Under the Economic Stimulus Act of 2008, aimed at averting a looming recession, more than 130 million American households will receive economic stimulus payments beginning in May.
Our leaders in Washington, DC - George W. Bush along with Congress - have deemed it appropriate to send YOU, the taxpayer, $300 to $600, a so-called economic growth incentive, so that you can help revive the flagging U.S. economy.
Here's the catch: For this plan to work you've got to go on a wild spending spree just as soon as you receive your check, preferrably adding an extra chunck of your cash "into the bargain". (Good luck finding ANY merchandise not made in China...)
Don't go doing something selfish like putting that money in a savings account or using it to pay down your credit cards, "No siree Bob". That would spell disaster: If you try to use the windfall in a responsible way, then this entire house of fiscal cards is going to collapse. Do you want to be responsible for bringing down the already limping American economy? Of course not! That is why it is your PATRIOTIC DUTY to go out and spend, spend, spend!
Asian stock markets respond positively to America's economic stimulus campaign. With the U.S. being the biggest importer of Asian goods, Asia's lucrative export market is hampered by an ailing U.S. economy and welcomes a speedy turn-around.
"We are going to give rebates to taxpayers, and that is great. But what will most of them do with it? They are going to buy things that were imported from China,"
said former Republican Presidential Candidate Mike Huckabee.
: Stop and think :
A hackneyed plot: The tax-rebate plan would cost the Treasury about $150 billion this year, according to the Joint Committee on Taxation. The U.S. government is giving taxpayers money that is essentially "invented money", by increasing federal debt, debt, that all taxpayers and all check recipients are, in one way or another, on the hook for...
"We can't keep on mortgaging our children's future $150 billion at a time,"
said Representative Jim Cooper, one of 10 Democrats to vote against the bill.
There is no such thing as *free money*
[Read about Recession: Economic crisis of 2008]
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