May 8th, 2008
What will you do with your economic stimulus check?
This week, it’s time for Uncle Sam’s spending spree to begin. The first round of economic stimulus money will hit some savings and checking accounts Monday.
Between now and mid-July, more than 130 million Americans will get a tax rebate of $300 to $1,200, or even more depending on their finances and family size. Some taxpayers — including those who have an outstanding problem with their 2007 return — will get their payment later in the year.
We’re talking about $112 billion nationwide — including $3.8 billion in Michigan. We now have one great excuse to buy a kayak — or a pair of hot pink sandals. Some homeowners might want to replace gutters. Shoot, you might pay off some credit card bills. Imagine that.
And we’re getting that money sooner than we thought. President George W. Bush said Friday that the money will begin being direct deposited into accounts Monday instead of Friday.
So, what will you do with your windfall?
We decided to talk to some Michigan families now — and later. We’re asking them how much money they think they’ll get and how they think they’ll spend it. Later this summer, we’ll call these folks back and see what really happened.
The rebate plan got rolling in Washington earlier this year as a way to rescue the U.S. economy from rough weather — similar to the thinking in 2001, the last time the government handed out rebate checks. We’re battling foreclosures, falling home values, job losses, low consumer confidence and tougher lending standards that make it harder for some consumers to borrow money.
So will we spend and enjoy the summer? Or store up that cash fearing the next frost?
What will you do with your windfall?
Yulette Barnes, 36, says dutifully that she’ll put half of her money into a savings account for her 4-year-old daughter, Kaitlyn Rose. She’ll use the rest to buy her only girl a bike, shorts, sandals and other things for summer.
Tags: andrews, credit, federal, union
11 Responses to “What will you do with your economic stimulus check?”
China OK’d the Loan?
Three $100 hooker bots.
No, People who did not pay federal income taxes but who had earned income of more than $3,000 would get checks of $300 per individual or $600 per coupleMine will be going to people who paid no income tax last year. I won’t be getting one, so that’s where it will be going.
tattoo of ole glory
So, this article doesnt apply to my situation. If i file taxes, yet i am also a dependent on my parents return (who probably do not fall under the cap), will i still get a rebate check?
Actually, that is a good investment.At the Oakland gun buyback program, at $250 per gun… “the first two people in line at one of the three buyback locations were gun dealers with 60 firearms packed in the trunk of their car.”
Really also what they don’t say, is the the banks pushed hard to have the mortgage loan limits for Fannie Mae and Freddie Mac (and Federal Housing Administration insurance, too) - from $417,000 to $729,750 - the first step toward a massive financial disaster in which taxpayers will end up paying through the nose. Which means all the banks can totally offload all of their troubled loans to Freddie mac and Fannie Mae, and when they end up in trouble, it will be all of us having to pay to bail them out of it.for more info check this article outhttp://www.digg.com/politics/STIMULUS_PLAN_A_SCAM_ …
Buy gold… Gold bars (20g, 50g, 100g …) or sovereign gold coins (1/4oz, 1/2oz, 1oz …)..At least with the coins, if they really do keep printing and debasing the Federal Reserve Note into oblivion, you can trade with the gold coins.
O RLY…SRSLY?
I’d just get guns or something. Excellent commodity.