Friday, May 16, 2008

Tax Rebate check received

We got our $1200 rebate check today! But after all my bills I now have $1900 in my checking account. So the rebate check definately helped us and has helped to create a little bit of a safety buffer. $1900 sounds like a lot but I am supporting four adults plus a young Marine who lives with us part-time. He never asks for money but I help him out when I can with gas - it's so expensive for him to drive from the base to our house. Takes him almost an hour each way.

I also had to pay $535 for my auto insurance policy today. I'm insuring four cars now. I'm definately glad to have that fourth car in the family. It sure helps me with my job - especially this week when I needed my car four days this week for work.

So when the government wonders what happens to rebate checks mine will go towards bills and living expenses. Just a band-aid. But I worry about this getting added to the national debt and future generations of Americans having to pay for it. I dont see how our national debt can ever be repaid. I dont see how the U.S.A. can continue to go on as a spending nation and not a saving nation. I think I read that two-thirds of our GDP is made up of consumer spending. What's going to happen to the GDP when people stop borrowing and spending so much?

Check out and download the MP3 file about "The Giant Pool of Money".

"The Giant Pool of Money" - "A special program about the housing crisis produced in a special collaboration with NPR news. We explain it all to you. What does the housing crisis have to do with the turmoil on Wall street? Why did banks make half-million dollar loans to people without jobs or income? And why is everyone talking so much about the 1930s? It all comes back to the Giant Pool of Money."

No comments: