The check’s in the mail
Posted on Wednesday, May 7, 2008
LIKE A drunk coming off a bender the American economy aches all over. All that over-spending, bad borrowing and general high-living is now coming back to us—like a bad hangover. Did we really sign that subprime mortgage on that ugly McMansion ? Oh, yeah, the credit cards and all those impulse buys. And what’s that fancy new car doing in the driveway—we bought that, too ? It’s time to throw some cold water on the old face, wash up, and cast a red-eyed glare at the bum in the mirror: No more ! No more spending, no more borrowing, no more debt. And what does good ol’ Uncle Sam do now that the economy’s in a slowdown, even teetering on recession, and plenty of us swearing to change our free-spending ways ? He’s borrowing more so we can all keep on spending.
Yup, the checks started going out this last week. Anywhere from $ 300 to $ 1, 200 for just about everybody—rich or poor, skinny or fat, responsible or no-count. It’s a refund, courtesy of your government, which is to say courtesy of you. Or rather your grandchildren. How much more did the federal government have to borrow to cover this generous gesture ? An estimated total of $ 168 billion over the next two years.
So what’s a responsible taxpayer to do ? For starters, you could contact your local congressman or senator—U. S. Senators Blanche Lincoln and Mark Pryor both voted for this legislation—and politely request that the federal government be a positive role model for taxpayers, not a profligate one. A lot of taxpayers in Arkansas are surely smart enough to see through this raid on the federal treasury, and wish their checks could go to some better cause. Like balancing the budget. Or winning the war in Iraq. Or just better government.
And when the check does arrive, what’ll you do with it ? Our recommendation: Don’t blow it. Instead, get ahead of your debts and breathe a sigh of relief. Or use your little slice of the federal debt to pay down that credit card / car note / mortgage. Let this be the beginning of a new way of life and finance for you and yours. Dust off those old copybook maxims: Waste not, want not, Ant-and-grasshopper and all that. Live within your particular means. Buy with cash, not on credit. And generally act with greater prudence than your federal government does. You’ll be happy you did.
No doubt many Americans have already learned fiscal prudence, perhaps through bitter experience. And they don’t have to be told about it. They’re the ones with smiles on their faces and peace of mind. Government could learn a lot from these folks.
FEEDBACK:
Something to say about this topic? Submit a Letter to the Editor online