So it looks like we’re going to get an “economic stimulus package” jammed down our throats whether we like it or not. It’s all about politics. If either party had refused to go along, the other party would have used it against them in the upcoming elections. So in the end, they all agree to squander our future to win the next election. The problem is, stimulus packages don’t work. Our economy is too big for a $300-$600 check per person to have any real impact. Plus, think about it: we import most of our stuff, so a good chunk of the money will be going overseas.
However, the real problem is that we are just adding to an already crushing federal debt (see my previous post Looming Federal Fiscal Crisis: A Wake-up Call). It is simply immoral. We are going to go out and buy another iPod, TV, iPhone, or take a mini-vacation and put it on the national credit card that our kids and grand-kids are will have to pay. Proleptic Life has a great post on this angle of the story–check it out.