T Nation

Stimulus Package? Stimulating What?

"Just what would you have us spend it on? The truth is that consumers spend most of their money on foreign imports, and any stimulus package probably would be stimulating foreign economies rather than our own. Imports, for example, account for 92 percent of our non-athletic footwear, 92 percent of audio video equipment, 89 percent of our luggage and 73 percent of power tools. In fact, between 1997 and 2006, only five of the 114 industries examined in a U.S. Business and Industry Council report gained market share against import competition.

And let’s be honest and straightforward, as I hope our president and the candidates for president will be: This stimulus will not prevent a recession. It may ease the pain for millions of Americans, but a recession we will have. The question is how deep, how prolonged and how painful will it be. Unfortunately, we’re about to find out how committed and capable our national leaders are at mitigating that pain and producing realistic policy decisions for this nation that now stands at the brink."


I wish someone would stimulate my package…

Footnotes for the tl;dr peeps?

A quarterback for the Falcons.

Well, I’m not getting a penny back. And I would have spent it all on Biotest sups too… Damn it.


[i][David Kopel, January 25, 2008 at 4:24am] Trackbacks
Carter-Bush tax rebates:

Here’s how to deal with a recession: A federal government which is already spending more than its income should borrow even more money, so as to give lots of people a tax rebate. This is the bipartisan plan of President Bush and Congress. They are taking a leaf from the presidency of Jimmy Carter ( http://www.time.com/time/printout/0,8816,918688,00.html ).

Even accounting for inflation, the Bush-Reid-Pelosi rebate is far more profligate than the proposed Carter rebate of 1977. But the two rebates appear to be based on the same demand-side principles.

President Carter also proposed tax rebates during the 1980 election campaign, as an alternative to Ronald Reagan’s calls for tax cuts. ( http://www.spectator.org/dsp_article.asp?art_id=9801 )

Some of the critics of Carternomics were known as “supply-siders.” Ronald Reagan and his supporters argued that the best way to promote economic growth was not for the federal government to give people money, but for the government to cut marginal tax rates for the future, thereby spurring “supply-side” production and investment. The Bush tax cuts of 2001, and much of the tax policy of the rest of the Bush administration, were implementations of supply-side policy.

But the 2008 tax rebate brings us full circle back to 1980, as the final year of the Bush administration increasingly resembles the final year of the Carter administration-- including national malaise, getting tough on Israel but not on Palestinian terrorists, support for the DC handgun ban, the Olympics hosted by a communist regime with contempt for human rights, and a consensus that the current adminstration is lacking in competence.

There are important differences, of course. Including the probability that if the next President is a transformational one, that President will not an ideological successor of the genial, far-right Ronald Reagan, but instead will be the genial, far-left Barack Obama.[/i]

Where does this tax rebate money come from I wonder?

It’s like your mom giving you money to buy her a birthday present or something. Kinda stupid and redundant.

Anyways, I am still waiting for MY package to be stimulated…

[quote]skaz05 wrote:
Where does this tax rebate money come from I wonder?


Maybe we borrowed it from China.

[quote]Sloth wrote:
skaz05 wrote:
Where does this tax rebate money come from I wonder?

Maybe we borrowed it from China.[/quote]

I thought it was Japan. Oh wait, wrong decade.