Who's Got a Spending Problem?

Sure, you are giddy because Uncle Sam is sending you a check this summer.  And, the Fed is hoping you'll go on a $600 spending spree and give the economy a shot in the arm.  Too bad the $153 billion stimulus plan is only a drop in the $14 trillion economic bucket. 

"Moreover...spending -- consumption -- isn't our problem; saving and investing are bigger issues for our long-term economic future. This stimulus package is a one-time shot in the arm, but like most temporary "fixes," it probably won't have a lasting effect on the economy."  Carrie Schwab Pomerantz, "The New Tax Rebates: What's In It for You and for the Economy" (Townhall.com, 2/26/08)

Instead of fueling our recovery with a $600 check designed to stimulate inordinate sales of the iPhone, wouldn't we be better served by putting the same $153 billion into a national 401(k) account for every man, woman, and child? It seems like we got into this mess because of overzealous spending; how will we get out of it with more of the same?  Certainly this downturn could provide just the political cover needed to present a real plan to reverse our negative savings rate....