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Wednesday, January 23, 2008

Economic Stimulus Plan

Given the continued shock of the US economy the government is working on passing quickly and economic stimulus package. They really want you to go out and buy something with it is quick, to stimulate the economy.

The plan runs from a GOP led effort to be $800/$1600 for singles and couples respectively or the current Dem thinking of $500 per tax paying person. There are also cuts to business taxes as well as increases in welfare, Medicaid and unemployment benefits. This is being fast-track to pass within the next three week, with checks to follow fairly soon afterward.

For us, it would be nice! Although we will disappoint the government in their effort to glue our credit cards back together. Ours is going right to debt, if it happens. It would get us close to paying off Snowball debt #6!

On top of that I can see the prime lending rate continue to fall for awhile. The housing issue is big with a ton of inventory on the market, and what buyers there are, looking for the bottom before buying.

What about you? Any plans for you potential rebate check? It would go a long way towards an Emergency Fund if you haven't established one yet!


Fiscal Musings said...

I'd either add it to my emergency fund or put it towards my student loans. Either way it'd be nice.

RacerX said...

It would be great, I don't want to count on it, but right off the debt pile for me!

Thanks for commenting!

Heidi @ BankerGirl said...

The rebate would go to our emergency and wedding funds - where it will likely be used to pay a ninja bill.

RacerX said...

Good for you Heidi...I will say that I have less Ninja's not that my fund is...funded.

Not saying it is the same for you, but I often would turn things into Ninja! I have to do x, or y. But now that we saved the money, it is harder to use!

Thanks for reading!

TheWalrus said...

The economic stimulus will only help if the majority of people spend it, which is likely. I know I would definitely pocket that and put it into some smart investments, personally. So I'm definitely looking forward to a little extra income :)


RacerX said...

You are 100% right about the plan only working if people spend it...that being said I Over-Stimulated my credit before an I shall now pay it down!

Welcome and thanks for commenting!

wealthy_1 said...

Is that money going to be taxed? If it is, that means I'm not getting $1,600.

What do you think would happen if everyone decided to pay down their debt instead of spending the money the way the government wants us to?

RacerX said...

the money is a rebate of taxes...so I hope not. Check today's (Jan-24-08)QuickTake to see the final amounts.

Looks like $600-$100 for families plus $300 per kid. So potentially I would get $2100!

Thanks for reading!

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