Let the Bidding Begin...
Friday, January 18th, 2008 - 3:14pm
With talk of recession everywhere early in an election year, Hillary's campaign sent out talking points today on the economy:
Her aggressive $110 billion stimulus plan would assist the people who have been hardest hit by the economic downturn and who are most likely to spend new resources, which would boost the economy. . . .Working families who are being left behind in Bush economy will no longer be invisible when Hillary is president.
Included in the plan are various payouts to what are now called "downscale" voters and a freeze on interest rates for subprime mortgages.
What's amusing is that Bush came out today with his own $150 billion spending plan and the promise of immediate tax rebates of spendin' money. No word on how big the checks will be, but probably something around $800 per household.
I know American politics has always been about who gets what from the government, but it strikes me that it's getting kind of ridiculous. We don't have a budget surplus, so presumably the government will borrow money from the Chinese to give us to spend now, never telling us that we're going to have to pay it back with interest later.
We're idiots that way. The sad thing is, it should be clear that if the government is stooping to just giving out checks to everybody, we must be f*cked. But I'll still put that $800 towards a down payment on a new home.
Xbox Live: JayhawkerGWJ
last.fm: JayhawkerGWJ
$800... $800 to take care of a economy-shaking meltdown in loan resell practices, loanshark worthy loan terms, and a general liquidation of the value of the dollar...
Right.
I really hope they don't send all us Americans, $800 to stimulate the economy. I'm going to spend that on video games and booze. And I'm a responsible, intelligent, well earning American.
XBL: elliottxW
WoW: Jozak - 80 Death Knight
Think bigger.
New TV.
NOTE: This is not a doodle bug.
Spore
What amazes me is that there seems to be a sense of panic at just the idea of a slowdown, let alone a recession. It's like there's this desire to avoid any kind of pain in the economy at all costs. Meanwhile, inflation is kicking my ass. What's $800 bucks when the shrinking dollar is causing me to put out $2,000 more this year for heating oil than I did a few years ago? Or when my health insurance premiums keep going up?
They'd rather see more inflation than deal with the risk of a slowdown.
Rebates do not work. None of you should want a rebate, as it will not change any of your habits and does not promote long-term stable growth.
For instance, there are 108 beads in a Catholic rosary and there are 108 stitches in a baseball. When I learned that, I gave Jesus a chance. ~Ron Shelton, Bull Durham, 1988
Oh, I don't want rebates mailed out. But I will cash the check.
Xbox Live: JayhawkerGWJ
last.fm: JayhawkerGWJ
good test for the Dems? vote it down and look like pricks to the people who don't understand tight financing or fold to the pressure and prove they are no better... fun stuff.
The Democrats are proposing useless rebates as well. They are no better.
For instance, there are 108 beads in a Catholic rosary and there are 108 stitches in a baseball. When I learned that, I gave Jesus a chance. ~Ron Shelton, Bull Durham, 1988
Exactly. As much as I don't like the idea of borrowing money to buy votes, I can think of a lot of uses for $800.
*Legion* wrote:
informationgames.info
http://twitter.com/nnschiller
Thirded. It's dumb idea, but if they're dumb enough to seriously do this, I could use $800 right now.
Quote:
XBL Tag: Prederick
PS3s for everybody! WHEEEEEE!
"I'm absolutely retarded. Not 100% sure why." - atom
"Dhelor + intarwebs = Great ideas." - wordsmythe
"Do I what I do: hate everyone." - Quintin_Stone
So...... you're saying Sony controls the U.S. Govt?
Unfortunately, if I slash my wrist with my lightsaber it cauterizes instantly. - PurEvil on emo Star Wars plots.
you know you'll pay taxes on that money next year. It's not free and clear.
For instance, there are 108 beads in a Catholic rosary and there are 108 stitches in a baseball. When I learned that, I gave Jesus a chance. ~Ron Shelton, Bull Durham, 1988
Really? How are they going to tax a tax rebate?
edit for clarity: I'm not trying to be a jerk here, I'm honestly curious.
