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Is there going to be 2nd IRS stimulus check?
By Daniel | July 30, 2008
There have been several reports and talk about a second round of stimulus checks. Senate Majority Leader Harry Reid has proposed a second round, and House Speaker Nancy Pelosi stated, “We will be proceeding with another stimulus package.” Harry Reid has brought up that a second stimulus package should be used on repairing the country’s roads, bridges and sewers, and on investing in renewable energy. However, passing another package has been discouraged by President Bush who wants to wait for the full effect of the first round and focus on other issues before signing another package.
The first economic stimulus package was $168 billion dollars and many people saw this in a form of a check or direct deposit. It looks like the second round, if there is one, will be focused on rebates and infrastructure development. It was nice to receive $600 but we have to remember that we’ll pay for it later(indirectly) or take the money from other sources. While Congress hoped everyone would run out and spend the money and stimulate the economy, reports are showing that a lot of people have saved it or put it toward regular bills. Contradicting the last sentence, there are also studies that say consumer spending is up.
Topics: Personal Finances |
July 30th, 2008 at 9:10 pm
This was something I saw a few weeks ago and made a quick post about. http://twentiesmoneymag.com/blog/2008/07/15/another-round-of-stimulus/
I don’t think these economic stimulus checks stimulated much of the economy the way the federal government wanted to. I also saw all the companies take it as an opportunity to advertise to everyone and get them to buy stuff they did not need. The stimulus check should have been spend on reducing debt, increasing savings et cetera. The unfortunate aspect of it is; Most of the checks went to car sterios, wheels, cloths and anything else. The problem wont be solved, maybe temporarily adjusted but not solved. It’s the same with debt. Eliminate someones debt, but don’t teach them money management and they will end up in debt again.