I'm doing my best to be productive in life; I'd always trade a lazy hour watching TV for an hour spent on more creative an activity - especially if it's business-related like blogging, reading the WSJ, or simply honing up my programming skills, since this is my trade. But I'm afraid this would sound too much like bragging. Hey, provided we don't let ourselves turn into potatoes, we all need some time daydreaming on the couch.

But there's still good TV on the cable... A couple of weeks ago, I got particularly caught up on KCET watching what guest Michael Kinsley had to say about the economy on The Conversation with host Charlie Rose. Kinsley, while mild, sounded quite opinioned and made a very strong impression when he stated that today's debate among the presidential candidates (and the citizens) should be even more centered on the economy.

Essentially it all revolved around the upcoming, mouth-watering 2008 IRS bonus rebate, which will allegedly jump-start our economic recovery. Sounds good, until Kinsley crushed our blossoming hopes by saying this rebate is actually money the government doesn't have. OK Michael, the country is in debt, we already knew that - and we almost got accustomed to that idea actually, since household debt has been the trademark of American lifestyle for decades. Then Kinsley follows up with a statement that might make you frown when he declares our current standard of living is fully funded by foreign governments, in particular China. I'll add another idea, that Kinsley did not have time to develop; this rebate is completely aimed at the middle class, since you have to make over a minimum and below a maximum to get any money back (Really? How much?).

So here we are; America's middle class is living off Chinese credit that we'll all have to pay back one day. Here's Kinsley's question to you: how comfortable are you with this reality? How unbalanced and depressing this fact is when you compare the average situation of a Chinese worker with the one of an American worker? As of 2007, China is the world's 4th largest economy behind the US, Japan, and Germany. However, the China's per capita GDP is $2,800 whereas that of the US is $43,600. Here's Middle Class Crunch's question to you: what's the best use for this rebate? Answer: not using it at all (even if the Bush administration expects you to).

"And why couldn't I buy something I like with it? I deserve it after all" argues the entitled US consumer. I hate to say it but it is our responsibility not to turn this whole operation into America getting another Chinese loan, that ironically will be used to buy Chinese-manufactured products and thus come right back at home to Beijing's Central Bank... a heck of a win-win situation for the Chinese economy. Don't get me wrong, I don't hold any personal grief against China, the Chinese people, or even Chinese food (yummy). But I'd rather not think about this scenario too much, or I won't get any sleep tonight.

By now, I think you get the big picture: from a rational economic point of view, I'm wary of this out-of-the-blue rebate thing. It's nothing more than a quick shot in our domestic economy's weak bicep, and it might ultimately hurt our bottom-line. But as an individual, I embrace it because, hey, a cool 600 bucks always look better on my bank account than on somebody else's. Yet, you've got to remember that this is NOT free money. It's a governmental measure that's digging USA's ever-growing foreign debt even more. So the least you can do if you like your country just a little bit is not to blow it as soon as it comes.

More Crunch To Munch On:

How much tax rebate money will you get in May of 2008? The Middle Class Crunch Team tries to clarify this for you. The 2008 stimulus plan will benefit an estimated 130 million American households. Households are entitled to a payment of up to $600 (or up to $1,200 if filing jointly), plus additional amounts for each qualifying child. To receive it, simply file your 2007 income tax return and wait for the mailman.

While the IRS is taking care of business to determine everyone's eligibility and figure out the amounts, you may want to have an idea of what you can get with the table below. As you can see, this stimulus plan is clearly targeting the US Middle Class.

[AGI: Annual Adjusted Gross Income]

What is a "qualifying child", you may ask? Households with dependant children under 17 will get an additional $300 per kid. Sorry for you, dependant older college kids... Neither you nor your parents might get anything.