Stimulus Package for the Economy Passes in U.S. Senate

A Kick in Your Wallet? Fair Tax Plan

At the end of his article on the FAIR TAX PLAN, Jeff Schnepper writes:

We raise more tax money today than ever before in our history. The problem is that we increase spending faster than we increase tax revenues. We may end up with both an income tax and a national sales tax. Wouldn't that be a kick in your wallet?

A Sign of Health in the U.S. Stock Market

TIM PARADIS notes:

With Friday's decline, the market might well be following the pattern of past corrections, when huge gains were often followed by some retrenchment. Many market watchers consider such backing and filling a sign of health. However, with much economic uncertainty ahead, investors may need months before they can decide whether to take the market solidly higher.

A Check in the Mail: Tax Rebates

"Tens of millions Americans will have a check in the mail," House Speaker Nancy Pelosi, D-California, said at a Capitol Hill news conference. "It is there to strengthen the middle class, to create jobs and to turn this economy around."

House Minority Leader John Boehner, R-Ohio, said, "I'm looking for quick action in the House. I hope that the Senate will follow quickly so that we can put this money in the hands of middle-income Americans as soon as possible."

Speaking a few minutes later at the White House, President Bush said the package will "boost our economy and encourage job creation."

Sources on Capitol Hill and at the Treasury Department said the plan would send checks of $600 to individuals and $1,200 to couples who paid income tax and who filed jointly.

People who did not pay federal income taxes but who had earned income of more than $3,000 would get checks of $300 per individual or $600 per couple.

A Democratic aide and Republican aide said there will be an additional amount per child, which could be in the neighborhood of $300.

Those who earn up to $75,000 individually or up to $150,000 as a couple will be eligible for the payments, said Republican and Democratic sources familiar with the tentative deal.

Pelosi said as many as 116 million American families will get a rebate check.

Pre-Presidential Election Economic Jitters

Not being an economist, the following is just speculation. Speculation? Hmm, seems speculation is a major part of the U.S. and World stock markets. Panic on the floors of the stock exchanges around the world. All due to what seems obvious to me: a trumped up tale of economic woe in the United States on the eve of a presidential election. Not to say that our economy is not in trouble; just that it has been in trouble for several years. No one seemed to get this excited about it, though. Now, just before our elections and during our primaries, everyone is talking about a possible recession. What weird timing. Why talk about something that has not happened in order to make it happen? Make it happen so that voters will turn out against the Republicans and vote for Hillary Clinton who keeps telling us that we are in trouble. I didn't notice that I was in trouble until she told me I was. Of course, Hillary isn't the only one telling us that we are in an economic downturn - heck - down spin as of yesterday! The world's gone mad with worry. And worry begets fear, and fear begets panic, and panic begets a worldwide economic slowdown. How bizarre is that?

$145 Billion Dollar Stimulus Package to Give US Economy a 'Shot in the Arm'