The President Bush signed into law Wednesday a $168 billion measure designed to stimulate the economy by giving millions of Americans rebate checks to spend, ranging from $300 to $1,200.
But will it work as planned?
A recent Associated Press-Ipos poll found that most Americans won’t go on a shopping spree. Forty-five percent said they’d pay off bills, 32 percent planned to save or invest the money, and only 19 percent said they’d spend it.
What do you plan to do with your rebate check, bloggers?
63 Comments
Take a quick google to find out how much credit card debt that Joe Average carries.
That’s where Joe’s money should go.
However, in this materialistic, mall worshipping society?…….
He’ll probably buy some cheap electronic crap all made overseas, and the only ones benefiting will be Sam Walton’s heirs.
Oh, forgot to answer the question.
My rebate will go to the pharmaceutical, insurance, energy, and credit industry lobbyists, (indirectly)
We don’t have any credit card debt…we do have a savings account…so we are doing the “patriotic thing” (said with tongue firmly planted in cheek) and buying a new dining room set.
Now days when beginning salaries for some college graduates is $100,000 or more … the rebate should be $10,000 per employed person. Forget this penny ante stuff or don’t do it at all.
Something that should be noted, when the Democrats are referring to this they are calling it a “Rebate”.
When the Republicans are referring to this they are calling it a “Pre-bate”. As for me, I will save it so when the following years taxes are due I can pay back the “Pre-bate”. Never trust Washington’s fuzzy math!
…Where’s my two dollars…
Who gets a rebate? Most people who pay taxes or earn at least $3,000, including through Social Security or veterans’ disability benefits. Singles making more than $75,000 and couples with income topping $150,000, however, will get smaller checks, up to the top limits for any rebate: incomes of $87,000 for individuals and $174,000 for couples.
http://news.yahoo.com/s/ap/20080213/ap_on_go_pr_wh/economy_stimulus;_ylt=AsEI_x5FCyucL4ekv1XzpzKs0NUE
I plan on buying enough alcohol to buzz me through the next presidency. I don’t think I can handle the democrat term (Hillary, Obama, OR McLame)
“Will the rebates work?”
No. They won’t force companies that sell in America to make their product in America and they won’t penalize those who exploit illegal labor.
Unless and until that is confronted, the economic reality of most Americans will continue to circle the drain.
Sorry, there were two questions. Will the rebate[sic] ‘work’?
It will accomplish becoming deeper indebted to China.
If folks do ‘f’ off the money, it will spur China’s economy.
It will allow my grandchildren to pay back 80 times what rebate[sic] I get.
I’m so happy I just peed my pants.
woo hoo.
I don’t think the plan is going to help our economy. People are freaking out, and they are afraid to spend. Who knows what’s going to happen with energy, but more importantly, our food bill has started to skyrocket. Mother’s are having to ration milk to their kids. It’s ridiculous.
And I will be putting my check back into savings, and with that and my income tax, I plan on having my roof redone.
Regular
Posted February 14, 2008 at 7:39 am | Permalink
…Where’s my two dollars…
LOL, I love that movie.
First of all even if people do pay off credit card debt with their rebate instead of go right out and buy stuff, they will soon use that debt again when something else pops up. So YES, it will work!
KCKS, just out of curiosity how do you figure? Unless the credit card company takes the money and buys something that is adds to the economy. It stay with the credit card company. If some one pays off their credit card, even if they use it again to buy something else that does not add that money to the economy. That money is only on paper, so how does that help the economy?
Without the accumulated credit card debt — their would have been a lot less buying over the xmas holidays — cant have one with out the other — so people buy less, people lose jobs, and then ?????
This rebate will not help the economy. It is just another piece of cotton candy for the masses who are too stupid to think. All fluff, no substance.Unfortunately, there are millions of Americans out there whose interest in politics is limited to one thing. WHich SOB will put money in my hand? And the stinking politicians are more than happy to oblige.
