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Economic Stimulus Package...Explain?

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in-too-deep

01-29-2008 10:10:38




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I'm afraid this might be too O/T and I don't want any politically-fired arguments. I'm just looking for a little explanation in layman's terms. From what I know so far, everyone in the U.S. will be given $300 to spend as they see fit to stimulate the economy. Is there more to it than that? When's the money supposed to come? Please don't turn this into a blood bath. Just looking for some real answers.

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greenmisterg

02-02-2008 14:01:43




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
They should scrap the tax code and start over! All any government can do is take money from the people....government only consumes it does not produce!



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v

01-30-2008 06:48:53




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
banks and oil companies profits will skyrocket after the rebate checks go out.



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sparepartsTN

01-29-2008 18:29:49




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
Well, I guess that what I read yesterday has already changed. The Bush/House of Rep"s plan stated that taxpayers that earned $3,000 or more would receive $600 each up to $70,000 income after which it would taper down until $74,000 which would be the cut-off point. Children of eligible taxpayers would each get $300. If you happen to be someone with earnings under $3,000 who could really use some extra money to spend, tough luck. Warren

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Sam#3

01-29-2008 18:29:13




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
They did the same thing in 2001 and in the form 1040 instructions it was defined as, "Advance payment of 2001 taxes."
It's the equivalent to skipping part of your quarterly payments whether through payroll or estimated payment. They’re expecting most folks will go buy and spend thereby keeping the money moving now rather than next spring. (2009)



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RayP(MI)

01-29-2008 18:06:42




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
Well, I figger there's no such thing as free money. What you get now will come right back to bite you in the end. The idea is to put some money in the hands of those who aren't too smart, they go out and spend it, and the economy takes off like a rocket. I suppose in theory, if you can con people into spending any money, it will fan out through the economy, and make the economy look better on paper. It is said that a dollar spent locally changes hands 7 times before leaving your local area. If you choose to pay on depts, or even put it into savings, it will get a little more money circulating, because the bank or other institution will have more $ on the books to loan out or whatever. You can look at this scheme as a rebate on your future taxes, or whatever, but plan on paying it back somewhere.

If I do get anything, I'll put it against my debts. Last time they tried this foolishness, I didn't qualify, and not because I was earning too much! You can bet I got to pay for it in taxes later however.

Ask if I think this program will work. Too little, and if they do get it off the ground, far too late!

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Spook

01-29-2008 17:52:56




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
As I understand it, it is simply a another example of deficit spending. I would rather they create a massive infrastructure repair program, to fix our broken bridges and roads. The feds give out lots of money for new roads, not much for maintaining existing roads. This would be using American workers, matierals and equipment. But pigs will probably fly first.



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T_Bone

01-29-2008 13:28:23




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
From what AP news wires been putting out, it's $500 for each SSA, $600 for single working stiff's and $300 more per child, upto $125k income??? I can't remember the maximum income amount.

I like what the price of oil did right after it was announced, oil went up $2.5/bl. It's like, "ok they got more money so let's get our share of it"

Gee's, would $600 pay for the fuel price increase were fixing to get this year???
T_Bone

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dhermesc

01-29-2008 14:16:26




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 Re: Economic Stimulus Package...Explain? in reply to T_Bone, 01-29-2008 13:28:23  
Oil went up because of the interest rate drop. Everytime they drop the interest rates the exchange rate of the dollar drops with it.

The dollar has been over valued for 27 years which has hurt exports and made imports cheaper.



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TomTex

01-29-2008 12:57:22




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
This is just ole Bush doing some more deficit spending. He has a 7 year record of spending like a drunk sailor in a house of ill repute. Our entire military equipment line-up has been worn out in the desert sands and will have to be replaced/refurbished over the next decade. Think of the billions and billions just to replace the tanks/personel carriers, and other track equipment. Much of our stuff is so worn out they will just demolish it overseas, not even worth shipping home to a national guard unit for training. A whopping deficit is what you get when you cut taxes and then go on a warring spree. He should have created a special sur-tax on every american citizen to finance the war. Now with all the past 7 years of deficit spending, they are trying to bail out a faltering economy by incresing the deficit spending. What a load of BS. Tom

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J.C.in AZ.

