe some part of the sector who would choose to handle it responsibly but , you are probably right. In which case, it will stimulate the economy if the money is spent here, paid cash, not credit.
- Ezareth, on 01/19/2008, -4/+0Take a class in economics. For one MOST people aren't living paycheck to paycheck. Secondly the economy is often self-prophesying, meaning if I think the economy is doing bad, I'm going to get worried and not spend as much in anticipation of having less, and in effect am making the economy worse. Our entire economic "downturn" has been caused by the overreaction to the mis termed "housing bubble burst" that affects a very small percentage of loans. Until people start thinking the economy is picking up it is going to keep heading south. Have some faith in the system.
- these3remain, on 01/19/2008, -0/+4While I agree to a certain extent with some of what you posted, I don't need a lesson in economics.I am not saying that we are in a recession - but MOST people are living paycheck to paycheck or credit-card to credit-card. I personally do not carry that debtload, thank God - my only debt is my mortgage, which I am working toward eliminating - but most Americans owe on credit cards, car loans, student loans, etc. And take a look at what retail sales were for the Christmas season - they were the lowest in the last 5 years. Stores are having all kinds of sales right now to try to get rid of all the excess inventory they incorrectly thought would be purchased during the Christmas season. My business is dependent upon discretionary income since I don't market food, clothing or shelter so I have a very acute perception of what is happening in our economy besides all the hype about sub-prime mortgages.
- catbeller, on 01/19/2008, -0/+3We don't want to pay taxes. We borrow. We don't pay it back. Interest continues. Principle grows to almost ten trillion. We start wars and pay for it with more borrowing. We spite basic infrastructure spending so repair costs skyrocket, witness New Orleans. We are drowning in our belief that we don't have to pay taxes and that government spending is evil and should not be paid for, even as we merrily borrow for it. THAT is basic economics. You don't pay now, you pay enormously later.
- these3remain, on 01/21/2008, -0/+1Oh, and if you don't think we are in a recession and that we can just "think" our way out of it or have enough "faith" in the system, you might want to read this: http://www.thisislondon.co.uk/news/article-2343340 ...
- ntriusbil, on 01/18/2008, -0/+3I think you are underestimating the vast amount of people that will blow that money on nonsensical things because they "deserve a break."
- Qtip42, on 01/18/2008, -11/+45What the ***** is $800 going to do for me? Are you serious? $800 is nothing in today's world. That'll pay for 3/4 of my rent for a month. How is that supposed to stimulate the economy?
Stop printing money from thin air and artificially screwing with inflation rates.- OrangeTide, on 01/18/2008, -4/+12Buy some cannabis from Canada with your $800.
- kingmanic, on 01/18/2008, -3/+6The appreciation on that is good. My stock broker advised me it's a good 600% as soon as you cross the border... or was that my drug dealer?
- ntriusbil, on 01/18/2008, -5/+8I'm having trouble reconciling the idea of 800 bucks amounting to "nothing" to a person that pays rent.
- these3remain, on 01/19/2008, -0/+3Good point. If I were paying rent, I would appreciate 3/4 of my rent being paid; it's better than none of my rent being paid.
- blo68, on 01/19/2008, -0/+4Complete agreement. This person sounds like another spoiled American who cries poverty; and yet has a flat paneled TV, a refrigerator, cable television, an X-box, and has booked a trip to a Sandals resort.
- Berybery, on 01/28/2008, -0/+0Wait... I have a fridge... in my rental unit. Free cable, dunno how it got there, it just is... Seriously though, can't afford a Sandals resort trip. Um. I'm a student, and I work 2 jobs and that's barely enough to cover my rent. Luckily, I have Pell Grants for college, so I'm taking as much advantage of that as I can, before even THAT is taken away... If I could, I'd be a lifetime student on the governments money ...
- shipmate50, on 01/22/2008, -0/+1watch your language *****
- OrangeTide, on 01/18/2008, -4/+12Buy some cannabis from Canada with your $800.
- gregdogum, on 01/18/2008, -14/+48Bush is such a god ***** damn failure.
- Number23, on 01/18/2008, -12/+2There you have it folks, the cogent and insightful argument of the day!
- these3remain, on 01/19/2008, -1/+3And soooo literate, too. I happen to agree with the post but not with its crudeness and abysmal vocabulary.
- catbeller, on 01/19/2008, -0/+1From his view, 3-4 trillion dollars in wealth was transfered from future taxpayers to contractors and lobbyists' clients and the wealthiest taxpayers - his base. Trilions more to oil companies. He is a success, in his world.
- CrazedLeper, on 01/22/2008, -0/+1That assumes that what he intended to do was what he *said* that he intended to do.
