Tax rebate smackdown: President Bush vs. Suze Orman

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This one is a bit off topic, but it caught my eye and I thought I’d pass it on because so many of you have commented on the nation’s addiction to consumer debt. President Bush says he expects Americans to spend their upcoming tax rebates, to help the economy: ‘These rebates will begin reaching American families in May. And when the money reaches the American people, we expect they will use it to boost consumer spending, and that will spur job creation, as well.’

Personal finance guru Suze Orman (pictured) is advising, ‘Stash it, don’t cash it’: ‘The rebate you’re about to get should be saved, not spent. It should be used to pay down debt and build up an emergency savings account. If you listen to Washington and spend the rebate, and we still slide into a recession and you get laid off, don’t count on extended unemployment benefits to help you weather the storm -- that provision didn’t make it into the stimulus package.’

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Photo Credit: NBC