Economic Stimulus Part 2??

[tropicsgoddess]

As you all remember, this spring many people have received not only their tax refund checks but also their economic stimulus checks. With our economy still stagnant, the Democrats are considering a "Son of A Stimulus" plan aiming to start a package this fall and possibly send out checks in early 2009. Some say that it might help, while others say that people are more likely to save instead of spend their economic stimulus checks. If this were to happen, do you think this might help or still hurt our economy?

http://news.yahoo.com/s/csm/20080721/ts_csm/astim

[AFPheonix]

I don't think it's going to do anything for the economy.
Now, if they actually did something worthwhile like work on a sustainable, common sense energy policy, perhaps put the money that they'd put in stimulus checks towards paying off some of our national debt, better oversee military spending, etc etc, then we can chat.

[Boozy]

The US economy is hurting because the government and citizens spend too much.

I don't understand how spending more will solve this problem.

This is incredibly shortsighted. You already have a consumer economy. The problem is debt and lack of production.

[Sylvia727]

There's a billboard up in a nearby shopping mall: "Uncle Sam needs YOU! to ask if these shoes come in a size seven. Stimulate the economy with a clean conscience at X Mall." I can spot half a dozen different layers of offensiveness just in that one ad. And since I and half my neighborhood is in debt, it doesn't really make any difference except fresh irritation every time I read it.

[protege]

This is incredibly shortsighted. You already have a consumer economy. The problem is debt and lack of production.

Exactly. I don't think the stimulus checks are going to accomplish anything...other than making things worse. We all know that too many idiots in the US have easy access to debt...but don't understand how credit works. Rather than learn, they're too busy buying stupid crap that they can't afford...and then bitch and moan when they get into trouble. They blame the banks, the credit card companies...everyone but themselves for their problem.

If I do get a second stimulus payment, it's going to pay down my own debt. I have repairs to my house to pay for, the mortgage, car payments, MG repair bills, etc. With that said, I'm not about to buy anything new--no big-screen TVs, no computers...so I won't really be "stimulating" anything.

[BlaqueKatt]

The US economy is hurting because the government and citizens spend too much.

And due to jobs being shipped out of the US. Less than 10% of employment by GM are in the US, and those are office jobs. They moved production to Canada and Mexico so they didn't have to pay health insurance, and the union "bargained" them out of jobs.* My job while still in the US was moved to a lower wage area. Starbucks while closing 600 stores and eliminating 12,000 jobs is opening up 2150 stores in Europe and Asia.


*local paper had a story that was well written up until the end sympathy grab-of "how will these people survive going from a $36/hour job to making $17 or less, with no college education?"(my answer-um like the rest of us jackass?)

Yes I feel bad that they are out of a job, but they don't feel their own greed had anything to do with it? $36 an hour, for a high-school graduate-that's just under 75k, my husband with a 4 year degree only makes half that, I know teachers and police that make less than half that.

[Greenday]

I didn't even get the first one. I barely missed it. So I'm guessing I won't see any of this second one.

Too many people are going out and buying stuff they can't afford. My mom is always teaching me how not to make her mistakes. Step One: Don't have more than one credit card. The biggest lesson so far.

[protege]

Yes I feel bad that they are out of a job, but they don't feel their own greed had anything to do with it? $36 an hour, for a high-school graduate-that's just under 75k, my husband with a 4 year degree only makes half that, I know teachers and police that make less than half that.

Oh, I totally hear you. When the Pittsburgh Post-Gazette and Press became one paper back in 1992-93, greed did them in. I lost my job because of the Teamsters' strike. Not content with $70,000+ per year for driving a delivery truck, they wanted the *carrier's* jobs as well. I've delivered stuff for a living folks, it's *not* hard work...so $70K sounds a bit excessive to me. I have no sympathy for them at all. Quite a few news stories went on about their "hardships" and how those drivers "didn't know what to do now..." Keep in mind that my parents made less than half that...and were barely making ends meet. So no sympathy from me.

[Rapscallion]

I know that the majority view here is that anyone sensible will be reducing their debt, rather than buying stuff, but I think they know their audience. Many, many people will simply go out and blow it on useless crap.

I still doubt it would do anything useful - just help prop up the industries selling crap people don't actually need - but it will make plenty of people happy with the current government not long before the next election.

Cynical? Me?

