Expert Doubts Stimulative Effect of Rebate Checks (The Pro Shop) | SmartMoney.com
I won't put myself in the "expert" corner, but I agree with this article, sending out rebate checks is bad policy and won't do a thing for the economy. This is pure pandering at its worst and one of the reason Republicans were thrown out of power in 2006 - yet here we are again with a congress that refuses to make wise decisions when it comes to spending taxpayers money. No wonder Congress has such a low approval rating. It doesn't matter if you're a Democrat, Independent or Republican - this "stimulus" package should not sit right with you.
I'm not saying you shouldn't be happy to receiving some extra cash - just don't think that it will help the economy.
Stephen Horan was quoted in the article I'm referring to, here is a portion of it:
"My personal view is that [tax rebates] also continue a precedent, which is now turning into a pattern, of anytime there's economic malaise, the United States government is just going to send out checks to people. It's kind of anti-capitalist. Some would say anti-American. It's not the precedent we want to set."
Scott Dauenhauer, CFP, MSFP, AIF
Meridian Wealth Management