NEWS

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January 25, 2008

Playstation 3 stimulus package

Congress and the President agreed on a fiscal stimulus package today.While I'm an economics major and really enjoy thinking about economics, macroeconomics questions like how to ward off a recession are really hard (and kind of boring).Now, with that disclaimer in place, I'm pretty sure this agreement isn't going to do a whole lot.My favorite part of the agreement is that anyone who earned $3,000 or more is going to get a minimum of $300 back. Basically, this is the amount every high school and college student that had a summer job last year earned. And that's not even the best part. If you make that little money, you aren't paying a cent of federal income tax to start with. So, basically, the government is going to be giving a large group of people a huge amount of money (in aggregate) despite the fact that the recession isn't going to be hitting them in any way shape or form.I love it.