Here’s a great explanation on the US tax rebates from CNN. Personally, I would rather pay less now, then get my money back later … but whatever … if we need more money than this, then we’ll just print more ;p. Sigh … none of this helps anyone in foreclosure or with the heating bills someone may be paying now.
Okay, cynical remark: this feels so much like the tenent farmer/share cropper crap of the past — you borrow money from the owner to buy items from the owner (borrow from China to shop at Walmart). But not quite, because it seems it wasn’t the intent of anyone involved for the situation to get this way (I hope). In the end I feel bad for the countries that bought our debt. I worry that we are so far in the hole, that it’s a debt we can never repay and consequently all will sink with us. We are soooo screwed … in the short term. In some ways I wish the politicians would let the correction happen, so we can all come out the other end of this stronger.