Am I the only one who this makes a little nervous. Especially lump sum payouts that increase the deficit like the one described below.
“Under the deal, nearly everyone who earned a paycheck in 2007 would receive at least $300 from the Internal Revenue Service — $103 billion in total. Most people would receive rebates of $600 each, or $1,200 per couple. Families with children would receive an additional payment of $300 per child. Workers who earned at least $3,000 last year — but not enough to pay income taxes — would be eligible for $300. “
Overall, 117 million families would receive rebate checks, including 35 million with earnings too low to have qualified under an earlier Bush proposal that limited checks to income tax payers. Rebates would be limited, however, to single taxpayers with adjusted gross income up to $75,000 — up to $150,000 for couples. Above that, the benefit would phase out until hitting zero for individuals with adjusted income of about $87,000, $174,000 for couples.
The money would be borrowed and would increase the federal deficit. ” – Washingtonpost.com
Ok, so people get a little check and spend it on who knows what. So a bunch of stores have a sale and people go and blow them there, a couple of folks delay having their gas cut off by an extra couple of weeks. How much stimulation will the economy REALLY get at the expense of the overall budget especially while we are in the midst of a long, costly war.
I am still mulling over this one. What do you think?
I was waiting for him to toss up a black gloved fist . . . January 22, 2008
Talk about an entertaining debate. I just loved it when John Edwards treated both Obama and Clinton like sparring children and reminding the moderator that there was actually a question on the floor about the economy and that the race was not about the “personalities” but the country. Loved it “dad”. LOL! He followed that up with a very interesting stance regarding the lending crisis and African Americans.
Courtesy of a quick pen and TIVO:
Moderator: Senator Edwards, lets dig a little deeper on the economic mess we’re in currently. Uh, in 2006, a study from the Center for responsible Lending (I swear there is a center for everything) found that African Americans are something like 30% more likely to be sold a sub-prime home loan than white borrowers with similar credit histories and income. The South carolina NAACP said last month that the “Amercian Dream” for too many Americans, too many African Americans is a national nightmare. The National NAACP has even filed a class action lawsuit against 12 nationwide lenders. So the bottom line question is, do you believe that lenders have specifically targeted African americans. is this sub-prime mess really also an issue of race.
Sen. Edwards: Yes is the answer. (Awww snap! Eyes popping out of my head, the man didn’t even flinch or hesitate!) I think they have targeted . . . if they haven’t been racially motivated I don’t know, I can’t there is no way for me to know what’s inside their head. (OK, stumbled a little there, but he brings it home folks. LOL!) But what they have done is they have targeted the lowest income, most vulnerable families. And anybody who’s paying any attention to what’s going on in America today understands that if you are African American in this country today, you are likely to have a net worth of about 10% of what white families have. This is NOT an accident. (Ok, now before ya’ll start trippin, he said Likely, not everyone.) We can put our heads against the wall and pretend that the past never happened, pretend that we didn’t live through decades of slavery (ok, so it was more like scores, alright centures, but I still like where he is going), followed by decades of segragation, followed by decades of discrimination, which is still going on today. That history and that legacy has consequences. and the consequence has been that african American familes are more vulnerable, they’re more vulnerable to payday lender, more vulnerable to predatory lenders, which is why we desperately need a national law, which I propose, which would crack down on these pay day lenders . . .
He went on from there regarding his proposal.
I was literally sitting on the floor trippin. Go ahead John Edwards, I ain’t mad at you. You are in your home state, you lost it the last time, and this time you are giving it everything you got. Watch out for Bubba an ‘nem though, cause they made sure my cousin’s high school still had a segregated prom as recently as 1989.
So, what do you think about last night?