Economic Stimulus

I think the "stimulus package" will be as effective as the fiscal policies that created the need for a stimulus package.

Election year bribe/distraction IMO!

Throwing us a bone.

"It's money that matters."-Randy Newman

It's $300 for individuals who do NOT pay taxes SJ as long as their income tax filed is at least $3K. Then it's $600 per individual, $1200 couple and for those with kids an additional $300 per child with no limit on the amount of children.

I agree with the manufacturing tax breaks portion of the stimulus plan, but the rebates do not make sense to me and are not fair. Why should people get rebates who don't pay any taxes? Chances are they are hiding money under the mattress or already collecting from the coffers. It should have been limited to college students who file returns, but aren't paying taxes.
We need educated students. That money helps pay for books etc.

To boot, they didn't approve the extension of unemployment benefits or the food stamp program. All these people out of work now. Don't know why they couldn't use the rebate money for that instead.



http://www.chicagotribune.com/business/chi-fri_stimulusjan25,1,2937883.story

Listening to NPR this morning, and someone said something like, "We'll borrow the money from the Chinese and then buy something they make."

I think this whole thing is stupid and a BIG waste of money we (The govt) does not have.

Let the thing take it's course.

It's $300 for individuals who do NOT pay taxes SJ as long as their income tax filed is at least $3K. Then it's $600 per individual, $1200 couple and for those with kids an additional $300 per child with no limit on the amount of children.

I agree with the manufacturing tax breaks portion of the stimulus plan, but the rebates do not make sense to me and are not fair. Why should people get rebates who don't pay any taxes? Chances are they are hiding money under the mattress or already collecting from the coffers. It should have been limited to college students who file returns, but aren't paying taxes.
We need educated students. That money helps pay for books etc.

To boot, they didn't approve the extension of unemployment benefits or the food stamp program. All these people out of work now. Don't know why they couldn't use the rebate money for that instead.



http://www.chicagotribune.com/business/chi-fri_stimulusjan25,1,2937883.story

Thanks for the clarification on the amount of the checks. I thought the $300 was quite different from what I had heard earlier. It is interesting that people who work in the illegal cash trades, such as drug dealers, will be rewarded for not showing income. As for the students, I'm sure they can use the money, but they probably won't be using it to stimulate the economy. They will spend it on things which they were already required to purchase, like text books, beer and pizza. :funn:

Lil Seaside is working on he PhD and the money will ceratinly come in handy to buy books (somehow the pizza and beer come out of my pocket).

I think that for those that are serious students, it will be used for semi-useful things like books.

BUT, the whole idea is a politically motivated waste of $ we simply do not have to waste. IMHO, the vast majority of the money will go overseas to pay for stuff no one really needs.

Yep, if I get a big "free" check I'll just buy a pair of shoes and a couple drinks and bank the rest for the hard economic times ahead.

Maybe instead of cash we should give out special credit cards that can only be used to buy goods or services in the US.

Thanks for the clarification on the amount of the checks. I thought the $300 was quite different from what I had heard earlier. It is interesting that people who work in the illegal cash trades, such as drug dealers, will be rewarded for not showing income. As for the students, I'm sure they can use the money, but they probably won't be using it to stimulate the economy. They will spend it on things which they were already required to purchase, like text books, beer and pizza. :funn:

Don't count the check amount before the Senate hatches its own twist on the "rebates."

"No problems in the US Economy to see here folks, just keep moving along." :roll:


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Listening to NPR this morning, and someone said something like, "We'll borrow the money from the Chinese and then buy something they make."

I think this whole thing is stupid and a BIG waste of money we (The govt) does not have.

Let the thing take it's course.

Exactly--we are making them richer, it goes full circle. Let invent/expand some businesses, like Huckabee said in the debates, that will give the GROWING huge Chinese middle class something to buy from us!

My check's going right back to the government. I'm still paying off a Department of Education loan from grad school, and that'll be a nice dent in the remaining balance.

I pledge to give my $600 (should that be what it ultimately is) to someone who doesn't pay taxes and filed a tax return with more than $3000 in income. I choose who. It is an attempt at a stimulus not a reward. I would not spend it quickly (not stimulating) but a person in that other position more likely would.