In the meanwhile, the debt goes up, spending is out of control, and the beat goes on and on and on
Did the last one work? And if you think it did, why are we here once again? A Band-Aid on a hatchet wound is what this “rebate” is. I’m buying more Au, Ag and seeds. One question though…I thought it was to be $600 and $1200??? I don’t watch enough CSPAN I guess.
This government of ours…sheesh.
Vote out ALL of these obviously crooked or retarded incumbants.
Christmas Shopping? Like when the Easter Christ rides the sleigh and hops down the chimney to give children debt?
Christmas Shopping? Like when the Easter Christ rides the sleigh and hops down the chimney to give children debt?
No you’re a little confused there Pleefer — it’s when a fat guy in red suit is nailed to a cross — and he flies the cross to a place called heaven where everyone is eating Haagen Daas and drinking mocha lattes and all the children are above average
mocha lattes
With Bailey’s of course !!!
You know guys, if I came onto this topic and try to interjected my personal religious views into the discussion. You would jump on me now would you not? So where is it right that you interject mockery of others personal religious views? No one has even said a word of damnation for not believing in God, not accepting Christ or anything else that you may or may not believe in. After all it is your choice and you want it respected. But it really is a two way street!
Lighten up Writerdog. They were just expressing the hypocracy and materialism of the Christmas Season.
writerdog, I insult all religions other than mine. Isn’t that whate everyone does? I see a lot of value in Huh? and LJs posts. I know it’s a bandaid on an arterial wound. Pleef, I couldn’t tell if the last rebate did any good or not–I didn’t make nearly enough money to get it, though my siblings who made over 3 times what I did at the time made out like a fat rat. They invested theirs at the time. Or took an extra monthly trip to Vegas, not sure which did what.
I know I’ll spend mine, but I already spend everything that comes in with kids and med bills, grandkids, student loans, as well as frivolous things like gas, food, mechanic…
Too many people are likely to take their rebate check to Wal-Mart and buy a flat-screen television… made in China.
You can buy a flat screen for the price of the rebate check? It’s been too many years since I’ve priced TVs.
I am not in the market for a tv, but are there any made in US? To my knowledge there are none. One of the last was Curtis mathis. It was a great tv.
You might be able to get a tv for a rebate check price, but the people from Walmart will not give you the straight story. They will tell you that since the changeover to digital is coming, you have to buy an HD tv. Wrong. You can buy a digital converter or go with a cable or satellite company.
I know because (shamefully) I was checking out a tv for my kitchen and that was the story I was given…
No one has even said a word of damnation for not believing in God, not accepting Christ or anything else that you may or may not believe in.
Really? We have a very different view on this, writerdog. One poster does exactly that, although in a covert, passive-aggressive way. Because it wasn’t directed at you, maybe you missed it?
Okay, guys, cut the religious “humor”. It’s only funny for about one second.
But, MonkeyHawk, that’s what they want us to do with it! I wouldn’t mind using it for that, but mine will go for stretching what I have, maybe finding somewhere smaller and less expensive to live. But there will be those who will blow it on “toys”.
Actually, people going into debt buying shit they dont need for Christmas is a valid concern, and Easter is becoming just as commercial, and just where in the bible is their a chocolate eating, egg-laying rabbit
I may consider buying a new computer with mine. I have been looking at Tiger Direct, and they advertised at least one or two made in the USA. One such is Systemax. ANybody know anything about their computers?
“RD” says –
“But, MonkeyHawk, that’s what they want us to do with it!”
And that’s life under Shrub’s Reign of Error.
The Chinese lend Bush the money to pay for “rebates,” so the taxpayers owe them. Then the people who get the rebates pay the Chinese for Wal-Mart stuff — so they get all that money back — and the U.S. Treasury still owes the Chinese for the original loan.
Tiger direct has a lot of good deal much cheaper than the box stores, and you can find lots of made in USA products just not at walmart or target
I am going to give my rebate back to the IRS to pay down the national debt.
HAH! Not bloody likely.
This is just a small re-payment of all the effing money this un-democratic gov’t steals from me and people like me to pay the filthy, stinking rich CEOs of Halliburton and Exxon.
