Another rebate check? President Obama, say it isn't so.

There is an old saying "Give a man a fish; you have fed him for today. Teach a man to fish; and you have fed him for a lifetime"

Basically, with the proposed issuance of rebate checks, the Federal Government is giving us a fish. Sure Wal-mart will be happy as people buy knick-knacks and such. But the last two rebate checks (2002, 2008) have shown that these checks have little if no coat tails and will not create jobs. The rebate checks we received in 2008 are said to have simply slowed down the spiral. What we need is tangible and big. Don't give us a fish, teach us to fish.

Now do not get me wrong here. $500 would be nice to have. I can use $500. But I know it will not help me past the week I receive that check.

With the US Airways flight landing safely in the Hudson and President Obama's inauguration has illustrated is that Americans want some good news. Hearing that a neighbor, a friend or a relative landed a good job or a new sparkling building was built or even seeing new grass on the Washington Mall will have a bigger impact than a quick $500.

Previously I have advocated buying trucks and vans for schools (Creative Suggestions for the Stimulus Package). That is 100,000 vehicles off lots without need of financing, 100,000 commission checks, 100,000 vehicles that will need repairs, 100,000 vehicles produced by American workers, cash directly to manufacturers to restructure and regroup. And instead of 5 million families getting $500, we ALL benefit. (Full Article: Helping Detroit Automakers Can Benefit Us All, Here's How)

It is said the root of air travel problems is in the skies over New York City. For years there has been talk about building a direct rail line from the Newburgh NY airport to Northern NJ and New York City. For the unfamiliar the Newburgh airport is a former military base with huge runways and tremendous over capacity. Instead of rebate checks, build the rail link. The jobs created in the initial survey, the construction, the long-term operation, the hours saved in travel, the new opportunities created. It could be fast-tracked and completed rather quickly. This would be better than any rebate check.

There is talk about how wind turbines and such are the new manufacturing. If overhead is part of the overall cost, maybe the stimulus could include buying one of these closed auto factories in Michigan and paying for the retooling in exchange for a manufacturer building wind turbines or such. That is jobs and products at a lower price which means cleaner air, etc.

Hey Congress... Let's get creative here. A rebate check is a cop-out and easy cover. It is like taking some Advil for a broken leg. OK the pain might be reduced but you still have a broken leg.

(This article was written and posted by BFT's Chief Economist - TJ Costello)