The first of two shoes will drop before kickoff. By then Congress will have passed a measure to mail out rebate checks to free-spending Americans. Those who plan to save the money or to pay down personal debt need not apply...no, just kidding. The only person standing in the way of this $100-million giveaway is our lame-duck president, who is of the opinion that citizens who most need the help (the ones who earn too little to pay income taxes) are least deserving. Economists, however, will try to convince him that those are precisely the folks who will actually spend the dough, which is what we want, remember? It's all about the velocity of money.
One good thing about the current financial crisis: a seldom-seen spirit of bipartisanship on Capitol Hill. "For the first time Democrats, Republicans and the White House are working together toward a common goal," says Maine Senator Susan Collins. "I'm really pleased with this new and much needed refreshing spirit. I hope it lasts." Ditto that.
We shall discuss the second shoe tomorrow, remembering in the meantime that both are necessary, that the first without the second is worse than nothing at all.
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