jpete wrote:So borrowing from China is a good idea? I had no idea. I would have thought allowing me to keep my money and paying down my own debt would be better. Using stimulus money borrowed from China which I use to pay down my debt only succeeds in me shifting my debt to you. Thanks Stocking!!
If the economy's chugging along at a healthy rate, that's a debate worth having. That is, it was a debate worth having during the past 15-20 years that we've been borrowing from China.
But reducing spending is exactly what you don't want to do in a downsliding economy. SPENDING is what's needed, and the best way to guarantee that money will be spent is for the gov't to spend it.
After all, Jeff, you've just said you didn't spend your stimulus last year and wouldn't spend any you got this year. If you earn it as wages, obviously you can do what you want with it. But the banks have gotten plenty of our money directly to pay off bad debt, it doesn't help the economy for us to add to that by paying our indebtedness down right now.