Rapscallion

[AFPheonix]

I did go buy a barbeque and some lawn chairs with mine, but then the only debt I'm currently carrying is my student loans that are down to less than 5 grand.

[DesignFox]

*local paper had a story that was well written up until the end sympathy grab-of "how will these people survive going from a $36/hour job to making $17 or less, with no college education?"(my answer-um like the rest of us jackass?)
<snip>
$36 an hour, for a high-school graduate-that's just under 75k...

Shit, sign me up! :eek:

[blas87]

Don't get me started. I didn't even GET a stimulus check.

[DesignFox]

Don't get me started. I didn't even GET a stimulus check.

WTF? that sucks...just about everyone got a stimilus check except for the extremely wealthy... :( Sorry to hear about that, blas.

[BlaqueKatt]

ours is going to buy furniture for the new apartment

[Dreamstalker]

WTF? that sucks...just about everyone got a stimilus check except for the extremely wealthy... :( Sorry to hear about that, blas.
Apparently, you needed to make a certain amount ($1500; thanks to Jerkboss screwing with my pay I was just under that) to get the bonus loan. News to me, when I filed my taxes I was told by our tax person that as long as I filed and reported earnings I would get one.

[powerboy]

My stimulus check was only for $300. I had to use that to get my car fixed. It sucked, because I was planning on saving the $600 in my banking account. I doubt that I will be getting a second one. They should just use the money on them checks, to pay towards the national debt.

[ebonyknight]

WTF? that sucks...just about everyone got a stimilus check except for the extremely wealthy... :( Sorry to hear about that, blas.

Nowhere near. The cutoffs were 75k per year (single) or 150K per year (couple). I didn't get a stimulus check and I am not "extremely wealthy", but I did just fine without it.

I hate that mentality that just because you are not poor, you are somehow "wealthy". :mad:

[DesignFox]

Nowhere near. The cutoffs were 75k per year (single) or 150K per year (couple). I didn't get a stimulus check and I am not "extremely wealthy", but I did just fine without it.

I hate that mentality that just because you are not poor, you are somehow "wealthy". :mad:

I don't know ebonyknight, 75k is a lot of money. I guess it's not "extremely wealthy" but for a single person that's more than a "livable" amount of income.

If I had that much money, I'd consider myself extremely wealthy. Most people (especially my age) don't make anywhere near that amount of money in a year. *shrug*

[Boozy]

Often times people making that much live in high-growth, innovative, urban areas. The competitive pressure of the economies in these cities drive wages up.

The problem is that high-growth, high-wage cities are bloody expensive. Wages in NYC, for example, are about 30% higher than Kansas City. But due to cost of living, your dollar is only worth 60% as much.

I don't know where ebonyknight lives, so I can't speak to his situation. But I thought I'd present a scenario where someone making $75,000 per annum is not even close to rich. In fact, a single person living alone in Manhattan making $75,000 will eat more Ramen noodles and wash more clothes in the bathtub than someone making half that in the Midwest.

[Greenday]

Cost of living sucks by me. 75k a year is JUST hitting upper-middle class, so my mom says. Personally, I consider middle class where you can live and not have to worry about paying the bills, but you don't have plenty left over. I personally could easily live on 75k a year, but that's cause I'm a minimal spender. Just as an example of cost of living, my house that I live in could almost go for $500,000. Think of what kind of house that is................................did you think of an alright sized split level house with a pool in the backyard? Welcome to the Jersey Shore!

[protege]

The problem is that high-growth, high-wage cities are bloody expensive. Wages in NYC, for example, are about 30% higher than Kansas City. But due to cost of living, your dollar is only worth 60% as much.

My cousin, who lives in downtown Manhattan, has noticed that too. Sure, her wages are high, but most of it gets eaten up by the high cost of living. She's always amazed over how "cheap" things are in Pittsburgh, and usually takes the train to Philly for shopping. It's simply too expensive in NYC.

[DesignFox]

I don't know where ebonyknight lives, so I can't speak to his situation. But I thought I'd present a scenario where someone making $75,000 per annum is not even close to rich. In fact, a single person living alone in Manhattan making $75,000 will eat more Ramen noodles and wash more clothes in the bathtub than someone making half that in the Midwest.

That is an explanation I can agree with. I was just going on my personal life experience. I could live quite comfortably on 75k. But I don't have/desire any children, I don't own a house (nor do I need/want a big house) I am all by myself.