Not surprisingly Americans are eagerly accepting fellow taxpayers' handouts to buy cars. At this rate, the money in this program will be emptied within weeks and then we'll have a new bigger program after that to get more people to spend. It is a beautiful country - let's review just the past 15 months.
- A year ago Bush sent us rebate checks so we can shop
- This year Obama cut our payroll taxes so we can shop
- First time home buyers are now handed $8000 (no, it's no longer just a tax credit anymore as many states have turned it into a down payment replacement) to buy homes
- And now the government is handing us "up to $4500" to buy cars
I mean what is left to subsidize? (don't ask)
In my projections, we'll have the home-buying handout raised to $15,000 and applied to all home buyers by this winter after the success of turning people with no down payment saved into home owners this spring and summer. Then, after this handout to buy cars empties, I envision the program being extended. That should get us through 2010.
If you are a newer reader you may not realize this but ---> [Jun 5, 2009: 1 in 6 Dollars of Income Now Via Government; Highest Since 1929]
Thankfully, most Americans don't ask where the money came from - they are just happy money shows up from the heavens year after year. Some don't realize it comes from "somewhere" whereas others I am sure could care less - they won't be around when the bill comes due. [May 29, 2009: In 1 year, US Taxpayer on the Hook for $55,000 More per Household] Heck I don't even have kids, so I am wondering why I care.
This is literally what it has come to in a country where many don't have savings. Our government pays us to shop. And some of you actually consider moving away?
The counterargument of course is "this is our own money in the first place" - I agree with that, but we can't enjoy the services and not pay for them.
Strike that - it appears yes, we can