If I understand it correctly the Data Port household is going to get a nice twelve hundred-buck check in the mail some time in May. The Congressfolks want us to go out and consume in order to make the economy better.
Frankly, I can’t think of anything more exquisitely ‘Murican than that. First of all the money is borrowed, probably from the Chinese, and added to the national debt. Then we are urged to do what we do so well, spend the borrowed money on stuff that we want right now, rather than save up for it, or pay off some debt.
Some people will save or pay off debt, but I don’t see how that’s going to help the economy, or correct the systemic failures of an under-regulated capitalism. Paul Krugman, in today’s NY Times column, suggests that we would all be better served in the long run if the money were spent on public works projects.
Some of the Data Port’s windfall will be spent on a bottle or two of better quality booze than we usually drink- thus doing our bit for the economy- and the rest will be put in savings for the inevitable rainy day.