As heard on Jeff Ward. Michael Bloomberg, the Mayor of New York, on the latest round of tax rebates:
“They want to send out a check to everybody to stimulate the economy,” Bloomberg said. “I suppose it won’t hurt the economy, but it’s in many senses like giving a drink to an alcoholic.
“This country has a balance sheet that’s starting to look more and more like a Third World country,” Bloomberg said.
Is it a crime if I say “I agree with him completely?”
If you read the article at the Arizona Republic, you might notice that it will take from 3 to 10 months to get the dollars to the recipients. Recipients that are already on file with the IRS, in records that the IRS already maintains. It will take at least three months and 300 million dollars to get the job done.
Can you say bureaucracy? I knew that you could.
I just want to know how long this bubble will take to float downstream and further increase the inflation rate; or are they planning on subtracting this ‘rebate’ from next years taxes?