Exactly--we are making them richer, it goes full circle. Let invent/expand some businesses, like Huckabee said in the debates, that will give the GROWING huge Chinese middle class something to buy from us!

Yes

The stimlus package has several flaws IMHO.

One; how can you justify giving rebate checks to those who pay no tax? This essentially means they are rebating my tax payments to those who don't pay. Unfair at best.

Two; the stimulus package will come too late to have an effect on the economy. By the time checks are out, it will be clear the economy is already recovering. Another example of wasteful government spending.

Three; working couples begin getting phased out at $150K with no rebate to those making more than $175K. Meaning my wife and I won't receive a dime of our money back (which we would have put to good use in SoWal).

Now the good news....

One; allowing depreciation of 50% to businesses for new purchases of plants and equipment will work. Businesses, being motivated by profit will spend to expand, which leads to increased employment.

Two; raising the limits on loans that Fannie and Freddie can purchase to $725K (in some markets) should help to alleviate the current credit crisis and bring down the cost of jumbo mortgages. This could be big. If rates begin coming down due to Banks repricing risk, maybe more buyers would consider new purchases of homes.

Three, I was glad to hear they did not extend unemployment benefits or boost food stamps. This would have been a joke.

Little Fish

Thanks for the clarification on the amount of the checks. I thought the $300 was quite different from what I had heard earlier. It is interesting that people who work in the illegal cash trades, such as drug dealers, will be rewarded for not showing income. As for the students, I'm sure they can use the money, but they probably won't be using it to stimulate the economy. They will spend it on things which they were already required to purchase, like text books, beer and pizza. :funn:

Your welcome.

I don't agree with the rebate stimulus at all for anyone.

Now there would be a good use of the money.

I'm just wondering how much this $600 will cost my niece when she is my age?

The stimlus package has several flaws IMHO.

One; how can you justify giving rebate checks to those who pay no tax? This essentially means they are rebating my tax payments to those who don't pay. Unfair at best.

Two; the stimulus package will come too late to have an effect on the economy. By the time checks are out, it will be clear the economy is already recovering. Another example of wasteful government spending.

Three; working couples begin getting phased out at $150K with no rebate to those making more than $175K. Meaning my wife and I won't receive a dime of our money back (which we would have put to good use in SoWal).

Now the good news....

One; allowing depreciation of 50% to businesses for new purchases of plants and equipment will work. Businesses, being motivated by profit will spend to expand, which leads to increased employment.

Two; raising the limits on loans that Fannie and Freddie can purchase to $725K (in some markets) should help to alleviate the current credit crisis and bring down the cost of jumbo mortgages. This could be big. If rates begin coming down due to Banks repricing risk, maybe more buyers would consider new purchases of homes.

Three, I was glad to hear they did not extend unemployment benefits or boost food stamps. This would have been a joke.

Little Fish

Rofl..Should I repledge my $600 to you and the wife? Lacking that $1200 I guess you'll have to cancel Christmas this year. Maybe you can scrape by on some of that other $175+/-. Meanwhile the woman with two kids that divorced an a-hole that developed abuse issues can eff off while looking for work to get her life together.

Your welcome.

I don't agree with the rebate stimulus at all for anyone.

I wish I could endorse my economic stimulus check to:
"Lawyers Representing the People for the Impeachment of Bush, Cheney and Nancy Pelosi"​

Now there would be a good use of the money.

____________________________________________________

Yes. Where do I sign Mango.

Rofl..Should I repledge my $600 to you and the wife? Lacking that $1200 I guess you'll have to cancel Christmas this year. Maybe you can scrape by on some of that other $175+/-. Meanwhile the woman with two kids that divorced an a-hole that developed abuse issues can eff off while looking for work to get her life together.

:nono1: be nice. The more you make, the more you pay. Which in turn goes to help the poor woman who is trying to get her life together.

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I hope that the $$ will help some people. I just dont think that many of the people in poverty will use it in the best way.

