Interest rates are already starting to soar from the federal government borrowing so much. And Bernanke and Obama have already said that Social Security and Medicare benefits will have to be cut -- for future generations -- to prevent an economic meltdown. Republicans, having pushed through a massive Medicare expansion for today's senior citizens, are also saying the debt means we can't provide any universal health benefit to younger generations. This is what they can't afford.

And they want to borrow money so those who already have cars can get new ones.

Any decision to spend money on A means less money for B, C, etc. Any decision to spend money now without paying for it means younger generations will be poorer. If people are unwilling to look at any proposal like this in such a context, no wonder we are heading for an institutional collapse.

The $1,500 tax credit for transit is not at all an incentive to the large number of people, especially urban residents, who would walk, bike or carpool (or occasionally hop a bus) more often if they had a good reason to ditch their car.

Can you imagine the outrage if someone proposed a $350 credit for a bicycle outfitted for commuting, related rain jacket and pants, locks and pannier for office clothing?

Or even a $350 line of credit to ensure bike shops will not be stuck with a loss if they weren't bought.

In response to our health problems, I'd bet you are more likely to see a $5,000 credit for a car and a $1,000 credit for a stationary exercise machine.

"The bill specifies that during the first year of the program, vouchers will be issued for the following amounts:

* For traded-in vehicles that are model year 2002 and later, drivers would receive a voucher for:
o The purchase of a new vehicle: $4,500
o The purchase of a used vehicle: $3,000
o Transit fare credit: $3,000
* For traded-in vehicles that are model year 1999 – 2001, drivers would receive a voucher for:
o The purchase of a new vehicle: $3,000
o The purchase of a used vehicle: $2,000
o Transit fare credit: $2,000
* For traded-in vehicles that are model year 1998 and earlier, drivers would receive a voucher for:
o The purchase of a new vehicle: $2,000
o The purchase of a used vehicle: $1,500
o Transit fare credit: $1,500"

So we could potentially get cars off the roads and turn people into transit riders. This is way, way, way better than the pathetic bill going down in the House. On this one, I think Feinstein deserves our full-throated support.

PS. Where's the tax break for those of us who don't drive?