After the last multitrillion-dollar wave of injections into the U.S. economy that resulted in the highest inflation rates since Jimmy Carter was still walking upright, you probably thought our political leaders would've decided to, you know, not do that again.
Stop me if you've heard this before: You would've been wrooooong!
Roughly a dozen states are proposing sending tax rebate checks to their residents to offset the highest inflation in four decades, with lawmakers on both sides of the aisle pointing to high gas and food prices as prompting their actions...
These checks represent one-time tax rebates that will put money back into consumers' wallets. But some other states are considering or already planning to cut income taxes, providing an ongoing tax break for their residents.
Great, great. This is a good plan. A great plan, even.
Let's peruse some of the proposals, shall we?
California
On Wednesday, California Gov. Gavin Newsom, a Democrat, said he's proposing to send direct payments of $400 per vehicle to state residents, with a cap of two vehicles. Pending approval from California lawmakers, the checks could arrive as soon as July, the statement said. Drivers in California face some of the highest gas prices in the nation, with the state average at $5.87 per gallon on Wednesday, according to AAA.
New Jersey
Gov. Phil Murphy, a Democrat, and the Democrat-led Legislature included cash checks of up to $500 to about 1 million families as part of a budget deal last year, when the governor and lawmakers were up for election.
Virginia
Lawmakers in Virginia are expected to pass tax relief in the form of a rebate check, although the amount isn't yet clear, according to local news site Wavy.com. Different proposals would either send $250 or $300 for each individual, and either $500 or $600 to married couples, it reported.
I mean, look, I get it. Who would ever imagine that injecting billions of dollars into an already-inflated economy might actually lead to more, not less inflation? It's the kind of thing that only a highly trained economist might be able to predict.
Heck, why stop here? Why not send out, I dunno, a $500 check every month? That'll keep gas money in people's pockets! No need to worry about inflation!
So glad to have so many wise and knowledgeable leaders at the helm of our state governments!
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