After the Chineses get their loan back from sales, they’ll buy up some more equity in America! Does bush have a great plan or what!
The past two Easter’s, I’ve went into China-Mart and lo and behold, I could buy a CHOCOLATE CROSS if my sweet tooth was so-inclined.
That’s not a mockery?
And Taz, we’re thinking about a kitchen TV too.
That way, I can watch Keith Olberman while I’m cooking dinner, hehehehe.
“The Chinese lend Bush the money to pay for ‘rebates’, so the taxpayers owe them. Then the people who get the rebates pay the Chinese for Wal-Mart stuff — so they get all that money back — and the U.S. Treasury still owes the Chinese for the original loan.”
Bingo.
Plus, the Chinese keep their own worker’s wages artificially low so that they can manufacture the goods and sell them at a high return. Which is what has been driving their economy and ours (at least in the retail sector).
Gotta say though, although I am definitely no fan of Bush Lite (not the worst president ever, but the worst president since the 19th Century), this is both bigger than him and not really his fault. This has been building over several presidents for the last two and a half decades.
It’s going to be very hard to change things.
BTW, when I say this situation is not really Bush’s fault, I mean our mutual and disturbing economic symbiosis with China, not the horrendous increase of the national debt.
It could change if we as a people could adjust ourselves and quit buying things that we don’t need. But as we all feel a need to keep up with the Jones’ and having stuff symbolizes power and achievement, we’ll all keep feeding Chinese aristcrats while the slaves keep pumping our crap out. I cannot get up on a soapbox because I’m just as guilty, but I do try to llimit myself to bare essentials. But Madison Avenue makes us feel so inferior that we are compelled to try and look like that person or are so depressed that we aren’t as “beautiful” as that one. We can’t help it, we’re victims of our own Frankenstein.
We should start somewhere and the first thing we could do is to turn off your teevee.
Good News! Trade deficit declines after setting back to back records the last five years! Still historically high, though.
Oops, wrong link.
I’ll believe that rebate when I see it. (The last time I received such a rebate, in 2001, I had to pay the g—-mned thing back on my next year’s taxes. So it didn’t really do me much good.)
But that was then – and this is now. I’m not earning as much here in Wichita as I earned in a rather large Missouri city; I’m mellowing in my rapidly-advancing old age; the Bush presidency is nearly over, and if this is idea of my idea of making amends, then so be it; and……
I REALLY need to get my car out of the shop so’s I can quit taking the stupid Wichita bus. What’s wrong with Wichita Transit? Gee, that’s a tough one…..1) too many drivers who were obviously plucked from work-release-anger-management-with all the dignity of Britney Spears/Tonya Harding programs; 2) no evening or Sunday service; 3) buses that run once every hour; 4) an ineffectual transfer policy; 5) and a dumb old broad who works at the info. booth who has her inbred nose so far in the air she could suss out the craps of a million war dead…….
Oh, my – I’m not being very pleasant.
Two years ago, I walked when I couldn’t take the bus. But I’m older now, and I can’t move as well as I used to.
Anyway, if I get that much-talked-about rebate, I’ll feel OH, SO, kindly toward the Bush League of late. But I wanna see it first. ‘Cause I just don’t wanna get my hopes up ’bout thangs like I used to. I’m too old – and far too world-weary – for such foolishness.
It could change if we as a people could adjust ourselves and quit buying things that we don’t need.
Well, dangit, I can’t buy a new Lambougini when the old one gets dirty, but I can splurge 20 bucks on an mp3 player.
Man, get some of your tax money back and you still bitch. I guess you think you’re not over taxed.
sob, I think that’s what everyone is debating–whether you really get your money BACK in the long run.
SOB, you ain’t gonna get it back, you’ll pay the rebate back on next year’s return. And it’s your fiat “money” do what you want with it ghoti, I can’t fault anyone (nor do I want to) for spending it. My point was that the well will dry up sooner or later and that ther’s a whole lot more to life than mp3 players, baubles and beads.
umm..there’s
Pleef, consideering the wife and I haven’t had a christmas present in 3 years, we’ve not had a going away vacation since ‘92, and any extravagant purchases are limited to replacement toasters, lawn mowers, and drills, I think we deserve a bit of pampering.
