All the headlines are urging: Rebates will work only if people spend.
In our local paper, “…Todd Neumann, an assistant professor of economics at University of California at Merced, said there is consensus among economists that a stimulus is needed, but its success will depend on whether people actually spend the checks and how quickly.” (The Modesto Bee, Jan. 24, 2008)
Like most people across the nation I only became aware today of this federal proposal to pacify the economically hurting American people by sending us relatively small rebate checks of up to $600 each sometime BEFORE the next election. This, they tell us, is going to “stimulate the economy.”
What are we supposed to do: rush out and buy some new patio furniture at Cost Plus? Buy next Thanksgiving’s plane tickets? Or (possibly much wiser) take ourselves on a weekend trip to Las Vegas?
I have two words in response: “As IF…!”
Just when we became conscious that every Christmas spending orgy pours umpteen extra tons of wrapping paper and trash into the landfills. Just when some of us were learning that we could live without half the things we thought we wanted. Just when thousands of families are surrendering their hopes of a home; when millions of us are accepting the hard lesson that banks will trump us in greed every time and realizing that we will never, under these circumstances, be able to save — the greatest wisdom that they can offer us is: “Spend more”?
This is when you realize the Emperor has no clothes.
What kind of chumps do they think we are?
If they are really serious about stimulating the economy, let them immediately lower the rapacious interest rates on credit cards.
And mortgages too, where needed.
Let the federal government acknowledge that they should support education, and forgive the college loans of all those who have managed to graduate college and will now be lucky if they can pay it off by the time they retire at age 65 – probably without social security.
Let them take the $100 billion in rebate money and the proposed $50 billion in business tax cuts, and use it to pay people living wages to work in child care and environmental restoration, or to subsidize the development of renewable energy sources for our homes and cars.
Most importantly, let them stop cashing our lives in to pay for their wretched wars. Because it’s not just our futures, or our children’s futures they’re borrowing from. It’s right now.
Rebates? Who do they think they’re kidding?
I completely agree with you, though admitting that there are so many more complexities. It’s ridiculous to base our economy on wanton spending and an unending accumulation of wealth. This is called greed. I mean, how much of material things do we really need? Unfortunately, I think that this system of greed is going to come crashing down on us, if it’s not doing so already. It’s to be expected because greed is not a noble virtue.