- Number23, on 01/18/2008, -12/+2There you have it folks, the cogent and insightful argument of the day!
- daleok, on 01/18/2008, -2/+16A good chunk of our nation is deep in debt brought on by years of spending and spending and more spending. And what does Bush want us to do with this $800.00? Spend it, of course. It might be enough to fill the gas tanks of all the toys each family owns. Short-term relief? You bet...it might last for the weekend.
- catbeller, on 01/19/2008, -0/+1We brought it on by borrowing. Spending doesn't kill us; not paying the bills kills us.
- Gir9000, on 01/18/2008, -12/+3the break only would go to big businesses most of which that already get incentives by his administration to hire outside the US. This would not stimulate your wallet if you think that what this means. Its for Big Oil and their buddies.
- cybrguy, on 01/18/2008, -0/+2Links or references? I would love to see this tied to big oil, it would give me another reason to go find a corner and cry.
- MaynardJK, on 01/18/2008, -1/+3Holy ***** you are stupid.
- MasterInsan0, on 01/18/2008, -0/+2Everything the government does today, and has been doing for 20-30 years now (or more depending on your outlook) has been for Big Oil and their buddies. They own this country, and all of the little sub-countries we've conquered for them (like Iraq).
- lambo29, on 01/18/2008, -0/+9how long before all the people who ***** up our economy use this money in yet another dumb manner. Most of the individuals who get this money will buy something that they cant afford like a tv or a car.
- Itseverenough, on 02/04/2008, -0/+0Who can afford those things anyway? Let them do it, spend the $800 on getting yourself and your friends drunk. You'll at least have an $800 memory... (but make sure to call a cab). =P
- nubalance, on 01/18/2008, -0/+13Great. Now I have some seed money to start a company abroad.
- ainsworthboyle, on 01/19/2008, -0/+0Some drop shipment in Europe would be nice!
- cocacola39, on 01/18/2008, -0/+6haha. i like it when there's almost as many comments as there are diggs on a story.
- Langford, on 01/18/2008, -6/+10Buying votes for his party is pretty low. Makes me sad that people will probably fall for it.
- dood, on 01/18/2008, -3/+3"Makes me sad that people will probably fall for it" again.
- OrangeTide, on 01/18/2008, -4/+2afaik Bush isn't running for reelection. Has he even endorsed a candidate?
- Langford, on 01/18/2008, -2/+1He doesn't have to accompany it with a specific endorsement, because he is chanting republican rhetoric as he announces it.
- JoeVet, on 01/19/2008, -1/+1He has endorsed the Republican party. Doesn't really matter if he names a specific candidate.
- patpl22391, on 01/18/2008, -5/+4Wait if this is "buying" peoples votes, what are Democrats doing when they expand welfare? Buying votes? Please shut up.
- Langford, on 01/18/2008, -3/+1Do you really think that changing long term policy is the same as throwing a random hand full of money at the masses?
- these3remain, on 01/19/2008, -1/+2Of course it's not the same as "changing long term policy". Changing long term policy will cost the masses FAR MORE MONEY that the masses just don't have. You and I are part of the masses that will be paying for changing those long term policies and a lot of those policies, like healthcare cost a LOT of MONEY. Go to your room.
- Langford, on 01/18/2008, -3/+1Do you really think that changing long term policy is the same as throwing a random hand full of money at the masses?
- shakingfist, on 01/18/2008, -3/+2I don't think there's anything sad about returning property to the rightful owners.
- these3remain, on 01/19/2008, -0/+2"Buying votes for his party" uh, yeah, right. That's how you'd get my vote...$800 bucks. So insightful.../sarcasm.
- dkg17, on 01/24/2008, -0/+0If giving people the money they earned is buying votes then I'm voting for my boss, because he gives me all he can legally.
- dn11, on 01/18/2008, -0/+14Let's borrow some more money from China! Isn't credit fun! From wikipedia:
"In recent years, the debt has soared and inflation has stayed low in part because China has been willing to accumulate reserves denominated in U.S. Dollars. Currently, China holds over $1 trillion in dollar denominated assets (of which $330 billion are U.S. Treasury notes). In comparison, $1.4 trillion represents M1 or the "tight money supply" of U.S. Dollars which suggests that the value of the U.S. Dollar could change dramatically should China ever choose to divest itself of a large portion of those reserves".- cybrguy, on 01/18/2008, -0/+6I.e. the value of the money in your hands, in your bank, in your salary, could all be destroyed if china divests.
