|
|
|
| Sun, Nov. 29 - - Mobile - RSS | |
|
|
Rebating the hook
Tax cuts, not rebates, are the Rx for the U.S. economy
Date published: 2/24/2008
THIS SPRING, most of us who While we enjoy the feel of paper presidents 'twixt thumb and fingers as much as the next fellow, those six bills per worker are apt to stimulate China's economy much more than our own. Most of us will use the rebates for consumer purchases in what once was standard therapy for a wan economy. But as Alan Tonelson of the U.S. Business and Industry Council notes, things have changed. In 1997, says Mr. Tonelson, about 38 cents of every dollar spent on consumer goods bought imports. Today that figure is 61 cents--and much more in key areas. For instance, 92 percent of the consumer electronics bought in America are imported, as are 96 percent of men's shirts and 86 percent of women's blouses. America's de-industrialization in favor of today's information/service/"New" economy--which won't be adding workers to meet a greater demand for TVs or Tickle Me Elmos--has largely vitiated the old stimulus formula. Thus, the rebates are likely to deepen the federal deficit, which may eventually worsen any recession. Last year, the deficit was $163 billion; in fiscal 2008 it's projected to reach $410 billion. The difference--$247 billion--is more than half accounted for by the $150 billion in rebates and temporary tax cuts authorized by the Economic Stimulus Act of 2008. Those rebates and cuts, notes Brian Riedl of The Heritage Foundation, come dollar for dollar from the overall economy. "No new [net] spending power is created," writes Mr. Riedl. "It is merely distributed from one group of people to another." To stave off recession--indeed, to rehab a U.S. economy addled by sagging home sales--a two-part strategy unrelated to consumer spending holds promise.
Read more stories about Fredericksburg Date published: 2/24/2008
You wanna kick start economy? Two Words...
(posted by
rikkirat
, Feb. 24, 2008 9:45 pm)
CHEAP GAS
Good editorial, spot on!
(posted by
MtMav
, Feb. 24, 2008 9:53 am)
1. *Most importantly,* Congress MUST STOP unnecessary spending. 2. We have the 2nd highest corporate tax rate of 1st world nations at 35%. It must be lowered. 3. Modify or eliminate the AMT. 4. The Bush tax cuts must be made permanent. 5. Lower tax rates for ALL. For Usefuldiot: SSN + Medicare *ARE* the problem. They are both "700 lb. gorillas in the room" and will haunt the Fed budgetary process for years unless elected officials make changes + stop kicking the can down the road to the next generation.
Social Security & Medicare are not the problem
(posted by
UsefulIdiot
, Feb. 24, 2008 7:39 am)
Social security and medicare are an absolute necessity to retired people whp the profir oriented insurance companies will not insure. The whole crisis in the economy is two pronged. 1) Privatizers GONE WILD and 2) De regugulation which has allowed Wall St and the Mortgage industry to become instruments of FRAUD on the American people. Solution Fire the Private Contractors and replace with an infinitely cheaper fedral workforce-billions saved. Giving SS to Wall St well thats just plain DAFFY, funny even!!.
|
 |
|||
|
|||
