Filed under: Newspapers, Economic data, Recession
With global markets selling off on fears that President Bush’s stimulus package won’t be enough to stave off a recession, The Wall Street Journal reports (subscription required) on how Americans might spend the $150 billion in refund payments Uncle Sam may dole out: “At that rate, consumers could expect to receive checks ranging from $600 to $1,000 per household. Consumers are likely to pick one of three options for the money: Spend it, use it to pay down debt, or save it.”
Well wasn’t that enlightening? Apparently sagging home values and a sputtering economy have pulled the fourth option off the table: burning the rebate checks in a satanic ritual involving incense and The Ethel Merman Disco Album.
On a slightly more serious note, there is an air of cynicism surrounding the whole stimulus package (Quotes from the WSJ piece):
“Getting money to people quickly is good and getting money to low- and moderate-income people is good to get a bigger bang for the buck. - Ben Bernanke
Continue reading What will people do with their tax rebate checks?
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