Jimmy and Monty,
What do you say that we pack up and head down under to Aussie land?
I have to give them credit however – at least they are sending the money directly to the people instead of to the greed-infested bankers.
The problem is what happens after the cash runs out and those new TV’s and other assorted goodies are through being purchased. What next?
Best wishes from your pal,
Dan
Australia hands people cash to splurge for Christmas
By James Grubel
CANBERRA, Dec 8 (Reuters) – The Australian government delivered more than A$8 billion ($5.2 billion) in cash payments to families and pensioners from Monday to stop the economy from sliding into recession and urged people to spend the money ahead of Christmas.
The cash is part of a A$10.4 billion economic stimulus package announced on Oct. 14 and aimed at boosting consumer confidence and retail sales as Australia fights off slowing growth and rising unemployment due to the global downturn.
But rather than pay off debt, the government wants people to spend the money in the run up to Christmas, saying the spending will help protect jobs and save the economy from further slowing.
"I’ve urged pensioners and families to spend this money responsibly, to use this money to make ends meet, to help out their kids and help out their grandkids," Prime Minister Kevin Rudd said on Monday.
"If the government doesn’t empower consumers at a time like this, in the midst of global financial crisis, then in fact we will have even greater challenges ahead."