LOL
I know you weren’t really raggin’ on me, and I was reasonably sure you’da understood my earlier post was (mostly) in jest.
You sound like you live like I have to. But then again, 5 years ago, making $20 an hour meant something…so maybe we’re forced to live this way. I jumped at the chance to take a 4 day vacation to my cousin’s house in ColoSprngs last October. She let us crash for nothing and we just bought a few groceries when we arrived. It was hard though, she’s a strict vegan and we being the omnivores that my family is, couldn’t put any animal products in her fridge. She made us cook outside on her old grill!!! lol. And yeah, I’ve got skin like leather, I can take just about anything (I’m one of those 9-11 kooks).
I know I could turn around tomorrow and land a job doubling my income, but what I’m doing now fits around everything else. My wife works out of town, kids in school in town. I’d have to work out of town day shift instead of 3rd shift and being home if the kids need me. It’s really a matter of where you put your priorities.
Fer realz.
Pleefer,
So, just how will I be paying my rebate back on next year’s taxes? The rebate is not taxable income.
SOB, my bad. I just researched it. But it’s just another confusing aspect of an already matrix-like mess that is the IRS.
The rebate is not taxable income.
but y’know somehow, someway they’re gonna get it back. Like the ‘Pike was paid off in the 60s.
This stimulus package is guaranteed to help boost the Chinese economy. How can it fail. We borrow money from the Chinese to buy Chinese products and pay them interest on the money we loaned from them.
The program is successful in distracting people from the fact that the Republican senate just passed a law saying the President can spy on people without a warrant. Bread and circuses.
I think we should all pool our rebates and give them to rich people who would create a heartland distribution center for viet nam manufactured goods which are way freakin cheaper than chinese stuff. This would create jobs for truck drivers and dock workers which would be filled by illegal opps nevermind.
I don’t see how ,in a how many trillion dollar economy we have, can a 167 Billion dollar rebate affect anything substantively? I realize there is a multiplier effect to be taken in account, but what will the rebates really accomplish?
Isn’t this really elephant hunting with a pea shooter?
The rebate should be compared to the National disposable or discretionary income, if there is such a measure, rather than to the GDP, in my opinion. It would be a much more relevant comparison.
I think I’ll buy a sack of grass with some of my rebate, and then go to McDonald’s and spend the rest.
Economic Recovery/Rehab Rebate Plan – hope it works better than Britney Spaniel’s Rehab plans. I’ll probably poop my cash away in the pharmaceutical section of the local drug store. Any cash left over will go to pay for Medicare and various insurance premiums. Did you ever total the amount you spend for all of your insurance plans? Scary – but now you know where all your money goes! Setting fire to it could be quicker and just as effective or you could take up smoking and achieve the same thing with some enjoyment and minor throat irritation . . .
$168 billion!!! Are you kidding me? That’s 10% of our debt we could have paid off. You want to help our economy, spend that money on paying off our unreal debt. What am I going to do with my $600???? I’m going to invest it. In four years, I’m going to take it out of the market and donate whatever I was able to turn $600’s into to the Mitt Romney campaign for 2012 in the hopes the government never tries to give me money again. It wasn’t their money to begin with. I’d rather be indebted to the effing mob.
Farmer freaknick says he will spend the rest of his rebate at McDonald’s – but first he will have to get past the “Burger Nazis / Food Police” that want us all to be a waist size 32 or smaller or a petite size 2 for women. I’ll have a double cheeseburger and a super-sized fry order and a real soda pop. Hold the onions though.
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[...] Dan Barlow wrote an interesting post today on Will the rebates work?Here’s a quick excerptThe President Bush signed into law Wednesday a $168 billion measure designed to stimulate the economy by giving millions of Americans rebate checks [...]
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