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When the 1st credit came out it was basically in the form of an interest-free loan. I do not recall the exact provisions but it was to be paid back in 15 years or so, again, interest-free. The $8000 credit as currently stands is a straight $8000 bonus on your tax refund with no payback required. My sister received it on her taxes this year (there was an option to apply it to your taxes on 08 earnings if bought if your house was bought in the first quarter of 09).
Putting aside my fundamental concern with all government 'interference', as it, unintentionally or not, creates winners and losers in the market, it is, quite simply, a handout. Whereas you, Michelle, provided a true boost to the economy by starting a business and fostering competition and work ethic, this credit only encourages consumers to rush into a purchase that they have no business rushing into. Of course, this is just my opinion, and I respect all intelligent opinions on the matter.
It is the same as cash for clunkers. It only provided a temporary boost, as the car market is right back to where it was, except that there are now several hundred thousand more cars rusting away in junkyards.
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