Stimulating
Spoke to Adam Schiff about an hour ago before he got on a South Carolina-bound flight, he gave a quick update on agreement for an economic stimulus package:
-- "Rebate checks to 117 million families"
-- "$35 million low-income familes will get tax relief as well."
-- Part of a $150 billion package, "a modest boost" but "given the size of our economy it will be modest but helpful."
UPDATED: Gary Scott, who removed me after lobbying to be included on this blog roll, offers his erudite take:
This is casino economics. Let the drunk who's down $500 at the craps table gamble the house's money and fleece him for another $700 as he tries to dig his way out of the hole he's in.
OK, what's the postage on 117 million rebate checks? Sounds more symbolic than practical.
It is only an opportunity for both sides to claim they did something. We don't even know if we are in recession yet ( I know I know it doesn't look good). If you see oil start to decline sharply you know the players think a recession is on the way.
You've shamed me into putting you back on The Roll. Is this how it's done in the blogosphere?