Saturday, November 13, 2010

$14B of one-time Checks

Here we go again. Congress will try to send $250 one-time checks to Social Security recipients at a cost of $14B.

This is because inflation is so low that there is no cost of living increase added to Social Security this year.

I'm not 100% against this gesture. Heck, seniors could use that for one-time expenses or holiday purchases. But it isn't the kind of stimulus that creates long-term spending plans. And long-term spending and risk taking we need to turn the economy around.

It is what it is. Folks will use and spend the money. Then we're back to where we are now.

Meanwhile, it delays and postpones any discussion of President Obama's deficit reduction committee.

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