desert_vixen's lair

http://news.yahoo.com/s/ap/20080213/ap_on_go_pr_wh/economy_stimulus

WASHINGTON - The checks aren't in the mail, but they will be soon. President Bush signed legislation Wednesday to rush rebates ranging from $300 to $1,200 to millions of people, the centerpiece of government efforts to brace the wobbly economy. First, though, you must file your 2007 tax return.

So, we'll get $1500.  $1200 because we're a couple whose joint income does not exceed $150,000.  $300 because we have the MV.  And we've filed our tax returns, and gotten our refund.

More than 130 million people are expected to get the rebates, starting around May. I wish they had more details on the how the rebates get distributed.  Also, "around May" is more like "summer" to me, not spring.

Congress, Bush, the Federal Reserve and Wall Street are hoping the money will burn such a hole in people's pockets that they won't be able to resist spending it. And the spending is supposed to give an energizing jolt to a national economy that is in danger of toppling into a recession if it hasn't already.

We'll spend some of it.  But not a lot of it.  I mean, I enjoy stimulating the economy and all, but there's also that pesky future planning thing.  We're in a place where we can afford to plan for the future, and I feel like it would be stupid not to.  But... if we don't all spend money, what about economic stimulus?  (Leaving aside how much of what we buy is NOT made in America)  It seems like if you wanted to do something for your local economy, the best thing to do would be go out to dinner (and stimulate the restaurant and your server's wallet) or go buy groceries, as opposed to going to say, Target or Wal-Mart and spending a bunch of money there.  Please remember:  I am NOT an economist, nor do I even pretend to be one.

Whether people actually spend the money remains to be seen. A recent Associated Press-Ipos poll indicates most people have other plans. Forty-five percent said they planned to pay off bills, while 32 percent said they would save or invest it. Only 19 percent said they would spend their rebates.

 So, it's not just me thinking this.

The emergency plan marked a rare moment of cooperation among political rivals fearful that an ailing economy during an election year would invite voter retaliation.

The IRS will send out rebates — by mail or by direct deposit into your bank account — through the late spring and the summer. The rebates come in addition to any regular tax refund.

So, sounds like however you opted for your refund will be how you get your rebate.

DV