The folks in the media are trying to play off the rebates as little more than a fart in the dismal wind of a recession (a recession that’s yet to manifest itself, butt I digress), but there is a larger point here to be made:

GIBSON CITY, Illinois (Reuters) - The first batch of taxpayers has already started to receive their federal tax rebates as part of the economic stimulus package, but very few consumers interviewed by Reuters in the past week said they plan to spend them on anything other than necessities. . . .

According to a recent survey, some 70 percent of people said they planned to save their rebate or use it to pay down debt.

Nancy Pelosi is saying she wants more rebates to further stimulate the economy.  So let’s think about this for a moment.  More money in our pockets means more debt getting paid off (especially nice given the housing market).  More money available for necessities.  And, in some instances, more money available for luxuries.

So, if all that is true, why not make the rebates permanent by cutting taxes for all Americans?  Why not let all Americans keep more of their money in their pockets rather than sending it off to the government?  Certainly that would be a cheaper (from an administrative standpoint), less complicated and more-permanent solution to our current economic stagnation.  If a one-time check can help, how about a permanent reduction in the amount of taxes paid?

Or does that make too much sense?