Friday, January 18, 2008

Priming The Pump

The next time you're using a Tektronix printer and some cotton parchment to print up $100 bills, remember, it's not counterfeiting. It's economic stimulus. Sixteen crisp new bills comin' atcha, hot off the press.
Jan. 17 (Bloomberg) -- The Bush administration is close to completing an economic-stimulus proposal that will include $800 rebates for individuals and $1,600 for households as well as tax breaks for businesses, people familiar with the plan said.

The proposal is subject to revision as administration officials consult with Republican and Democratic lawmakers in Washington, the people said.

President George W. Bush will lay out the "principles'' of the economic package tomorrow, though it's ``too early'' to unveil a final proposal, according to his spokesman, who declined to provide details. Congressional leaders say a stimulus package may be as much as $150 billion.


The plan the administration is close to proposing includes a temporary elimination of the bottom tax rate, which is now 10 percent, and a consequent lump-sum rebate to all taxpayers, according to the people.

Businesses would get a tax break under the plan that would allow them to deduct 50 percent of the price of new equipment they purchase this year. Small businesses would be able to deduct as much as $200,000 in new equipment purchases, up from the current $112,000 limit.

Asked about the details, a Treasury spokeswoman declined to comment.

By the government's own measures, which include throwing yarrow sticks and consulting the I Ching, wholesale prices were up 6.3% in 2007. Now that's stimulus.


Vincent said...

Why have you shown a photo of what looks like a flooded row of cottages in England?

MarcLord said...

It is a flooded row of cottages in England, meaning to pictorially convey the extent of damage. Prime the pump enough, like for the past 7 years, and the water goes everywhere. Including into quaint English countrysides.

US economic stimulus extends even to things like Bank of America buying out Countrywide, and the property bubbles in both countries were nearly congruent.

Jon said...

Last time Bush mailed out checks to pacify voters, I nearly growled at opening the envelope. My son asked why I would be upset at getting money from the government. I explained that they were borrowing the money to send to me - and that he would be the one to pay for it. With interest!

This government is robbing the young to keep the old more or less content. My son understood right away. Why don't more adults understand the obvious?

MarcLord said...

I had that same grown, felt like a whore cashing it. Yet cash it I did. My grandparents were proud to pay taxes, and I was at first, too. But these bastards make you do what you don't want to.