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June 12, 2008
Posted: 03:50 PM ET
FROM CNN’s Jack Cafferty: Guess who’s paying for that $170 billion economic stimulus package? Our children. Those rebate checks meant to stimulate the economy helped push the federal budget deficit to $166 billion last month, a record high for the month of May. The Treasury Department says this May deficit was more than double what it was last year. During last month, $48 billion in stimulus checks went out as part of an effort to revive the economy. This stimulus package was actually something that prompted Democrats and Republicans to work together. They settled on checks of $600 for individuals who earn less than $75,000 and $1,200 for married taxpayers who earn less than $150,000 together. The Bush administration estimated earlier this year that the deficit would be $410 billion, but many private economists believe it will be higher, possibly topping the all-time high of $413 billion set in 2004. And remember, the deficit numbers reported by the government don’t include the cost of the war in Iraq, estimated between $150 billion and $200 billion a year. The largest increase in retail sales in six months in May is an indication people are spending those rebate checks. The increase was double what economists were expecting. But it’s likely only temporary. The point is this is all borrowed money that’s being used for the rebate checks. Money that will someday have to be repaid – probably by our children or grandchildren. Here’s my question to you: Is it fair for the government to make our children pay for the economic stimulus package? Interested to know which ones made it on air?
James writes: Jerry writes: Laura from Maplewood, New Jersey writes: Greg writes: K. from Bronx, New York writes: Larry writes: Filed under: Economy Rebate Checks Uncategorized
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