01-29-2008 12:23:04




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
After listening to my Senator Mr. Kyl of Arizona my take is, It is tax payer Money,so, it is not a freebie. The Federal Government has to borrow the Money ,from where? Probably the World Bank of which China is one of the largest Account Holders. If activated the Money will by and large be returned to China by the purchase of products you "Really,Really need" from Walmart and other "marginal" Retailors of American made products. I for one have my Legs crossed and feel a "Pucker" coming on,how about you??JC

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Dave from MN

01-29-2008 12:20:16




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
You can use yours to buy a Scottich Highland cow, and then bring her on up here to MN, and add a little diversity to your gal pal's herd. Off the subject, but how is that coming??



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730virgil

01-29-2008 17:28:24




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 Re: Economic Stimulus Package...Explain? in reply to Dave from MN, 01-29-2008 12:20:16  
i wouldn't sell any of my Highland cows that cheap. I will have a couple of bull calves to sell in the spring after i wean then. if they're like their daddy you won't have any problems with open cows.



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in-too-deep

01-29-2008 12:25:47




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 Re: Economic Stimulus Package...Explain? in reply to Dave from MN, 01-29-2008 12:20:16  
Actually, I was gonna buy a coyote gun with it. Something my government doesn't want me to have. She tells me there's lots of coyotes to shoot up there. And as far as things with her...in a word: fantastic. She's driving down to see me Feb. 12 or 13th and then we'll probably make the official decision on me relocating. Exciting stuff let me tell ya. The earliest I'll be moving is mid-april. That gives my employer 2 months to find someone, which is more than fair. Now, don't get me goin'. I'll have a more updates in a couple weeks.

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SDE

01-29-2008 15:06:26




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 12:25:47  
Can coyotes shoot a gun?
I saw a picture of a fox with a rifle and two dead rabbits along side of the gun. OK, I know the fox was dead also, but it was a good enough picture that a coworker has it as wallpaper on his computer.
SDE



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Jim.UT

01-29-2008 14:20:29




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 12:25:47  
Feb 12 or 13? That's dangerously close to Valentine's Day. Maybe you'd better consider spending that money on something for the little lady for V-day.



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in-too-deep

01-29-2008 12:15:38




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
Oh I know it's irresponsible and the worst case of a band-aid. How's it going to stimulate our economy when everything a person buys is made in another country? I was just making sure I had the facts straight. Ok, now stop talking about the issue before arguments start. I shouldn't have even brought it up in the first place.



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Animal

01-29-2008 12:12:38




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
Personally,what is three tanks of fuel in my truck, compared to if they took the money and built some new oil refineries, or a program that would create decent job.? Like road and bridge repair accross the nation.



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mjbrown

01-29-2008 11:10:35




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
It's designed to buy votes pure and simple. The politicians hope it is a cure for electile dysfunction. It's a boondogle and irresposible.



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aFORDable

01-29-2008 11:03:50




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
It is not a bad idea to stimulate an economy but it does have inflation as a possible side effect. Every dollar we turn over in our economy is a boost IF it stays in our economy. The amount of $ it will amount to will be staggering and untimely as the dollars turn over endless times. Whether our country can afford it or not or if it is the best idea to boost the ecomony brings up a whole new discussion.

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trucker40

01-29-2008 10:52:54




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
Its your money that the government stole from you,then they give you 300 back.



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bradk

01-29-2008 10:31:07




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
third party image

It's actually rocket science.Works like this.



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NE IA

01-29-2008 14:21:06




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 Re: error ? in reply to bradk, 01-29-2008 10:31:07  
I'm thinking Uncle Sams left leg should be on the other side of that fuse, and the fuse should be snugged up a little higher. If he gets burned hard enough in the man places it may stop the male urge to boink the tax payer.



