Many of us will probably get a tax rebate this year. Plans call for most taxpayers to get up to $600, while working couples will get $1,200 - or even more if they have children. Even 35 million families who don't make enough to pay income taxes will get $300.
Let's try to follow the logic:
Seduced by "too good to be true" mortgage deals, countless people bought homes they couldn't afford. When interest rates ballooned and they learned it was too good to be true, they started losing those homes. This irresponsible behavior caused the current sub-prime meltdown.
So the government wants to pass out rebate checks. Not to save, but to spend. And the quicker the better.
So mindless spending got us into this mess and now, mindless spending will get us out of it?
This is crazy. First, since the government will pay for this by borrowing $150 billion dollars they don't have, our children will foot the bill. And second, people who don't even pay income tax will get "rebates" of money they never spent in the first place!
This is just another short-term answer to a problem that needs long-term solutions.
I say when people make bad decisions, they should be the ones who feel the pain, instead of being bailed out yet again at the expense of the next generation.
What do you think? Call and let us know.
