When you get your government stimulus rebate check, in a few months, consider the impact of the government rebating at least $150 billion in tax revenue, back to taxpayers and corporations.
This "stimulus package", is intended, somehow, to replace the effect on the economy, of the $800 billion in "MEW", mortgage equity withdrawal, take out of rising home equity, just in 2005 alone. That withdrawal amount, this year, will be down to $100 billion, if it is even that much.
Without the rebate, the increase in "national debt", or US treasury debt, in 2008, would be at least $550 billion, where it has been "stuck", annually, for the last four years, up from just $18 billion, in the friscal year ended 09/30/00:
Background:
Quote:
http://www.whitehouse.gov/news/relea.../20010228.html
For Immediate Release
Office of the Press Secretary
February 27, 2001
Address of the President to the Joint Session of Congress
..t is reasonable, and it is responsible. It meets our obligations, and funds our growing needs. We increase spending next year for Social Security and Medicare, and other entitlement programs, by $81 billion. We've increased spending for discretionary programs by a very responsible 4 percent, above the rate of inflation. My plan pays down an unprecedented amount of our national debt. And then, when money is still left over, my plan returns it to the people who earned it in the first place. (Applause.)...
....Many of you have talked about the need to pay down our national debt. I listened, and I agree. (Applause.) We owe it to our children and grandchildren to act now, and I hope you will join me to pay down $2 trillion in debt during the next 10 years. (Applause.) At the end of those 10 years, we will have paid down all the debt that is available to retire. (Applause.) <h3>That is more debt, repaid more quickly than has ever been repaid by any nation at any time in history.</h3> (Applause.)....
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Quote:
http://www.gop.com/News/NewsRead.asp...c-9532ba33cf3d
Wednesday, February 02, 2005
Fact Check: Democrat State Of The Union Response
The Democrat Duo Of Obstruction Responds To
State Of The Union Address With Misstatements And Inaccuracies
4. Reid Implied President Bush Is Not Concerned With National Debt. “[A]fter we worked so hard to eliminate the deficit, his policies have added trillions to the debt – in effect, a ‘birth tax’ of $36,000 on every child that is born.” (Sen. Reid and Rep. Pelosi, “Democratic Response To State Of The Union Address,” Press Release, 2/2/05)
*
But In State Of The Union, President Bush Promised To Cut Deficit In Half By 2009, Cut Wasteful Programs, And Keep Spending Increases Under Rate Of Inflation. “[N]ext week I will send you a budget that holds the growth of discretionary spending below inflation, makes tax relief permanent, and stays on track to cut the deficit in half by 2009. My budget substantially reduces or eliminates more than 150 government programs that are not getting results, or duplicate current efforts, or do not fulfill essential priorities. The principle here is clear: a taxpayer dollar must be spent wisely, or not at all.” (President George W. Bush, State Of The Union Address, As Prepared For Delivery, Washington, DC, 2/2/05)
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Debt to the penny...you enter the time span:
http://www.treasurydirect.gov/NP/BPD...application=np
Historical Debt Outstanding – Annual:
http://www.treasurydirect.gov/govt/r...t/histdebt.htm
Quote:
http://ap.google.com/article/ALeqM5h...F0_UAD8UCAGKO0
Deal Reached on Tax Rebates for Stimulus
5 hours ago
WASHINGTON (AP) — Democrats running Congress and the Bush administration reached a tentative deal Thursday on $300-$1,200 tax rebates and business tax cuts to jolt the slumping economy.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
WASHINGTON (AP) — House Democratic and Republican leaders are looking for imminent agreement with the White House on an emergency package to jolt the economy out of its slump after negotiators on all sides made significant concessions at a late-night bargaining session.
"They're hoping to near a conclusion very soon," presidential spokeswoman Dana Perino said Thursday.
House Speaker Nancy Pelosi agreed to drop increases in food stamp and unemployment benefits during the Wednesday meeting in exchange for gaining rebates of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes.
Families with children would receive an additional $300 per child, subject to an overall cap of perhaps $1,200, according to a senior House aide who outlined the deal on condition of anonymity in advance of formal adoption of the whole package. Rebates would go to people earning below a certain income cap, likely individuals earning $75,000 or less and couples with incomes of $150,000 or less.
Pelosi, D-Calif., and House Minority Leader John Boehner, R-Ohio, had yet to reach agreement on a package of tax breaks for businesses after estimates showed a tentative business tax agreement could exceed $70 billion, far more than had been expected, the aide and a Democratic lobbyist said.
Pelosi and Boehner appeared optimistic as they left their third extended negotiating session of the day with Treasury Secretary Henry Paulson. "We'll have more to say tomorrow," Boehner said. "We're hopeful...."
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Do we need the stimulus, more than we need to control the debt increase. Doesn't the bulk of the rebate go to those in least need of it, and least likely to spend it all, to stimulate economiuc activity?
Is this period, since the end of 2000, the worst period of out of control spending in US history? The debt was $5.65 trillion in Oct., 2000, and it is $9.18 trillion, as of today.
Enjoy your rebate check, it comes on the backs of your grandchildren!