Skip to main content

The Checks Are In The Mail -- sorta

With enough fanfare to break into the he-said / he-said Congressional testimony of Roger Clemens and admitted liar Macnamee, the President signed the so-called economic stimulus package today.

Perhaps because I won't be getting a "rebate" (aka, money borrowed against next year's tax return), I'm a little less sanguine about the whole thing.

Anecdotally though, I did an informal survey of friends who would be getting a check (eventually, some time in June) -- most would use the money to pay down their credit card. The next largest group would sock it away in savings -- just in case the recession turns down more or gets more drawn out. Only a couple of people are thinking about using the "windfall" for a spending spree.

Interestingly, this break-down follows what most tracking polls nationally have found.

The upshot?

The government is borrowing a little over $150 billion against next year's tax receipts (printing money), of which about 80% will go towards paying down creditors or into a rainy-day fund. That means only $30 billion in potential consumer spending in a multi-trillion-dollar economy. Sorry if I'm not impressed.

I'm also waiting to see what happens next year when people don't get the refund they were expecting -- or have to pay taxes -- because of the rebate they got this year.

Comments

Popular posts from this blog

Recipe Friday: Grilled Chicken Sandwiches with Cranberry Aioli

For the aioli: 1/2 cup dried cranberries 2 tablespoons chopped fresh chives 1 small garlic clove, coarsely chopped 1/4 cup mayonnaise 1/2 cup lowfat plain yogurt 1 tablespoon dijon mustard 1 teaspoon white wine vinegar 1 teaspoon lemon zest Salt and freshly ground black pepper Place all the ingredients, except the salt and pepper, in the bowl of a food processor. Blend until the mixture is smooth. Transfer the aioli to a medium bowl. Season with salt and pepper. Refrigerate until ready to build the sandwiches. For the chicken: 4 skinless, boneless chicken breast halves 1/2 cup reduced-sodium chicken broth 1 tablespoon finely shredded lemon zest 1/4 cup lemon juice 1 tablespoon finely chopped fresh lemon thyme or thyme 1/4 teaspoon ground black pepper 4 focaccia rolls , split 1 cup finely chopped romaine lettuce 4 slices swiss cheese Wash & put the chicken in a resealable plastic bag. In a small bowl stir together chicken broth, lemon peel, lemon juice, 1 tabl

Just Desserts: Double Peanut Butter Bars

This recipe takes the simple peanut butter cookie and "raises the bar"... with three layers: Peanut Butter Cookie on the bottom Rich peanut butter icing in the middle Topped with a chocolate shell Delicious and decadent! For the cookie base: Preheat oven to 350F.  Grease a 9x13 glass baking dish. 1 1/4 cup sugar 1 tablespoon dark molasses 1/2 cup creamy peanut buter 1/4 cup shortening 1/4 cup butter, softened 1 egg 1 1/4 cups flour 3/4 teaspoon baking soda 1/2 teaspoon baking powder 1/4 teaspoon salt Prepare peanut butter cookie dough (per normal recipe)  but do not refrigerate.  Instead, spread dough evenly on the bottom of the prepared baking dish. Bake for about 15-18 minutes.  Remove from oven and allow to cool completely.  For the middle layer: 1/2 cup butter, softened 1/2 cup creamy peanut butter 1 tablespoon milk 1 teaspoon vanilla 2 cups powdered sugar In a small bowl, beat the butter, peanut butter, milk, vanilla and powdered

Methodist Women Bearing Casseroles: Recipe Friday

This week -- dessert for a change: Lemon Squares! 2 cups sifted flour 1/2 cup sifted powdered sugar 1 cup butter 4 eggs 2 cups granulated sugar 1/3 cup lemon juice Blend flour and powdered sugar. Cut in butter. Press into 13x9 baking pan. Bake @ 350F for 20-25 minutes. Remove from oven, but do not over cool. Beat eggs until frothy. Add granulated sugar and lemon juice. Mix well. Pour egg mixture over hot baked crust. Replace pan in oven and bake for an additional 25 minutes. Sprinkle with powdered sugar while still hot. Cool and cut into bars for serving. Note: It's important to sift the flour and the powdered sugar so you get an evenly textured crust that will absorb part of the lemon-egg mixture. I've tried it both ways and the sifting does make a difference. Best way? Combine the flour and powdered sugar and sift together for maximum blending.