PunBB

House passes economy stimulus package

WASHINGTON - The House, seizing a rare moment of bipartisanship to respond to the economy's slump, overwhelmingly passed a $146 billion aid package Tuesday that would speed rebates of $600-$1,200 to most taxpayers.

The plan, approved 385-35 after little debate, would send at least some rebate to anyone with at least $3,000 in income, with more going to families with children and less going to wealthier taxpayers.

Is that a forked tongue poking out of GWB's mouth?

My favorite quote from Bush's SOTU speech.... :lol:


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"We have other work to do on taxes. Unless Congress acts, most of the tax relief we've delivered over the past seven years will be taken away. Some in Washington argue that letting tax relief expire is not a tax increase. Try explaining that to 116 million American taxpayers who would see their taxes rise by an average of $1,800. Others have said they would personally be happy to pay higher taxes. I welcome their enthusiasm. I'm pleased to report that the IRS accepts both checks and money orders. (Laughter and applause.) "

If I remember correctly, I had to report my 2001 "rebate" as income for the 2001 tax period. Something to keep in mind....

I just don't quite buy into the concept. Most people getting the $600 / $1200 aren't going to go out and truly "spend"; they're going to pay down their debts, and that's not "economic stimulus". So essentially, Washington is voting to increase the Federal deficit to bail its citizens out of their prior reckless spending.

I heard a report yesterday that said the average American has nine credit cards which carry balances. NINE! It also said that 40% of everything purchased by Americans are done so with credit, not cash.

Wow.

So many Americans live beyond their means. See "sub-prime mortgage crisis". It's reprehensible. And Joe Taxpayer ends up paying the price, which includes not just those creating the "crisis" (the ones living beyond their means) but also the minority of us who live WITHIN our means. We all end up suffering the consequences, but the ones causing the problem are the ones who get to live in bigger houses, drive nicer cars, and wear finer clothes.

Nice.

:x

The unfortunate fact is that the guy carrying a balance on 9 cards probably isn't going to use a $1200 windfall to pay down the debt. He's going to spend it irresponsibly, because irresponsible spending is his thing.

Apparently, that's what Washington is counting on....

Once again like educational loan tax break, I will not qualify.

Bush strums with his thumb...like a girl

President Bush, pictured playing a guitar while New Orleans drowned, Aug. 30, 2005

The first photo is real. This second photo is what was actually happening at the time.


As far as I can see the only things that are still made in America are guns, grass and Gibson guitars. I'll do my best to stimulate the economy with my purchase of an electric guitar and a big bag of local organic produce.

I was thinking of naming the guitar George but if I did I would eventually have to smash it.