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Rebate plan doesn't make cents - and I don't care

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Contributed by: John Eisel on 1/24/2008

If the federal government was a financial adviser, this would be their advice:

Spend.

Spend, spend, spend, spend, spend, spend, spend. And then spend some more.

And if you have any left over, save it for retirement.

Thus you have the most recent plan to bail the economy out of an ever-looming recession - let's give everyone in America $600 with the hope that they will buy a new television, car, bed, Xbox 360, whatever - thus injecting a large amount of money into the retail section of the economy.

Nevermind that this deal would further exaserbate an already massive federal debt and defecit. Nevermind that the most financially-sound strategy for this money would be to either pay off high-interest debt (like the credit card bill from your yearly Christmas spending spree) or for emergency savings in case of major appliance failure or unexpected travel - both of which typically require the use of credit cards.

The federal government should just keep their money and focus on long-term fixes to health care, taxes and gasoline costs that would save the American middle class money year-round, negating a need for a one-time pay-off.

But they're not. And I'm glad. Cause my wife and I could use the extra $1,200.

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Submitted By: Tracey Fanning

posted on 1/25/2008 @ 1:55:06 PM

Rated Blog Entry

I think alot of people could use the money. If however it is going to come off our 09 taxes they should keep it. If they want to give money away it should be with no strings attached.Who pays interest on their credit cards?My husband and I have had 0% credit cards for years.You need to look into them.

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