[Update: Be sure to read Dan Newman’s comment to this post! Dan was the author of the op-end and has his own blog here.]
Unlike the earlier stimulus checks, Newman’s proposed American Gift Card couldn’t be deposited into your bank account and saved – you’d only have the option of spending it.
By sending every taxpayer a $2,000 debit card, the government stimulates spending directly. The card doesn’t get deposited with a bank, a step that greatly reduced the use of last year’s rebate checks for new spending, and with a defined expiration time, perhaps a year, the program could help precisely while other programs get underway.
The American Gift Card could bear a picture of Lady Liberty, since it may be used for whatever taxpayers wish: smarter clothes, dinners out, a weekend away, a new heater. And as gift cards tend to be used in person, they are of particular interest to local businesses.
A nice, creative idea!
The Feds could time the release of the gift cards – a Presidents’ Day gift card, Memorial Day gift card, Labor Day gift card, generic Winter Holiday gift card, and even one on your birthday! This idea has legs!