The much-heralded, much-ballyhoo'd, tax rebates hit the mail and some direct deposit accounts Monday.
Hey. I'm all for free money. Never look a gift horse in the mouth. And a nod is as good as a wink to a blind horse.
But...is it going to help this economy? When the author of the plan says he thinks the money will help people cope with higher food prices and higher gasoline and fuel prices...I tend to think not. Home foreclosures are at a record number and growing, personal bankruptcies are rising, unemployment figures remain high (and that's just from those filing for unemployment and those still actively seeking employment. The rest of the unemployed aren't counted.) and there's no sign prices for food and fuel will drop anytime soon. The peak driving season is coming.
The irony of the idea that tax rebates will help us all cope with higher fuel and food prices stems from economists in recent years referring to these two categories as non-core items. Discussing inflation last year, economists would refer to food and fuel prices as non-core items. Non-core meaning non-important. Now the economy's recovery is based on how well we can cope with the rising prices of these non-core, non-important items.
Somehow, the idea of giving a few bucks to us to help us cope with the rising food and fuel prices strikes me as throwing a few sheckels to the poor, the unwashed masses. Like a monarch throwing gold coins to the peasants in their time of need when the crops fail, we're thrown a tax rebate of some amount to help us provide food to eat for our families and fuel to drive to work and warm our hearths, ie, cope.
But, hey, never look a gift horse in the mouth, nod-nod, wink-wink.
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