(H/T – MKH)
Sen. Jim DeMint (R-SC) reminds us that the last one-time “rebate” scheme didn’t work out so well. Instead, he’s pushing a “get government out of the way” package of tax and spending cuts, pointing out that the tax-cut half of that adopted in 2003 lasted for close to 5 years.
Sen. DeMint didn’t explain very well why the 2001 “rebate” package didn’t work, and why the 2008 “rebate” package will also fail spectacularily, so I’ll have to stick my finger in the dike. Not only is it temporary (one-time, actually), and not only does it represent a return to the welfare state (RepubicRAT version), but that money will not find its way to American manufacturers. Those Americans in debt and caring about it will send that cash to finance companies to reduce (in most cases, not eliminate) their debt. Those not in debt or not caring how much debt they’re carrying will spend it on goods mostly made overseas. Neither item will do jack shit to the American economy; specifically, virtually no new jobs will be created in America.
Revisions/extensions (12:38 pm 1/28/2008) – This will learn me to read the feeds in reverse order. Tom McMahon has the perfect Venn diagram in today’s 4-Block World…
