Well that was quick! The Bush administration and law makers finally agreed on something in a timely fashion! 117 million families will be receiving rebate checks and businesses incentives to invest in equipment.
Under the plan, individuals would receive rebates of up to $600 and couples could receive $1,200, plus $300 per child. Rebates would be phased out for individuals earning more than $75,000 and couples earning more than $150,000. Individuals must earn at least $3,000 to get a $300 rebate.
Don’t expect your check (if you’re getting one) anytime soon. Checks will start going out 60 days after this proposal becomes law, which would make it around May or June.
You can read the rest of the details of the stimulus package here.
Technorati Tags: Stimulus package – rebate checks
The economic pundants (the political ones are too agenda and not science driven) have said repeatedly that history has shown that stimulus packages that give this kind of money to Americans do not, and most likely will not, help. It’s a joke. The other thing that politicians have done in the past to stimulate the economy is start a war; didn’t work this time though.
Grandalfe - A lot of people are saying too little too late. Whoever does take office in Jan 09 is sure inheriting a mess!
You cannot spend your way out of trouble, those who do spend the money in the US would probably be buying things made in China. what is needed is for the govt to review the free trade act. so that companies that go off shore to build a cheaper product would have to pay duty on such product to bring it in at the same amount it would cost to build in USA and the Canadian Govt also has to realize that all of the good paying jobs have gone off shore to save money, but if they were to cost the same as being built in our own countries perhaps the better paying jobs would return and our people can get a better jobs that pays enough money so that we can afford to live in our own Countries.
Kudlow & Company like to call the cash, “helicopter money.”
Though it never gets to the economy “quick enough” – I would prefer we spread the money to projects we have “completed proposals” on, that rebuild infrastructure (of all types, not just dams & roads) across the nation. We hire people in either layoff status or shift around the labor force to meet the objectives.
Example:
5-7 projects @ 10-15 Billion a piece, 1-2 in each section of the U.S.
25 Billion to poorest taxpayers
10 Billion to startup small businesses
15 Billion in Corp. Tax breaks
Whatever it is, the money will not be the economic driver, if we run a bigger deficit and can’t replace the money 2-6 quarters out.
But, it is something.
Mary Anne – I agree, spending our way out of trouble is not the solution. The US has been doing that for many years and look where we are!
Jason – interesting ideas you posted. Thanks for sharing them! Seems we all agree….more spending is NOT the solution.