:nono1: be nice. The more you make, the more you pay. Which in turn goes to help the poor woman who is trying to get her life together.

~~~~~~

I hope that the $$ will help some people. I just dont think that many of the people in poverty will use it in the best way.

The intended way to use it is to literally "blow it"
I am very nice I offered my $ to Little Fish didn't I? I would have to renege on my previous pledge though..or dig up another $600 and do both. I just didn't like the "would be a joke" part of the post. I wonder how many people have personal knowledge of some of these programs they criticize. I know people who abuse the programs and I know people to whom the programs are truly needed and truly life saving. I wish the ones who abused the system could be weeded out but that would harm the good folks too. I also know someone who very much could have used the welfare/food stamps system but chose to eat beans and cornbread and the like for years..along with 5 kids.

Three, I was glad to hear they did not extend unemployment benefits or boost food stamps. This would have been a joke.

Little Fish

I completly agree.

***WARNING RANT COMING****

I will never forget the day when I had just finished working my second job of the day standing in line at the grocery with chicken leg quarters.(which i detest). We were having a hard time just making ends meet and then up walks this man, dressed very nice, with steaks and the works. I thought to myself that Mr. IBD would love a nice meal like that but I was budgeted and determined to make our new marriage work. I was getting my groceries together and then the man pays with food stamps! At my car (which was all dented b/c the guy who hit it had nothing and Mr. IBD said dont worry man, its ok:shock: ) I saw this man get into a NICE car and drive off. I went home and questioned WHY I work my @ss off for leg quarters and then he most likely does much of nothing and eats steak? I have never felt the same since about welfare/food stamps. IMO, there are ALWAYS jobs out there it just may not be what that person wants to do. ;-)

I do understand that some people get into a bind and do need help and that is when it serves it purpose but when generations of families are on welfare well come on, think about it.

Some politicians love it....GOVERNMENT DEPENDENCY

As to the original question I don't see how the "stimulus package" makes much of a difference. The turn of the millenium had the dot com boom/bust and a trillion anti-y2k$ if memory serves. The latest refi/real estate boom added many more multiples of liquidity than this package. One has to quit borrowing at some point and start paying for what one borrowed or start stealing. Once we have forgoten all of this credit mess we can do it all over again.

Elgordoboy:

As I understand, it was never the intent of the Founding Fathers to create a governmental system that provided food, clothing and shelter for the people of the nation. The welfare state is a Marxist concept.

I, like you, have compassion for those facing difficult times. However, I don't believe it is the job of our government to solve all of our problems. Local communities, organizations and churches are best suited for caring for those facing difficulties.

Back on point... expanding welfare services would not stimulate the economy. Funds transfered to those barely making ends meet, would end up going to pay for basic necessities and would have little, if any, effect on the overall economy.

Little Fish

Elgordoboy:

As I understand, it was never the intent of the Founding Fathers to create a governmental system that provided food, clothing and shelter for the people of the nation. The welfare state is a Marxist concept.

I, like you, have compassion for those facing difficult times. However, I don't believe it is the job of our government to solve all of our problems. Local communities, organizations and churches are best suited for caring for those facing difficulties.

Back on point... expanding welfare services would not stimulate the economy. Funds transfered to those barely making ends meet, would end up going to pay for basic necessities and would have little, if any, effect on the overall economy.

Little Fish

I have a feeling these "stimulating checks" will be spent on basic necessities and paying bills, not for whirlwind shopping sprees.

Let me put this as succinctly as I can. The stimulus package is a bunch of crap! No ifs ands or buts it is nothing but an election year bribe.

Elgordoboy:

As I understand, it was never the intent of the Founding Fathers to create a governmental system that provided food, clothing and shelter for the people of the nation. The welfare state is a Marxist concept.

I, like you, have compassion for those facing difficult times. However, I don't believe it is the job of our government to solve all of our problems. Local communities, organizations and churches are best suited for caring for those facing difficulties.

Back on point... expanding welfare services would not stimulate the economy. Funds transfered to those barely making ends meet, would end up going to pay for basic necessities and would have little, if any, effect on the overall economy.

Little Fish

Explain how someone buying basic necesities is different than you and the wife having the tasting menu at the Ritz B'head in relation to the economic impact. Seems to me money is fungible maybe I am wrong on this.