Senate GOP worried about out of control spending?
For those who don’t know, there is “stimulus package” coming down the pike. But its not really going to do what they hope. The Doug’s in the world have to be upset at this. Basically they are adding $150 billion dollars to the debt (while also devaluing the dollar more) all to give people tax rebates.
I am all for tax cuts. Hurray! BUT, in order to increase economic activity, they must help the supply side of the economy. But this plan specifically excludes “the rich,” which means they have no incentive to invest in their companies or create new jobs.
If you give tax rebates to people who don’t pay taxes, you will get back the sales tax on their purchases and that’s it! Sure, increased consumer spending helps the economy, but it shouldn’t be on the backs of taxpayers? How about lowering corporate taxes to convince more companies to set up shop in the USA instead of the virgin islands?
I know, I know, tax cuts for the rich won’t get you elected, and this is just an election year tactic. In fact, you know its bad when the GOP in the Senate wants to limit the cost of the item (why the hell haven’t you been doing that for the last 6 years?).
http://www.foxnews.com/story/0,2933,329132,00.html
Filed by niekamp10 at February 7th, 2008 under Politics
The government should take this $150 billion and make an investment instead of creating debt. That money could go a long way towards repairing our dated and tired infrastructure. It probably also creates more jobs in the long run than a one time tax rebate to people who don’t pay taxes.
Like you said, this is just an election year ploy by both sides of the aisle to ensure that the Establishment keeps their power. It’s very sad that it has come to this.
Comment by Dougger — February 8, 2008 @ 1:18 pm