The Proposed Economic Stimulus Package Will Help My Family
I was thrilled when I heard today that President Bush and Congress are working on a possible stimulus package to boost the economy. According to the information I saw on the Reuters website, I believe the proposed tax rebates of up to $600 for individuals and $1200 for married couples will be a nice relief for taxpayers and the extra $300 per child is even better - too bad we don't have six kids! I know we personally will benefit from this extra money from an unexpected source. Business investors will also benefit from the proposed tax breaks. We fall well beneath (less than half) the $150,000 Adjusted Gross Income breaking point for receiving the married couples full amount of $1200. Married couples making over that amount per year will receive less depending on how high their salary. The dividing line for individual taxpayers is $75,000. Anyone making over that will receive based upon how much they make. Will this stimulate the economy the way the government hopes?
I must admit that while the purpose of this package is to give tax payers relief and to in turn put more money back into the economy, we won't be going out and purchasing a new car or a flat screen TV anytime soon. We have acquired debt this year due to rising gas prices, an increase in our property taxes (although the value of our home has decreased) and just the overall cost of living. Any extra money that we receive will go to paying towards that debt. We are not used to having debt and want to get back to living in the black as soon as possible. I think overall it may help, but if the cost of gasoline prices, groceries, insurance premiums and property taxes keep rising and the housing market continues declining or for that matter stays stagnant, then I'm not sure this will help. It will be a temporary relief, but there's got to be an overall break in the cost of living before there will be a significant difference. Maybe this proposed stimulus package will be just that.
Mr. President, Congressmen, and Senators, please do send the money our way! We sure could use the boost in our own personal economy and we would love to reduce our debt, if only by $1200.
Source: Richard Cowan and Donna Smith, "Bush, Congress forge deal to battle recession," Reuters
Published by JMichol
I love reading and writing. I have a BS in Elementary Education and am making my way back into the classroom which I have dearly missed. I've been married for fourteen years to a great guy and have two aweso... View profile
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7 Comments
Post a CommentThis will go a long way to helping a lot of families, as long as they use the money correctly...i.e. paying down debt, putting aside for college, making much needed improvements to their homes. I am just so worried that a lot of people will get this, run out and by a big screen tv, or unneeded clothes, and not get ahead at all.
i am excitied and scared at the same time the whole rebate idea....
I applaud your decision to not run to the mall for a shopping spree. Injecting cash into the economy with a piddling few hundred dollars will not do the trick. What drives the economy? When the majority of people feel secure with jobs, their basic necessities met, and a little extra at the end of the month to save or create a cushion people will go back to purchasing. $600 will not motivate anyone to buy a house or purchase a new car and those two areas tend to tell the story of American economics. This is not a time to run out and shop... this is a time to tighten the belt and create as much security for your own family as possible.
Good article!
I think there are so many people in your situation (me included), that the boost to the economy will be minimal. However, there will be planty of people that have been going without for so long now that receiving such a large amount of money is going to send them straight to the mall rather than paying off debt.
I'll take the extra money, keeping in mind that Bush is the one who screwed this country up in the first place. I'll probably donate a chunk of it to Mr. Obama's campaign. Tax cuts for middle class and removing the tax cuts for corporate america? Good plan.
I am looking forward to the proposal also, I think it will help many families, and Im guessing it will come mid summer, so that is great for back to school clothes and supplies!
I think your take reflects that of many. A one-time relief proposal may help pay down debt but it won't cover the longterm cost of living and debt increases that many middle class families face in the wake of shrinking jobs for many, with less benefits and pay.