EDITORIALS : In the Money
Posted on Wednesday, May 7, 2008
It's easy to be angry with President Bush right now. Under his leadership, the price of gasoline has managed to eclipse $ 4 a gallon in some parts of the country and is high everywhere. Food prices are steadily climbing.
And then there's the president's belief that charging everything - leaving tomorrow's citizens to pay up - is the best way to run a government.
Over the past eight years we have added trillions to the federal deficit. Like a shopper who can't quit, Washington has mortgaged the country's future with purchases that include tax cuts for wealthier Americans and the Iraq war. In the aftermath of 9 / 11, President Bush didn't tell the country that tough times were ahead. He told us to go shop. And we did, with many families growing their debt and moving into houses they can't afford. Today we are only beginning to appreciate the consequences of such extravagance.
President Bush's idealistic solution to get the economy humming again is to borrow against America's future (again ) by throwing money at taxpayers in the hope that they'll immediately turn around and spend it on new purchases. President Bush's $ 168 billion economic-stimulus plan has millions of qualifying Americans anxiously awaiting checks. The size of the return ranges from individuals ($ 600 ) to couples ($ 1, 200 ) to children ($ 300 per ).
Americans with last names like Walton or Rockefeller shouldn't be waiting on pins and needles until their checks arrive.
In fact, spending the "president's money"may have already started. Over the course of the last several days, tax-rebate checks have begun appearing in bank accounts across the country. All checks are scheduled to be deposited or mailed by July 11.
Mind you, President Bush doesn't want us saving his money - he wants it spent. Businesses are doing what they can to comply by offering customers extra bonuses for spending this found money at their stores. Businesses aren't calling them "Bush Buys," but they certainly could.
One would certainly anticipate that the money won't be tucked away for a rainy day. Far too many families are going through rainy days as it is. Because the United States is filled with debtheavy consumers, Bush's Bucks are just as likely to go toward paying off bills from previous consumption. Last month a Goldman Sachs survey showed citizens evenly split into two groups - those anxious to spend part or all of their rebate immediately, or those willing to save the money or put it toward paying down bills. Likewise, a recent survey by H & R Block found 70 percent of respondents planning to spend their checks on paying down bills or helping to afford necessities. It's worth hoping that Americans do not waste this infrequent opportunity. Putting the money toward paying down bills would certainly be the most practical and helpful thing. Credit has heavy costs, and every little bit to dig out of that hole is a step in the right direction. It's inevitable that millions will use at least some of the rebate money on some purchase they wouldn't ordinarily make. But hopefully they won't waste it on an item that gets little use. They should find ways to make this money work over the long term. Or if one happens to be in a generous mood, think about making a charitable donation to a nonprofit with some portion of the payment. Spending large sums on big-ticket items is certainly one way to help the economy rebound. But the sagging dollar and high prices are bringing everyone down, nonprofits included. We know times are tough and understand that in all thoughtful deliberations, the well-being of one's family comes first. Just don't forget that there are thousands of souls who could use a helping hand right here in northwest Arkansas. Even a small percentage of your tax rebate would qualify as having been wisely spent, and no doubt would be deeply appreciated. Doing this could be one small way to turn a debacle of economic policy into a positive right here in our own community.
- Northwest Arkansas Times
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