I don’t know about you, but I don’t find this very stimulating:
WASHINGTON (CNN) — President Bush on Wednesday signed the Economic Stimulus Act of 2008, calling it a “booster shot” for the American economy.
“The bill I’m signing today is large enough to have an impact, amounting to more than $152 million this year, or about 1 percent of the GDP (gross domestic product),” the president said in the brief ceremony in the East Room of the White House.
The government hopes the measure, which will send most Americans tax rebate checks by May, will either prevent a recession or make one relatively brief.
The package also includes tax breaks for equipment purchases by businesses, as well as payments to disabled veterans and some senior citizens.
The bipartisan measure moved through Congress at relative break-neck speed, going from initial discussions to enactment in less than four weeks.
The package will pay $600 to most individual taxpayers and $1,200 to married taxpayers filing joint returns, so long as they are below income caps of $75,000 for individuals and $150,000 for couples. There is also a $300 per child tax credit.
The rebates will put about $120 billion in the hands of individuals in the hope that they will spend it and boost a faltering U.S. economy.
Anyone want to take bets on whether this will work ?
February 13th, 2008 at 6:08 pm
If by ‘work’ you mean - ’stimulate’ our savings account to the tune of $1200, then yeah I’ll bet it will ‘work’
But prevent a recession, nah.
February 14th, 2008 at 4:10 am
My six month CD awaits.
February 21st, 2008 at 1:26 am
Any that will stimulate the economy is a good thing. I don’t think a recession is unavoidable.