Lounge of Tomorrow - Stimulus checks

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- Lounge Lizard (http://74.208.121.111/LoT/forumdisplay.php?f=11)

- - Stimulus checks (http://74.208.121.111/LoT/showthread.php?t=8371)

Snowflake

08-08-2008 08:14 AM

I used it to pay down debt. I could use another check or two, I'm still in debt! ;)

innerSpaceman

08-08-2008 08:20 AM

Oh, I'm gonna need to be stimulated into making a big gooey mess if my debt is going to be paid down by it.

BarTopDancer

08-08-2008 08:33 AM

Quote:

Originally Posted by Kevy Baby (Post 230910)

I am curious about this sentence and wondering if there was an aspect I missed. Does the incentive somehow affect people's 2008 tax returns?

I may have misunderstood the IRS (shocker!) but how I understood this to be was the tax laws were changing next year and most people within the income brackets of this would have received the $300/$600 $600/$1200 amount in their refund next year, so instead they gave it out early as a "stimulus package".

LB was asking if the government just gifted us money.

Kevy Baby

08-08-2008 10:16 AM

Quote:

Originally Posted by scaeagles (Post 230911)

I had read this but then I read that it was not factual. From what i understand this is a true rebate (or rather redistribution of wealth) and there is no impact on 2008. You don't even have to claim the rebate as income.

Even on State returns (that thought just occurred to me).

alphabassettgrrl

08-08-2008 10:28 AM

I heard experts talking about it when the stimulus check thing was in the planning phase. They said it wasn't going to save the economy.

On the bright side, they did send the money to people who spend it; we just didn't spend it like they wanted us to.

Kevy Baby

08-08-2008 10:49 AM

Quote:

Originally Posted by alphabassettgrrl (Post 230971)

I heard experts talking about it when the stimulus check thing was in the planning phase. They said it wasn't going to save the economy.

I'm not an economist and I knew it was a stupid idea. It was just "feel good politics"

The Original OC Adventure

08-08-2008 11:22 AM

Quote:

Originally Posted by Kevy Baby (Post 230987)

I'm not an economist and I knew it was a stupid idea. It was just "feel good politics"

What if instead of a stimulus check they issued gift cards (with expiration dates) that could be spent at retail store that accepted credit cards?

The card could have restrictions on use. It could not be used to pay down existing debt, only for new purchases.

BarTopDancer

08-08-2008 11:26 AM

Quote:

Originally Posted by The Original OC Adventure (Post 230768)

http://www.msnbc.msn.com/id/26074524/

Looks like they failed. Most people used them to pay off debs, or buy gas.

There's talk about another stimulus package. What if they gave out gift cards instead? This would force people to spend the money in retail stores.

Would it work?

Quote:

Originally Posted by Kevy Baby (Post 230817)

I suspect that we would then see fraud as people sold their cards for pennies on the dollar to get the cash. Not sure how widespread it would become, but it would happen.

Quote:

Originally Posted by The Original OC Adventure (Post 230997)

alphabassettgrrl

08-08-2008 11:27 AM

Quote:

Originally Posted by Kevy Baby (Post 230987)

I'm not an economist and I knew it was a stupid idea. It was just "feel good politics"

I'm with you here. In an uncertain economy, you're going to send me a check and expect me to spend it on something? Not likely. Not going to increase my spending.

The problem is that our economy is based on a psychotic level of "CONSUME!!! CONSUME!!! BUY BUY BUY!!!" that is unsustainable. Not to mention the expectations that profits will continue to grow constantly without ever having a correction.

The Original OC Adventure

08-08-2008 11:28 AM

Quote:

Originally Posted by BarTopDancer (Post 230999)

Quote:
Originally Posted by Kevy Baby

I suspect that we would then see fraud as people sold their cards for pennies on the dollar to get the cash. Not sure how widespread it would become, but it would happen.

.

Simple solution. Make retail stores ask for ID. Those who fail can have their gift card redemption privileges revoked.

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