Paul Bonnifield: Stimulus falls short
February 6, 2008
Maybe I’m missing something or don’t understand what I should, but I believe that the economic stimulus proposal offered by President Bush and endorsed by many in Congress has no substance.
We are told action is urgent and must be immediate, but payments don’t start until May. By May, the economic downturn will have corrected itself or be much worse. Either way, the stimulus package is of little value.
In May, those taxpayers who file early will begin receiving their tax refund checks. The refund checks are, on average, about the same amount as the stimulus package. The amount of money in the stimulus plan and the amount paid in normal tax returns is about the same. The stimulus package doesn’t do anything that would not happen anyway.
How is the stimulus package to be paid for – higher taxes, more debt, cutting budget? I’ve not heard anyone tell how to pay for the plan. I suspect that the plan will be paid for by the normal tax returns. The economic package is nothing but political noise, deception, and dishonesty.