- Hedegaard, on 01/19/2008, -0/+3well and of course if OPEC should decide to go away from the USD as oil trading currency - which is very likely as they stand to benefit from a change to the Euro (as they can then charge the US (biggest oil consuming market in the world) more due to the low value of the dollar -- billiant!) - then the US will start seeing gas prices like in Europe - that's not going to be pretty.....
- EXreaction, on 01/18/2008, -2/+1What will happen when China starts spending, the dollar crashes, then all the money we borrowed to them is worthless?
Actually, that leads to a rather scary future...China gathers up lots of money, comes back and tries to spend it all, which causes the dollar to crash, then China invades. With the mass panic that would be caused by the crash people would be breaking into places just to get food to live and be more worried about survival than fighting, if they act fast it would be very easy for some country to invade and take over the entire US.
Well, that is if China would want to destroy the US. As much as some of you think YES, you really don't know and neither do I.- Ezareth, on 01/19/2008, -2/+0"As much as some of you think YES, you really don't know and neither do I."
Well you got half of that right.
- Ezareth, on 01/19/2008, -2/+0"As much as some of you think YES, you really don't know and neither do I."
- schroeder, on 01/19/2008, -0/+1Now we can owe china $4800 a person.
- cybrguy, on 01/18/2008, -0/+6I.e. the value of the money in your hands, in your bank, in your salary, could all be destroyed if china divests.
- Richandler, on 01/18/2008, -2/+18Basically every american will be paying the government more money over time to get a smaller one time amount just this year. How about lowering everyones federal income tax by 8% and cutting spending.
- RationalXubrnce, on 01/18/2008, -0/+23 How about instead abolish the criminal enterprise of the Federal Reserve who the politicians allow to legally rob the American people of their life savings.
- cybrguy, on 01/18/2008, -0/+4Not going to happen unless someone topples MSM.
- these3remain, on 01/19/2008, -0/+3Sounds like a plan. After all, the Federal Reserve was voted into law, so why can't it be abolished. Except for the fact that those who are in office, on both sides of the aisle, won't let that happen.
- catbeller, on 01/19/2008, -0/+2The Fed didn't do this. borrowing so as not to pay your taxes did this. Pay your bills, no problem. We've borrowed for 27 years to not pay taxes, passing the bill off to our descendants.
Guess what? YOU'RE the descendant! Congrats! Pay up!
- MondayJBlack, on 01/18/2008, -6/+5People would spend more money if they didn't have to worry about keeping it. Some will take it and put it into insurance, because Bush vetoed child health care. Others will put it into coffins for returning family members from Iraq. Me? I'll put it into Obama or Hillary. Pretty sure that's not how he wants me to spend it though...
- Ezareth, on 01/19/2008, -2/+0I love how you liberals live in a completely different reality.
I'm going to go hand out my $800 at the soup kitchen lines stretching for miles down my street. Open your frikin eyes you moron.- Berybery, on 01/28/2008, -0/+0I love how alot of your comments start out with 'I love how you liberals....'
- Berybery, on 01/28/2008, -0/+0I love how alot of your comments start out with 'I love how you liberals....'
- Ezareth, on 01/19/2008, -2/+0I love how you liberals live in a completely different reality.
- redxninja, on 01/18/2008, -17/+6Bush is the best. Thanks you.
- Berybery, on 01/28/2008, -0/+0Elaborate, please. You like pussy? Ok then! Baked beans? They're alright. GW... dude, you need to get out a little more often. Or better yet, stay home and DON'T contribute anymore to the gene pool.
- lpmiller, on 01/18/2008, -1/+9this is like hearing the neighborhood store is in trouble, and going out and buying that weeks groceries there. That's awesome for that week. But what about next week? Unless he wants to give me 800 bucks monthly, any boost to the economy will be a blip, nothing more, and now, the government is even LESS flush with cash.
- Infowarmachine, on 01/18/2008, -0/+14so.. is this 800 dollars they are deciding to not steal from us this year?
or 800 dollars they printed out of thin air..- lived666, on 01/18/2008, -0/+5800 dollars they borrowed from Saudi Arabia, Dubai or China
- ThomasPaine23, on 01/18/2008, -1/+2Probably 800 they stole from us this year, which WOULD HAVE been refunded next year, which we'll have to count as part of next years refund anyway.
- shipmate50, on 01/22/2008, -0/+0huh??????????
- GoingPostal, on 01/18/2008, -1/+6WooHoo! Half a mortgage payment.
- michaelGregoire, on 01/18/2008, -3/+29I'd much prefer mine in Euros please.
- sbassin, on 01/18/2008, -3/+1Make mine in Loonies!
- cmackattack, on 01/19/2008, -0/+1I'll take 50oz. of silver...
