Thursday, January 24, 2008

Tentative deal reached on tax rebates--what does this say about our society

It looks like we are all getting tax rebates soon. Congress tentatively agreed on a plan to give anyone who made over $3000 a tax "rebate" (even if they did not pay income taxes), with an additional $300 per child. This is in an effort to stimulate the economy and prevent or get us out of a recession. See the story at http://news.yahoo.com/s/ap/20080124/ap_on_go_co/economy_stimulus. Congressional leaders and economists want people to spend, spend, spend this money.

My prediction? This will be wildly popular. Since when has giving money away not been popular? And yes, if the government wants to give me a $900 check, hey, I'll take it.

Economists seem to think this is a good thing, so I won't argue with them. I do kind of wonder what this says about our society, though. We are in the middle of a war, people are losing their jobs, and we sacrifice by . . . spending money? I know that spending fuels the economy. It just sounds strange. Back in WWII, people scrimped and rationed and bought war bonds. When are we going to be called to sacrifice? Do we even know how? How about in the Christian life?

But I do vow to do my duty as an American to spend that tax rebate check. What about you?

5 comments:

Jburgess80 said...

Kind of funny....when I first started reading this post, I was like, "spend it, I'm saving it". But your right, I can spend it. I'm not an economist, but one has to think that there could be better ways to use that money and there could be better ways to help the economy. How many people can be helped with the money, the people that truly need it. I'll take the rebate, do I need it, well as I sit here in my house, on my comfortable couch, with my beautiful wife, watching my large television, not worrying about what I will eat or what I will wear tomorrow...I have to say no. But if it is good for the economy, who am I to say any different? I think the sacrifice can come in to play when we get the refunds, we can give to the economy while helping those who need the help. But again is that sacrifice?

James said...

James,

I was speaking a bit tongue in cheek when I spoke about vowing to do my duty to spend the rebate.

There are families that really can use help financially, with loss of job and the like. But many of us don't fall into this category.

Think about this. A church like High Pointe has, I'm guessing, about 500 families. If these families averaged $1000 per family, then this would equal $500,000. Think what could be done with these funds for reaching out to the community. Wow. Even half of this would be $250,000.

Sacrifice-it's not something we do naturally, but it is something that we are called to.

Jburgess80 said...

Great point. too bad it won't happen by Feb. 3rd. Can you imagine?? Wow...

Mr. E said...

I'm all for taking free money when it's offered as well, but doesn't this go against the principles Dave Ramsey teaches in Financial Peace? I think I need to run for Congress and submit Dave Ramsey's name for Sec. of the Treasury.

I think I will use my tax rebate to pay off the rest of the loan we borrowed to pay for our New AC/Heating Unit after it broke down last January. (Didn't have an Emergency fund built up yet, as Dave Ramsey suggests you have.)

James said...

James, I was thinking the same thing. It would be great to have the rebates by Feb. 3. Of course, we can still purpose this amount, knowing that this money is coming in. Wouldn't that be great?