ernie@lrchouston.com
The check is in the mail. You've heard that one before right? Maybe you've even used that line yourself, and then you went out and mailed it. Last Friday Bush outlined what he felt would be the saving grace for the economic downturn that we're facing- tax rebates! I simply don't see the $168 billion give away changing the economy at all except in adding more debt!
Those long-promised tax rebates are now on their way to U.S. taxpayers. People who chose to have their rebates directly deposited into their bank accounts will see the money there beginning Monday. The government's paper checks will start going out on May 9, a week earlier than previously announced.
The extra cash is part of the economic stimulus package intended to help Americans cope with rising gasoline and food prices, as well as aid a slumping economy. The Internal Revenue Service says all checks for those who filed tax returns on time are scheduled to be deposited or mailed by July 11.
So, let me understand this a bit better.
An individual is going to get $300 and for the average Houstonian who commutes to work downtown or the inner city that means it will pay for his gasoline for three weeks. And that's going to save the economy? I don't get it. And some people won't get their tax rebate until mid July. In the meantime they are going bankrupt, having a car repossessed, or have their home in foreclosure.
Nope, I don't think the tax rebates are going to cure what ails us. The price of oil is over $120 a barrel and headed higher. There's coming a tipping point from which they'll be no return. And that's not too far down the road.
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