Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

March 27, 2008

So Much For That Theory

by Doug Mataconis

Well, it looks like President Bush’s theory that the phony economic stimulus package would actually accomplish anything will be proven to be untrue:

NEW YORK (CNNMoney.com) — Tax rebates are the centerpiece of the government’s plan to stimulate the economy, but many Americans are planning to put the money in the bank or use it to pay off debt, according to a survey released Monday.

A CNN/Opinion Research Corp. poll found that 41% of respondents plan to use their rebates to pay off bills, and 32% will put the money in savings. Just 21% of those polled intend to spend the money, while 3% said they will donate the extra money to charity.

Come on Americans, don’t you realize that what your President wants you to do is be entirely irresponsible and use that stimulus check to go out and buy a nice new high definition TV ?

If you don’t spend it all within 24 hours of getting it, you’re letting the terrorists win.

Or maybe you’re realizing the truth, which is that the entire economic stimulus package is a sham.

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Permalink || Comments (8) || Categories: Economics
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  • Gerrod Gerrodson

    If you don’t spend it all within 24 hours of getting it, you’re letting the terrorists win.===So would buying a plane ticket and giving it to a terrorist qualify as a good use of the economic stimulus plan? Round trip, of course; don’t want to scrimp, now do we? If jewelry is a good idea, how about 72 14carat gold nose rings? For, you know, like afterwards. And a gross (how fitting) of Korans, waterproof and fire resistant, just in case the trip is interrupted by flood or brimstone. The worst case scenario is not that it is all a sham; the worst case scenario is finding out sham doesn’t spend.

  • Barrett

    I intend to put the money in savings. Maybe I can offset some of the inflation this “stimulus” is going to cause.

  • http://www.justinbuist.org/blog Justin Buist

    Given that the banking industry is in a bit of trouble right now wouldn’t putting that money into savings actually help them out?

    If Bush doesn’t expect a significant amount of that money to flow right back to the industry in trouble then he’s even dumber than I thought, and that’s saying something.

  • UCrawford

    I guess the majority of Americans aren’t as financially foolish as we’re sometimes led to believe.

    That’s right…stick it to the man, America :)

  • UCrawford

    Justin,

    If Bush doesn’t expect a significant amount of that money to flow right back to the industry in trouble then he’s even dumber than I thought, and that’s saying something.

    Back during his first term I used to think that Bush couldn’t possibly be as stupid as his most vicious critics said he was. After the first six years of incompetence and failure, however, I finally realized that the guy really is that stupid and it’s become apparent that the best economic strategy is usually to do the exact opposite of whatever he suggests is the smartest course of action (except for cutting taxes, of course).

  • http://poppychop.net/ Nitroadict

    I’m actually thinking about using my check towards some type of Agorist action in counter-economics.

    It’s either that or burn up my cash in a pulpit, & prey to science that natural selection kicks in and sorts this mess out. Cynicism is such a harsh mistress.

  • TerryP

    Politicians always want the quick fix.

    Saving the money will help the economy far more in the long run then spending it now. By saving/investing the money it will get to the industries so that they can build the products/provide the service that you want and that you will be able to afford later on since you have some savings.

  • Ben

    I’m going on a trip to Japan around the time the checks will be sent out. I will probably spend it there!

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