I know it's not just my
tax return, it's millions spread out to millions. Some people are getting $600, I'm getting $300. From the different news reports over the last few weeks, it seems that the majority opinion of the public is that they're going to spend the money on whatever is needed first, be it school supplies, a credit card payment, or work on "the house." Home Depot
is rumored to have spent a lot of money in marketing to get people to spend their return checks at their store. Wal-Mart is setting up check cashing serivces for the return checks with the obvious hope that they will leave the store with purchases. Some of the people interviewed said they would indeed go shopping, to buy themselves something they couldn't afford previously.
I've been hearing things like, "The government is watching to see where you spend your return." This is scary to me. The government wants to know where I am plunking down my measley $300? I know, millions of dollars to millions. But still.
So the government is giving us money to stimulate the economy; however we spend it as long as we spend it, we're stimulating something, to be sure. And these cuts that provided this money came from where, again? I don't know from whence the greenbacks came. People I've talked to said the paltry amount is a good figure, if in fact the sole purpose of giving it away is for it to be spent, and quickly. If it had been $1,000, for example, people might be more motivated to keep it for themselves.
I'll admit, when I got my confirmation in the mail of how much my return would be and when I would get it, the timing was impeccible. A friend of mine lent me $400 about a month or so ago, and this would help me pay it off, provided some unforeseen circumstance doesn't befall me before then, which it usually does. However, in today's economy, $300 ain't jack, not in New Orleans when you're already broke. I wonder if anyone here agrees with me. $300 is no promise of hope, it's a government-sized allowance. But then again, it was never advertised to promote hope, just spending.
I was talking to a friend last week about redistribution of wealth. He said that if we had an absolute redistribution, the wealthy would get all their money back in time because the poor would buy things they normally couldn't afford, that the poor and the wealthy have the same drive: to have money and to spend it. We have been told that tax breaks for the wealthy benefit others (or should have but didn't), and I get the impression that tax breaks for the poor help the poor only.
2001.07.25@16:16 Cool Man Eddie
just cooled your writeup on I hate to break it to you, President Bush, but $300 ain't jack
says I like the economic analysis of the tax refund in ...$300 ain't jack but it seems like you spoil it with a bit much whining. :)
says I think you're absolutely right with your "I hate to break it.." wu. Imagine what a difference it'd made if you gave all those millions to the 25% poorest instead?
says you neglect to mention that all of Pres. Bush's friends will be thanking him for the $300 check they get every day because of his tax cut for the rich.
says Beautiful job on "I hate to break it to you..." sweetheart. That's an A-1 assessment!
says when you note that you expect to use your $300 to pay down debt, you hit upon what I expect most of us will be doing wth our own refund-passing it on to credit card companies