So, if Bush’s economic stimulus package goes through, what will you do with the money? If you don’t know what I’m talking about, read below:
Quote:
WASHINGTON (AP) – There could be tax rebates of as much as $800 for individuals, and $1,600 for married couples.
Those details are emerging from lawmakers and staff members involved in the talks on Capitol Hill about an economic stimulus plan.
Officials say President Bush told congressional leaders that he favors tax rebates for people, and tax breaks for businesses. He’s
expected to spell out his ideas today, without going into specifics.
His spokeswoman says Bush will demand that any package be effective, simple and temporary.
During testimony to Congress today, Federal Reserve Chairman Ben Bernanke supported the idea of putting money into the hands of those who would spend it quickly and give the flagging
economy a boost.
According to senior aides to House Democrats and Republicans, the plan that’s emerging would include the tax rebates for individuals, the tax breaks for businesses, and more money to help
food stamp recipients and the unemployed. There’s also talk of providing additional aid to help states complete construction projects.
The talks are taking place amid mounting fears that a severe housing slump and a credit crisis could cause people to clamp down on their spending, and cause businesses to stop hiring. That could put the country into its first recession since 2001.
The fears led to another big drop on Wall Street
Ironically, if we get our $1600, my fiance will probably want to use it on our vacation to Mexico this summer… which would be ironic because instead of helping boost the U.S. economy, it would go to the Mexican economy. In my mind though, since we’ve already got that trip paid-for, I might just apply it towards my new bike purchase.
It’s a weird thing to think about getting this money… normally if I get a $1000ish check, it should pay for something or go into savings. In this case, it is being given to people to buy new things (i.e. it doesn’t help the economy to save it, or to pay of debt).