Also, the article over at Yahoo News is saying $800 for individuals, $1600 per household. That's insane.
Xbox Live: CrankyBaby
baggachipz: Who cares about Japan, let them have their silly pointless dog games and countless re-hashes of anime-based dragon princess super lucky crapitty crap.
The States actually have tried to tax it.
But I think he meant that we will have to pay it back, as well as pay interest on the money. It's not free.
Xbox Live: JayhawkerGWJ
last.fm: JayhawkerGWJ
I think this is because the last time they did a big stimulus package, the Dems inserted a check into the final package, and that was the part people liked. So this is like a sugar pill for whatever Bush intends to stuff into his economic sausage.
"Sometimes I go around saying, 'Kommisar Paulson has seized the commanding heights of the economy!'" - Paul Krugman, asked if recent changes to banking are socialistic.
I'd like it even better if they could get Ed McMahon to deliver all of the checks personally.
Xbox Live: JayhawkerGWJ
last.fm: JayhawkerGWJ
If I keep the order simple, 800 bucks might actually buy me 300 cups of coffee.
Psychotic Foreign Teenage Chicks are so hot. - Legion
I find it ironic anytime a healthy vaccinated person bitches about science...on the internet. - MaverickDago
Actually I wouldn't mind a rebate for myself, but then again I spend less than I make and am working myself out of a smallish hole I put myself into when I was younger and dumber.
"Also, I have four legs and am covered in wool. Baa!" *Legion* reveals his inner furry.
Oh, man. I just laughed hard at that. Kudos, sir!
As income. You have to claim it next year as income earned this year. Welcome to the wonderful world of rebates.
For instance, there are 108 beads in a Catholic rosary and there are 108 stitches in a baseball. When I learned that, I gave Jesus a chance. ~Ron Shelton, Bull Durham, 1988
Didn't Bush just up the bidding by $30 billion today?
I don't get how the government giving you back $800, is income... didn't you pay income tax on that money once already? So now that you got a rebate on it, they plan on charging you tax on it again? If anyone besides the government pulled this sort of crap they would be hauled in and brought up on charges.
"Also, I have four legs and am covered in wool. Baa!" *Legion* reveals his inner furry.
He withdrew the bid. He thought he was getting Hannah Montana tickets.
And Nos, if anyone other than the government told you you owed them money every time you earned or spent money, they'd be brought up on charges. It's good to be the government. They've got a hell of a racket going.
NOTE: This is not a doodle bug.
Spore
Borrow? They'll just print more money to give everyone that $800 rebate for families. Which in turn will just make the dollar go down in value even more. How much further do we have to see the dollar go down in value before we stop printing money? Economic Idiots at the helm in this country.
Prederick wrote:
"When fascism comes to America it will be wrapped in a flag and carrying a cross." - Sinclair Lewis.
Not entirely true, agents and unions do exactly that.
"Also, I have four legs and am covered in wool. Baa!" *Legion* reveals his inner furry.
A few more details emerging on the various approaches favored by Bush, republicans, and Clinton and Obama:
Nearly 40 percent of Americans owed no federal income tax last year, though even low-income workers paid taxes for Social Security and Medicare. While Mr. Bush has refused to disclose specifics of his $145 billion plan, administration officials and Republican lawmakers favor a proposal that would offer rebates of up to $800 for individuals and $1,600 for families "” but only if they paid that much in taxes last year.
Clinton is quoted as favoring giving lots of the cash to the poor because they'll spend it immediately (the term "poor" wasn't used- she called them "low income," which I guess is better than the silly "downscale" that's in vogue).
I'm with the republicans here, but that could be because I'm paying taxes and am in the middle class.
Yes, this will certainly help balance the budget. Let's do it!
I was unclear. I don't think the stimulus is needed, but if they are going to hand out cash anyway, I don't like the idea of the rebates going to the people who won't be paying taxes anyway.