Image by Getty Images via Daylife
Podcasting is the new buzz of the internet. A Podcast is an mp3 or mp4 file of your post article that may or may not include video. Most of them are just audio files that you can listen to on the web or download for later listening.
Podcasting can [...]
The House voted this week on an “economic stimulus package” to bolster a sagging US economy and the Senate is in the process of following suit.
No one, however, wants to answer the question of where is the money coming from to fund this package.
Don’t get me wrong, I’m just as happy to have the government give me $500 or $600 back from the taxes I’ve paid in, but can’t help but worry that this is going to cost my mother, who is on Social Security, some kind of reduction of benefits that she currently receives and relies upon or reduce some help my grandchildren get from school systems such as breakfast or art class.
And there’s the simple fact that $500 or $600 isn’t going to do a whole lot for me personally when you get right down to it.
If I were one of those unfortunates who bought into the sub-prime mortgage song and dance and had one of those mortgages, that little bit of money would not go very far to keep the wolf from my door, or if on the other side of the fence, I had invested in those banks that dumped all kinds of money into sub-prime, my stocks would be just as tanked as they are right now. So, other than making me “feel good”, how exactly is this package supposed to be of any real benefit?
Coupled with the fact that our government is in debt to the tune of TRILLIONS of dollars (mostly to China which is plenty scary!), WHERE is this money coming from? It’s got to come from somewhere as money doesn’t grow on trees. Either we borrow from “someone” or we take away from some project the government has already committed to spend these dollars on. Those are the only two options I can see and neither one is palatable.
Interest rate cuts that have been pushed out by the “Fed” are also not having the expected boost on the market which seems to be impervious to them. And understandably so. Interest rate cuts, while making it cheaper to borrow money (thereby encouraging more debt), don’t help the US economy from an overseas perspective since those cash-flush investors will look elsewhere to invest their dollars because they’ll get a better return on their investment elsewhere than in the US. Since no one in the US has cash available to invest in business, the only way a business can now operate is to borrow yet more money. Aren’t we all in debt enough? Economists all agree that carrying too much debt is tantamount to failure and leads to bankruptcy.
This package is nothing more than a sugar pill aimed at making Mr. Bush’s last days in office “look better and feel better” to the citizens of this country. Well, Mr. Bush, this is one citizen who still doesn’t think you look good and certainly doesn’t feel any better at all about the financial state of the union.
ê¿ê
Related posts brought to you by Yet Another Related Posts Plugin.
Tags: Financial tips, Political Opinion, Women
Post here
January 31st, 2008 at 9:48 am
I found your site on google blog search and read a few of your other posts. Keep up the good work. Just added your RSS feed to my feed reader. Look forward to reading more from you.
- Jason.
January 31st, 2008 at 11:02 pm
Agreed. Bush will always suck in my book. We will be taxed on this money and have to pay it back next year - no doubt. That’s how they will make their profit.
February 2nd, 2008 at 4:54 pm
Yeah, I’ve always wondered about things like that. If an economy is already in debt, where are they getting the funds to get all these things done except by borrowing even more money?