Coming full circle

Funny how things work out. President Bush came into office giving away money, and now he's going out doing the same thing. The first time around it was about giving back the surplus that had been created by the earlier Clinton administration. This time it's about trying to stimulate the economy and prevent it's headlong rush into recession. In 2001, spending did occur, but it was a pre-Sept. 11, 2001 world and consumers cannot be relied upon to spend the proposed rebate the same way.

The numbers in the House proposal work out like this:

• Individuals who earned more than $3,000 but paid no income tax: $300
• Couples who earned more than $3,000 but paid no income tax: $600
• Most individual who file income taxes: $600
• Most couples who file income taxes: $1,200
• Families with children: An additional $300 per child
• Rebate caps for individuals who earn $87,000, and couples earning $174,000
• Rebates would cost about $100 billion
• Business tax cuts would be about $50 billion
• When do legislators hope to get a bill to President Bush? Feb. 15
• When would the checks go out? May

It still has to pass the Senate (and they may want to see some changes), but it's likely that this incumbent protection act is likely to pass in some form. But we're headed for a recession. It seems no longer a matter of if, but rather when and how bad. Just be sure the government's check clears this time.