Since When Am I “Wealthy”?

Ken AshfordEconomy & Jobs & DeficitLeave a Comment

Since today I guess.  The news:

House leaders and the White House on Thursday reached a tentative agreement on an economic stimulus package of roughly $150 billion that would pay stipends of $300 to $1,200 per family and provide tax incentives for businesses to encourage spending.

Okay.  Well it won’t help the economy and it will add to the deficit.  Why?  Because most people won’t make extensive, economy-reviving purchases on the basis of a single windfall. They are smart enough to know that their spending habits should be based on something lasting — a permanent tax cut or a wage increase, for instance — and data on rebates in 1975 and 2001 bear this out.

…[T]he Bush administration and House Republicans agreed that the stipend of at least $300 would be paid to all workers receiving a paycheck, even those who did not earn enough to pay taxes last year.

Cool.  I’m a worker and I receive a paycheck.

Workers who paid income taxes could receive more than $300, and families with children would receive an additional $300 per child, up to a cap of $1,200. The stipend, which some lawmakers were calling a “tax rebate,” would be subject to income limits so that the wealthiest taxpayers would not receive it. The White House official familiar with the outlines of the accord said that payments would go to individuals earning up to $75,000 and couples earning up to $150,000.

Wait.  What?  First it was — and I quote — "at least $300 would be paid to all workers receiving a paycheck" and a paragraph later, "all" apparently doesn’t mean "all".

Fine.  I guess I can’t be part of the stimulus package.  Because I’m soooooo rich (*chuckle* *snort*).