Don’t Spend It All In One Place
I disagree with the premise. I think most of those people will use the dough to pay off bills, in particular credit cards. No stimulus there is there? Has anyone looked into this? Sounds more politicus than stimulus.
From today’s NYT: Most economists agree that tax rebates are one of the fastest ways to lift consumer spending. They also agree that stimulus measures are most efficient when aimed at low-income or middle-income people, because they are more likely than affluent people to spend any extra money rather than save it… Bloomberg News, citing people who insisted on anonymity, reported that the White House is likely to propose an $800 tax rebate for individuals, a $1,600 rebate for households and investment incentives for businesses.
BTW, It didn’t used to be this way. This used to be called “found money” by the depression era generation and they would save it … or at least some of it. That attitude left many “Workin Joes” from that generation with a lot of cash in the mattress when they passed on.
One more thought. Isn’t it interesting that Democrats suddenly see a need to give people back their money … if only temporarily.
Posted in News
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