$800 Cheques

[jk-27]

I'm curious, what is this $800 cheque business all about? I've heard them referred to as stimulus cheques, tax rebates, fuel benefits, what are these things? Is it $800 in addition to the normal tax rebates?

What will you guys be doing with your $800?

[microdmitry]

Nothing, since I made too much money last year to get anything at all. Which is kinda retarded if the govt's goal is to re-inject that money into the economy, because I have zero debt and I'd have blown that money on something right away. Instead, they'll give it to someone who will spend it to pay off some of their debt thereby completely defeating the purpose of the stimulus.

Frankly, I think this whole stimulus thing is a populistic brain fart, only effect of which will be a temporary blip in GWB's approval rating and slight increase in the rate of inflation.

[jaxadam]

$600. And there's two things it's going to do:

1) Expedite debt payoff

2) Expedite credit

People are either going to pay off debt or put it in savings, or go out and buy a $1000 HDTV, putting themselves further into debt and doing no good for the economy (further increasing their short-term spending for high-def channels...)

Me? What am I doing with it? Either paying off debt or putting it in savings, but not buying anything at this point.

[brothersnowgone]

Originally Posted by microdmitry

Frankly, I think this whole stimulus thing is a populistic brain fart, only effect of which will be a temporary blip in GWB's approval rating and slight increase in the rate of inflation.

Yepper's!

[michblanch]

Because business's are suffering due to a recession. The US government has decided to stimulate the economy by giving us all a check, in hopes that we will spend , spend, spend.

Some people will use the check along with some of their own money to buy TV's or Vacations. Thereby the winners in all of this are the retailers.

The last thing they want is for us to save the money. I personally would like to use my check at the local sexshop. Then I would mail everyone in Washington a dildo. So they could feel what it's liked to get F***ed for a change.

[elcid]

As much as this whole thing is a scam, it's comming at a good time for us. Even though I'd like to hold on to the money, Mrs Cid will need a car soon.

[brothersnowgone]

Originally Posted by michblanch

The last thing they want is for us to save the money.

Of course that's what they don't want, but it's inevitable that most of the people actually getting these checks will save them or pay off debt.

I like to think of it as the government paying for the next few months of gas for the majority of the lower class who is struggling to get by with oil at what it's at.

[Darin]

Tires for the Ram. And a $65 oil change.

[jk-27]

And where is the government getting this money from? If they are giving you back some of your own tax, aren't they short changing themselves? Like hasn't some public funded resource just had it's budget cut to cover this? Or has GWB taken out another loan that will have to be paid back by a future incumbent after he's long gone?

[bammbamm]

We have 2 boys, so between the 4 of us it's 1800, and it's going into savings.
Specifically, the boys' college fund.
IL has a tax sheltered savings plan for college. A.K.A. The 529 plan.

[courtney2018]

Originally Posted by jk-27

And where is the government getting this money from? If they are giving you back some of your own tax, aren't they short changing themselves? Like hasn't some public funded resource just had it's budget cut to cover this? Or has GWB taken out another loan that will have to be paid back by a future incumbent after he's long gone?

Most likely it's coming out of the "profits" which is also the Social Security fund.

Unfortunately I won't be getting any of it. Apparently Mr. Bush thinks I made too much.

And it's $600 a person, $1200 per family if you made under $75K (single) or $150K (married).

[mike570]

Actually, according to popular economic theory, those who make less are far more likely to spend the money, which is the intention of the rebate. Also, there is a multiplier effect for money moving through the economy, so the hope is the payback is worth the cost.
And I think it's being paid for by selling more of our debt to the Chinese. How do you say "cheers" in Mandarin?
The rebate idea worked fairly well the last time it was done, post 9/11 IIRC, but I don't think it will have the desired effect this time around. It won't have the desired effect if people pay off debt and it will be worse if people decide to just "sit" on the money.
Good luck to us and the free world!

[shredmaster]

it's nice to have the $$$ but it won't help the overall issue much. It's a bandaid fix on a dam about to burst.

[Darin]

Since the dam is about to burst, spend it as soon as you get it. The impending inflation will kill the value of your so called rebate.

[mike570]

I don't think it will be horrible. Bad maybe, but not horrible. Our dollar is such crap that it's getting more desirable to build things in the US. On the other hand, it's helping to make gas more expensive too.