- these3remain, on 01/19/2008, -1/+2I'll take it in gold or Chinese currency.
- dkg17, on 01/24/2008, -0/+0You want European unemployment rate too?
- tehxen3, on 01/18/2008, -5/+4Awesome. This is a tax-return not debt spending... even if it increases deficit a little bit it's a good investment and it will pay back in form of higher economic growth and higher tax receipts to government.
Make it $2000!!!- Drax0n, on 01/18/2008, -0/+1With that line of thought why not make it 1,000,000?
- Hedegaard, on 01/19/2008, -0/+1or stop taxing altogether ? hence it's a tax cut / break not money you're receiving for nothing.....
- catbeller, on 01/19/2008, -0/+1Exactly! If we pay no taxes and increase spending, we should create infinite wealth and pay off our debt. Supply side logic.
- Hedegaard, on 01/19/2008, -0/+1or stop taxing altogether ? hence it's a tax cut / break not money you're receiving for nothing.....
- Drax0n, on 01/18/2008, -0/+1With that line of thought why not make it 1,000,000?
- liuite, on 01/18/2008, -0/+2that was the problem from the beginning...to stimulate the economy you need to cut taxes to the segment of the population that is accustomed to spending majority of the paycheck
- Namakemono, on 01/18/2008, -3/+6Consumerism should not be encouraged. It's like when he said shortly after 911, "Go shopping or the terrorists win!".
- Narasil, on 01/18/2008, -1/+3Yeah obviously living in a cabin without 'tricity and making your own furniture is gonna help the economy.
- Namakemono, on 01/18/2008, -3/+2But it's not my phucking duty to help the economy. It's my duty to support my family and save up for retirement because all of those thousands of dollars I have contributed to Social Security will have already vaporized by the time I retire. You go ahead and blow your money so you can stimulate the economy.
- Narasil, on 01/19/2008, -1/+2Didn't say it was your duty dipstick. I was merely pointing out that consumerism is the ***** cornerstone of any modern economy and if your too ***** stupid to figure that out go live in your cabin and eat bear ***** for all I care. :)
- Namakemono, on 01/19/2008, -2/+1I obviously hit a nerve. Get a life moron.
- Narasil, on 01/19/2008, -1/+2Didn't say it was your duty dipstick. I was merely pointing out that consumerism is the ***** cornerstone of any modern economy and if your too ***** stupid to figure that out go live in your cabin and eat bear ***** for all I care. :)
- Namakemono, on 01/18/2008, -3/+2But it's not my phucking duty to help the economy. It's my duty to support my family and save up for retirement because all of those thousands of dollars I have contributed to Social Security will have already vaporized by the time I retire. You go ahead and blow your money so you can stimulate the economy.
- Narasil, on 01/18/2008, -1/+3Yeah obviously living in a cabin without 'tricity and making your own furniture is gonna help the economy.
- iheartartoo, on 01/18/2008, -1/+7I don't like the policy, but I'll sure take the money.
- StickWiggler, on 01/19/2008, -0/+2this isnt policy. its reaction to a bad one. because the us gov't gives so much money to lazy people is why giving $800 to normal people makes a difference. Medicaide and SSD are the biggest self supporting wast of money in human history, and they're also the biggest drag on our economy.
- BlackJackJester, on 01/18/2008, -1/+7How much gold does $800 buy? A little over an oz...right?
- IronTek, on 01/18/2008, -0/+1A little under, actually.
- bogslug, on 01/19/2008, -1/+1Where do you guys live? Jesus you're getting ripped off.
Oh wait, you said gold.
- bogslug, on 01/19/2008, -1/+1Where do you guys live? Jesus you're getting ripped off.
- sparkysko, on 01/18/2008, -0/+2Gold is ~900$/oz
- IronTek, on 01/18/2008, -0/+1A little under, actually.
- tattertech, on 01/18/2008, -0/+7Wonderful... I don't suppose there's going to be a drop in government spending also, is there?
- Narasil, on 01/18/2008, -0/+2Be win win if they were able to pull that one off too.
- EComni, on 01/18/2008, -1/+17Lewis Black sums this up nicely:
http://www.youtube.com/watch?v=zskRVL47vq4- sodade, on 01/18/2008, -1/+2"I wish the government had just come in my mouth"
Fing brilliant - cheesejaguar, on 01/19/2008, -0/+2I love Lewis Black, but he even admits that he isn't good at economics. $300 is a small dip in the bucket for most people, but it is hundreds of billions of dollars on the national scale.
- sodade, on 01/18/2008, -1/+2"I wish the government had just come in my mouth"