We have a deal for tax "rebates" for the citizenry (unless you make too much money).
Congressional leaders announced a deal with the White House Thursday on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children.
House Speaker Nancy Pelosi said Congress would act on the agreement—hammered out in a week of intense negotiations and uncustomary bipartisanship—"at the earliest date, so that those rebate checks can be in the mail."
President Bush praised the agreement at the White House, saying it "has the right set of policies and is the right size."
The rebates, which would go to about 116 million families, had appeal for both Democrats and Republicans. Pelosi's staff noted that they would include $28 billion in checks to 35 million working families who wouldn't have been helped by Bush's original proposal. Republicans, for their part, were pleased that the bulk of the rebates—more than 70 percent, according to an analysis by Congress' Joint Tax Committee—would go to individuals who pay taxes.
But as Dr. Pat notes, this isn't really a "rebate." The government isn't giving you your money back. Indeed, as the news story notes even if you have no tax liability you will still get a check. This is simply money that we will add on to our national debt, satiating ourselves now with nary a concern about the future. What's more, this rebate is of limited economic value. That's the tragedy. We go deeper into debt for nothing other than selfishness. The prospect of a recession is used to justify simply giving away money that we don't have. And, yes, this will further devalue our currency. Ugh.
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