I was laughing so loud when I got the IRS notice envelope yesterday in the mail that I might receive an “economic stimulus” – all I have to do is file a 2007 tax return and have made at least $3,000. However, considering that I file jointly with my wife (who makes more than I do…..what can I do – saving lives pays more than making sure Joe and Jill Schmoe get their daily dose of MSM brainwashing or their Britney fix), our income may not qualify (we make too much money), or we may get a reduced check. The notice read “Do not throw away! Information regarding the Economic Stimulus Act of 2008”.
This is nothing but a mass redistribution of wealth by the Bush administration. Thinking somehow that the poor will spend the proceeds on useless gizmos made in China and revive the economy…at least keep it from total collapse until he’s safely out of office. It sounds so silly it just may work. Stealing my hard earned money to give to the poor….(people who make only $3,000), Bush-onomics team is now taking policy decisions from Robin Hood. And to think I came to America to get away from socialism in Tanzania.
What exactly are they trying to stimulate? The people who will get the money are not thinking of spending it on flat screen TVs (made in Taiwan) or a new SUV (from Nissan). An American manufacturing economy is almost non-existent here – so are they trying to going to stimulate the Chinese manufacturing industry?
Some I know (yeah…. you slick guys there smiling….) are buying gold and silver with the stimulus package. Others will probably pay for gas, food or pay off debt since consumer debt is at an all time high as well.
There are some tough times ahead. Bloomberg says consumer confidence is low and outlook is lowest since ‘73.
But Americans in New England are going into survival mode:
“They bring their own lunch to work. They forsake dining out in restaurants and take part in neighborhood potluck dinners instead. They hang bed sheets and towels on racks to dry rather than popping them into the dryer. They repair torn clothing rather than replace it. They purchase food in bulk at the less expensive grocery stores. They buy books or CDs secondhand, or get them free from the library. They reduce their cable TV package from premium to basic. They cut back on gift-giving. They hold on to that old rattletrap of a car rather than buy a new one, or they give up driving altogether in favor of public transportation.”
Being an Indian born in Africa – the above “austere measures” being taken by Americans is just normal everyday way of life. Even today my wife an I make decent money but out of choice we have no cable, live in a small home, spend about $50 on groceries each week, we cook at home a lot, have a sewing machine at home to repair torn clothing and so that my wife can design and makes her own clothing, my wife drives a car she got for $2200 in 2003 and drives just as well as when she bought it while I drive a year old Camry (one I bought after my 10 year old car begged to be given away last year) but we have no debt at all and spend only what we can pay off at the end of the month on America Express.
We do have some meager savings and retirement accounts, and our son does have a college savings account that’ll get him through Harvard if he wants.
Another thing – I don’t think this “stimulus” will help improve the bottom line of companies or make them profitable – something which really drives the economy and not all the recent concocted figures and taxpayer bailouts that is sending the stock market up through deceptive reporting practices. the CPI doesn’t even include food or energy which has sky rocketed.
Wall St. losses on the sub prime mortgage mess may be $460 billion or four times what was reported before.
What next? Are we…American Taxpayers supposed to bail these banks out like we are being forced to bail out Bear Stearns & JP Morgan? Why not their 9-figure income CEOs who made the bad decisions in the first place?
Zombies are coming….to learn how be ready when the zombies come, read “Crash Proof” by Peter Schiff.