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kyhayman

01-29-2008 10:30:11




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
It is an advance on your 2008 income tax refund. The final details arent yet out, it could be financed one of two ways. 1. An advance on your 2008 refund, no changes to rates and such so you may well owe it back in 2009. 2. Temporary reduction in the tax rates to where you would owe approximately 300 or whatever the final figure is less. In either case, its some of your money that you are getting back , with the exception of those people who dont owe that much income tax. In their case it is some of all of our money we are getting back.

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bustedknuckles

01-29-2008 10:29:25




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
It is YOUR tax refund. You will have to claim this next year; and you will recieve less on your return. Essentially they are letting you borrow from your 09 return. The whole thing is BS. They should try stimulating the economy by manufacturing something. Try finding a commodity that is NOT made in China.



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John (C-IL)

01-29-2008 10:28:10




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
If you really want to stimulate the economy just give the money to the farmers! If they have it they will spend it! I think most of the guys in our neighborhood went out and bought new trucks, tractors and combines. They are out there now buy fertilizer, chemicals, seed, guidance systems and new equipment. One of my customers told his wife when soybeans hit $10 he would buy her a new car, it was a nice Christmas present.

The way it is supposed to work is you spend your windfall and the guy you gave it to buys more supplies, pays the help, etc etc. Then all of those people go out and spend it again. Think about how many people benefit when you buy a new car, or new anything for that matter.

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J.C.in AZ.

01-29-2008 14:50:09




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 Re: Economic Stimulus Package...Explain? in reply to John (C-IL), 01-29-2008 10:28:10  
Yeah right! I bought a new Chevy Impala.Looked at the Tag.Made in Canada, same way with my Ford F 350. Could not find a Car or Truck made in the United States that I was any way at all interested in except some with Japanese Names that I maybe would be interested in during a weak moment. Now granted I never checked Chrysler Products out but I would no way buy some thing from Chrysler after the last one I bought. A 1950 Plymouth 4Dr.in 1955. Took 14 quarts of Oil to go from L.A. to Chicago and never went over 50 MPH because it would pump all the Oil out the rear Main. Long time ago and wasn't too smart then.Maybe not too smart now.

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Brian G. NY

01-29-2008 10:24:30




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
We have to remember; the government has no money per se!
The taxpayers provide it with money. Therefor, I can only assume that, in the end, we will have to pay for that "refund"?!!



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JTinNJ

01-29-2008 10:21:07




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
Well,just how $300.00 will help the economy baffles me also.It started out as $800.00 per person. Now it is down to $300.00? If they truely want to help the people?Don't take the money from us in the first place.



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CWL

01-29-2008 10:18:52




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 Re: Economic Stimulus Package...Explain? in reply to in-too-deep, 01-29-2008 10:10:38  
If they give me anything back I will probably just put it into a savings acount. The way I figure it it's just like a tax refund. It's money that we all paid in the form of some type of tax somewhere.



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36 coupe

02-02-2008 04:13:35




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 Re: Economic Stimulus Package...Explain? in reply to CWL, 01-29-2008 10:18:52  
1/2 % interest wont keep up with prices increases.Bought a new battery for my wifes car 2 weeks ago.74.00.Bought the same battery for my truck a week later 79.00.Gas and fuel oil prices will push us into a depression.I was spending 100.00 a month for fuel oil a few years ago,now it takes 325.00.I figure 225.00 per month is being stolen from me by the oil co.People are buying off road diesel 5 gal at a time because they dont have 325.00 to buy 100 gal minimum delivery.Some are turning heat off at night, others have no oil at all.Some grocery items are up 18% here.Government lies,says economy is fine.Sawmills are closing here, large shoe shop is closing here.Employees got 1000.00 bonus for each year of service 2 years ago, now out of a job.

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Mike M

01-29-2008 10:49:23




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 Re: Economic Stimulus Package...Explain? in reply to CWL, 01-29-2008 10:18:52  
That"s a good idea. I should try to keep mine in an account too that way when they want it back through tax increases and higher prices of everything I will have it for them.



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