Stimulus Payments early and my favorite quote of the day...

Discussion in 'Wall St. News' started by S2007S, Apr 25, 2008.

  1. S2007S


    I had to post this article for one reason, this quote:

    "This money is going to help Americans offset the high prices we're seeing at the gas pump and at the grocery store."

    This has to be the quote of the day, I heard this today on bloomberg and thought did he really say such a thing, well there it is, I guess he notices great inflation within food and energy prices. I believe the day they announced this plan oil was trading under $90 a barrel and at that time gas maybe $3.00-$3.15 a gallon....Guess he acknowledges the high price at the pump in the last few weeks. I could have sworn they told everyone to go out and spend this money on luxury items so that they could boost GDP by 1-2% by mid 2008, remember its all about the consumer spending, without the consumer this economy is nothing. So take that money and spend, spend, spend.....

    Stimulus Payments to Go Out Ahead of Schedule
    by Catherine Clifford
    Friday, April 25, 2008provided

    The federal government, eager to boost the flagging economy, will start distributing special stimulus payments Monday—four days earlier than expected.

    "Beginning Monday, the effects of the stimulus will begin to reach households," President Bush said Friday. "This money is going to help Americans offset the high prices we're seeing at the gas pump and at the grocery store."

    department announced the early arrival of the payments Thursday after saying last month that it would begin sending out the money on May 2.

    As of next week, 800,000 tax filers daily will begin to have their checks directly deposited Monday, Tuesday and Wednesday. No checks will be distributed Thursday, and 5 million payments will be made Friday.

    The payments will go out ahead of schedule because of a new computer program that updates records daily—faster than an older program that updates weekly, according to Andrew DeSouza, a Treasury spokesman.

    Overall, the Treasury will distribute more than $110 billion to 130 million taxpayers by July and hopes to get the first $50 billion out by the end of May, DeSouza said.

    The checks are the centerpiece of an economic stimulus program signed into law by President Bush in February. The aim is to boost consumer spending and help mitigate problems caused by the slowing economy.

    Checks are being distributed to people who file 2007 tax returns. Those who opt for direct deposit with the Internal Revenue Service will start getting payments before those who use the mail.

    The program calls for rebates of up to $600 for single filers making less than $75,000. Couples making less than $150,000 would receive rebates of up to $1,200. In addition, parents would receive $300 rebates per child. Filers who do not owe income taxes but have at least $3,000 in income would get a $300 payment.

    Payments to taxpayers slated to get paper checks will start to go out May 9—one week earlier than originally planned.

    The order in which tax filers will receive their payments will be based on the last two digits of their Social Security numbers.

    Under the government's economic stimulus plan, 130 million people will receive tax rebate checks for $300 and up, starting Monday. What do you plan to do with your check? How do you think the stimulus plan will affect the economy? Send us your photos and videos, or email us and tell us what you think.
  2. rickf


    Yeah, $600 is really going to offset a helluva lot of gas for my car this summer. Riiiiight. Or it's going to offset the increase in food prices resulting from your feel-good-but-meaningless biofuels program that's raised food prices nearly 40% this past two years. Riiiight.

  3. Coolio


    Who is the "he" ? the Presdient?
  4. $600 is a good up day in the stock market.
  5. sorry - where does this money come from?
  6. u21c3f6


    My payment was wired to my account today.

    Now I have to do my part as a good American and stimulate the economy.

  7. I didn't even have to OPEN this thread to already know that it was going to be yet another "cut and paste" job by S2007S

  8. balda


    average car drives 20 miles per gallon
    average car drives 15,000 miles per year

    15000/20=750 gallons per year

    average US change in gas price year over year is $0.639 (see link below)

    750*0.639=$479.25 total year over year increase in spending.

    $600 per person (car) is adequate.
  9. balda


    diesel fuel increased by


    How much does the 18 wheeler consumes?
    What is the average yearly mileage?
  10. S2007S


    Diesel is soaring, up 45% from a year ago, costing truckers over $1000 to fill up....
    #10     Apr 25, 2008