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Bloomberg blasts federal government rebate program

THE ASSOCIATED PRESS

February 15, 2008

Mayor Michael Bloomberg ridiculed the federal government's rebate checks as being "like ... a drink to an alcoholic" yesterday, and said the presidential candidates are looking for easy solutions to complex economic problems.

The billionaire and potential independent presidential candidate also said the nation "has a balance sheet that's starting to look more and more like a third-world country." President Bush signed legislation Wednesday that will result in cash rebates ranging from $300 to $1,200 for more than 130 million people. The federal checks are the centerpiece of the government's emergency effort to stimulate the economy, under the theory that most people will spend the money right away.

But Bloomberg does not believe it will do much good. And his harsh words at a news conference yesterday reflect the view among some of his associates that the country's economic woes present a unique opportunity for him to launch a third-party bid for the White House. The theory among those urging him to run is that a businessman who rose from Wall Street to build his own financial information empire might be particularly appealing as the fiscal crisis worsens.

Publicly, Bloomberg says he is "not a candidate," and explained recently he is speaking out on national issues as part of an "experiment" to influence the dialogue in the race. His tirade against the candidates and the economic stimulus package yesterday began when he was asked how that experiment is going. In his answer, he praised Democrat Barack Obama for the plan the Illinois senator outlined on Wednesday that would create a National Infrastructure Reinvestment Bank to rebuild highways, bridges, airports and other public projects. Obama projects it could generate nearly 2 million jobs.

A spokesman for the mayor said later that Bloomberg was trying to say Washington can't stop itself from spending, and was not insinuating that Americans who receive checks are part of the problem.