There has been a lot of talk recently about these tax "refunds" or "bonuses" that tax payers are going to get to ultimately help jump start the economy. I've heard pros and cons and pros and cons, but today while taping "A Touch of Clash", Ed Koch came up with a very practical solution (as he is wont to do). The government is afraid that people are going to "hoard" their refunds and spend it foolishly on food and heat, but the former Mayor of New York said "Just send everyone a pre- paid credit card that they have to spend that has an expiration date." I may be paraphrasing, but I think it's a great idea. People would HAVE to spend it on toasters or groceries or an oil change or two.
Of course, there is the problem of the elderly and very poor who would rather spend it on food or medication. My friend Todd and I discussed it and came up with a plan that goes a step further - Issue checks upon request. Set up a web site or 800 number where people can easily leave their SS# or Tax ID # and have a paper check sent. My guess is that most people will opt for the credit card.
In any case, my guess is the rocket scientists in Washington will listen to neither Ed Koch nor Todd nor myself.
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Please note Mike Bloomberg's criticism of the refund (he says you can't borrow your way out of debt.)
But more important, please note that every time it looks like there's going to be a major rejection of the Republican Party, George Bush sends you a check, like the small time, small politician he really is.
It is amazing what these politicians can cook up and the dish out as a "savior measure", to trouble & problems themselves crafted so "carefully". Oh well, let the taxpayers (you know, the 'little people') take care of this one too.
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