Sadly many American's have gotten caught up in the depreciating home market that has taken over our country. As home prices drop homeowners are finding themselves in a quandary...stay put and hope home prices increase or sell at a loss. How has the economy affected you home value? Do you owe more on your house then it's worth?
The check is in the mail...well almost. George Dubbya signed legislation on Wednesday Feb. 13th for Americans to get a check of up to $600 for individuals and $1,200 for couples, with an additional $300 for each child provided they meet certain criteria.
The idea is that people are going to be running down Main Street with their greenback booty in hand buying HD TV's, Pink Flamingo's, $1 Beers. The plan is that "We the people" are going to spend that $150 Billion Dollars and whip the economy back into shape.
Now the problem here is that we are going to have to borrow this money in order to fund the rebates. HELLO! What if the average middle class American decided to borrow $50,000 from their credit card and gave 16,667 people $3 each to buy Girl Scout Cookies. Yes it's a good cause, yes the Girl Scouts would benefit, but average middle class American would be so far in debt that they would probably end up filing bankruptcy. Generous, Yes...Stupid, Yes.
Now don't get me wrong...our garage door just self-destructed last night and the $1,200 that my husband I will get will certainly go to good use, BUT I can't help feeling that it's somehow going to bite us in the ass next year. The government is being vague about how this is going to impact our 2008 tax returns and there is no guarantee that this plan will in fact save the failing economy. So it's a tough call, but I am going to call it Horse Dookie.
There are better ways to stimulate the economy. Lower gas prices, stop reckless government spending, create jobs, lower tuition costs.
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