I got a letter about a month ago saying I should be expecting it, and from what I understand it could be any amount up to $300, and I didn't expect the full amount. But it came today in the post: my economic stimulus check. $300 smackers from the Federal Treasury sent all the way over here to me where I live in the EU.
I didn't expect to receive anything because A) while I file my taxes religiously, I haven't been liable to pay tax in years (and note to expats or those preparing to take the leap, yes, you are liable to file taxes as long as you are a citizen of the US) and B) I reside permanently outside the United States. Apparently, neither of these things factor in at all.
It makes me worry even more about the way my government spends it's money. Where is it coming from? I thought we're in debt, thanks to starting wars which last for over 5 years and counting, etc. How can we spend our way out of debt by creating a bigger deficit? And how can the $300 just handed to me make an impact? How many people are going out with those checks and spending them in shops, instead of on bills or food, or gas?
One thing I don't know about other expats is whether or not many of them keep bank accounts in the US when they've permanently moved away. I have opened an account so that I can telex money cheaply into it and pay my student loans by direct debt in dollars, which I can't do from here. And the Fed is lucky, I think, that I plan to put the money back into the US, instead of exchanging it for Euro and spending it here in Dublin. However, how much does a student loan payment to Chase Bank stimulate the US economy anyway?
However naïve I am about economics and how the US Treasury operates (or even who owns it), I can't understand how this is effective, or even responsible, spending.
5 comments:
"It makes me worry even more about the way my government spends it's money. Where is it coming from?"
See, we borrowed the money from China. This hurts China and makes them temporarily poor. But then we spend all the money on Chinese-made goods and everything goes back to normal. We're home free AND we have cool new stuff to play with.
"How can we spend our way out of debt by creating a bigger deficit?"
If we buy stuff from the Chinese they'll forgive our debts and call it good. I mean we ARE going to spend the majority of this money on them, so how could they stay mad at us?
"And how can the $300 just handed to me make an impact?"
Don't be such a naysayer. Every little bit helps!
"How many people are going out with those checks and spending them in shops, instead of on bills or food, or gas?"
But even if someone DOES use their check on bills and food, the next person who gets that $300 might not. Eventually that money will go to Wal-Mart and the Chinese. So why prolong the torture? Why lie to yourself?
The best thing to do is cash your check AT Wal-Mart, for peace of mind and easy access to crap.
"One thing I don't know about other expats is whether or not many of them keep bank accounts in the US when they've permanently moved away."
Expats are slippery. When this draft goes through, you expats are gonna be damn hard to track down and recruit! What's your address by the way?
"However naïve I am about economics and how the US Treasury operates (or even who owns it), I can't understand how this is effective, or even responsible, spending."
The Treasury is jointly owned by the Vice President and the Secretary of Defense. Good people, both.
Now if you wanna help the Treasury, invest in war bonds! Take that check and give it to a government that knows how to grow dollars! Why the heck do you think we went to Iraq? To make the U.S. government the greatest investment machine in history! Hot damn!
Gee, W, that's swell! Now we ALL know exactly what every God fearing American can do with their economic stimulus check!
Thank you so much for what I can wholeheartedly say is by far the best tutorial I've read yet. :)
how come no one has mentioned the fed? There's nothing more "Federal" about the federal reserve then federal express... its a privately owned, central bank and lends the US government "legal tender" WITH interest. So for every dollar that is printed, there is interest that is hung around the countries neck, and debt with no way to pay it off except to borrow more money with debt attached is pretty much slavery in every sense of the word! ohandseptember11thwasaninsidejobandalienscontroltheworldleadersinaworldwidesupercultofintergalacticbeingsofconsciousness. long live xenu!
Yeah! I believe in xenu! OMGZLOLILUVZUBYE!!
The New York TImes just ran this article today:
http://www.nytimes.com/2008/06/01/business/01checks.html?th&emc=th
Duh...people can't pay their bills, or pay for gas, or buy the basics at the grocery store any more. How dumb do they think we are anyway? Our check weht directly, every penny, to our home equity loan. This country is in bad shape. But I can't wait to see YOU in August! You can save that check and spend it all right here since it's worth half to nothing there. xoxooxoxooxox
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