Quote:
Originally Posted by Rebellion
Interesting. I didn't realize this was such a major issue. Do you have some stats on how many of these unemployed rich who just cash dividend checks that we have in the US?
According to the dems if you're a family of four and you make $115,000 you don't deserve a tax rebate. Apparently you are "rich."  I bet these people would be very surprised to find out they're "rich." |
If Volker was the Fed chairman, right now, I imagine he would RAISE interest rates. This would be a reasonable response designed to save the dollar and halt inflation but it would certainly exacerbate the recession and cause a lot of hardship for the working / middle class for some years to come. Bernanke is likely to lower interest rates- great for people with debt, bad for people with savings and those on a fixed income. The question shouldn't be who is most "deserving" of a check in the mail but rather what is most likely to give the economy a kick in the pants. These things have been studied. Studies show that the onetime rebate is only slightly helpful and then, only when directed to people who really need to spend it right away. Stagflation is bad for everyone. I have written this 3 or 4 times, now, but apparently the only thing that stands out is the mention that it might even be helpful to people living on unearned income (mea culpa, I should not have used the inflammatory term "unemployed rich"!)
Like all cut off points $115,000 for a family of 4 sounds pretty arbitrary. In N.Y.C. that would be barely adequate. Where I live, it is nearly 3 times the average.