Free Republic

" No one can remember the last time Congress enacted two major economic stimulus packages in one year. But 2008 may see a sequel to the $100 billion worth of checks that started filling individuals' bank accounts in early spring. Democrats say they will proceed this fall with a "Son of Stimulus." Whether it materializes is questionable; President Bush currently opposes such a move, preferring to wait to see the full effect of the first stimulus package. As for economists, some say it's a good idea, if done differently from Round 1, but many are skeptical that money can start...

Maybe...if you buy the sort of earrings the wife of a US Senator who makes a big salary because her husband got her boss a big, fat earmark would wear. Democratic presidential candidate Barack Obama’s wife, Michelle, complained the government’s $600 economic stimulus check was only enough to buy “a pair of earrings” while stumping for her husband. “You’re getting $600 - what can you do with that?” Mrs. Obama said in Pontiac, Michigan last week. “Not to be ungrateful or anything, but maybe it pays down a bill, but it doesn’t pay down every bill every month. The short-term...

Democrats See a Need for Further Economic StimulusWednesday July 16, 2:35 am ET By PETER S. GOODMAN and DAVID M. HERSZENHORN NYTimes.com Many economists have concluded that a second dose of government stimulus spending is required to prevent a broad economic unraveling and provide relief to millions of Americans grappling with joblessness, plunging home prices and tight credit. Democratic leaders in Congress have already begun fashioning a package of proposed measures, but on Tuesday, President Bush and the Federal Reserve chairman, Ben S. Bernanke, both pronounced such action premature. “Our economy has demonstrated remarkable resilience,” President Bush said at a...

Democratic presidential candidate Barack Obama’s wife, Michelle, complained the government’s $600 economic stimulus check was only enough to buy “a pair of earrings” while stumping for her husband. “You're getting $600 - what can you do with that?” Mrs. Obama said in Pontiac, Michigan last week. “Not to be ungrateful or anything, but maybe it pays down a bill, but it doesn't pay down every bill every month. The short-term quick fix kinda stuff sounds good, and it may even feel good that first month when you get that check, and then you go out and you buy a pair...

US retail sales in surprise climb Consumers spending is the biggest driver of the US economy. US retail sales climbed by the largest amount in six months during May after spending was helped by tax rebates. Sales rose by a better-than-expected 1% in May, the Commerce Department said, the largest rise since November. It also said April's figure had been revised up to a rise of 0.4% against the previous estimate of a 0.2% fall. Economists said the rise indicated that the economy had been given a boost by the stimulus package under which millions of Americans got tax...

The $48 billion in tax rebates sent out to American consumers this spring has helped keep the US economy out of a recession, but analysts believe the impact may only be temporary. The rebates, approved by Congress earlier this year, helped push May retail sales up at twice the expected rate. But consumers are still facing rising gas costs, falling home prices and the struggling job market, so the rise is probably short-term, says Mark Zandi, chief economist for Moody's Economy.com. "Come October, there are probably going to be weaker numbers," Zandi said. "People are spending the rebate checks very...

WASHINGTON (AP) - John McCain is suggesting he's open to another economic stimulus package, including an extension of unemployment benefits. He wouldn't give a number for the size of a stimulus package, but told a group of major contributors that whatever can be done in the short term to ease the burden is something we should do. Barack Obama has suggested a new stimulus package totaling $50 billion. The apparent common ground was a blip for Tuesday. The candidates spent most of the day picking apart each other's economic ideas. McCain criticized Obama for suggesting a re-negotiation of NAFTA, saying...

This is one seriously funny cartoon! If you're serious about keeping 100% of your stimulus money in America, then there are precious few places you can spend it to accomplish this. Check out this "Geeks on Caffeine" cartoon. You may not agree with how these "Economic Patriots" spend their money, but you can't argue they kept it in the U.S.! FUNNY!!!!!!

Purchasing a pistol with your stimulus package money is foolish if you consider that for the same money...

Just curious. What is everyone going to do with your new wealth you will be getting within the next couple of days?

It’s an election year, and partisan acrimony has escalated. Democrats and Republicans portray themselves as the nation’s saviors against all the programmatic atrocities of the other side. Can we find a refuge of common-sense agreement amid this self-serving political din? Well, here’s a proposal for the economy: Enact a temporary extension of unemployment insurance from the standard 26 weeks to 39 weeks. The proposal’s virtue is precisely its modesty. Benefits have been extended in every recession except one since the 1950s. Although most unemployed usually find new jobs within the normal six months, the task becomes harder in a slump....

Has anyone pondered the best way to spend your inbound stimulus package checks? "Geeks On Caffeine" shows us all why it's best to keep the money in the good 'ol U.S. of A.!

President Bush said tax rebates will start going out Monday, earlier than previously announced, and should help Americans cope with rising gasoline and food prices, as well as aid a slumping economy. Democrats said they were glad the rebate checks were about to go out, but suggested that multinational oil companies were not among the businesses the stimulus package was originally designed to help. "Starting Monday, the effects of the stimulus will begin to reach millions of households across our country," Bush said Friday in remarks on the South Lawn of the White House. Those first rebates will be directly...

In a ceremony in the Oval Office this morning, President Bush officially proclaimed April 25, 2008 to be Malaria Awareness Day (Transcript) America is a compassionate country that feeds the hungry and protects the vulnerable because we believe every human life has inherent dignity and matchless value. As the people of Africa continue their struggle against malaria, we offer our support and steadfast commitment. We call on all nations to join us in a great humanitarian effort. The president made a brief statement on the economy (Transcript) before boarding Marine One with First Lady Laura Bush for a day trip...

Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment....

Merchants struggling with the slowdown in spending are stepping up promotions to court consumers who are expecting a cash infusion from federal rebate checks. Retailers are already planning major sales and big advertising campaigns in the fierce fight for dollars - even though the government won't start mailing out the checks until May. For merchants worried about a bleak year, this is like Christmas in spring. Store owners have good reason to expect a shopping spree. People plan to spend 40.6 percent, or about $42.9 billion, of the $105.7 billion the government is distributing in tax rebates, according to a...

Borrowing to build universities will not help economy Byron Schlomach, Goldwater Institute Daily Email, April 17, 2008 Arizona’s public universities have proposed issuing $1.4 billion in bonds for a university building program. The universities have been asking the legislature for this money for a few years, but the construction downturn provides an opportunity to market it as a “Construction Stimulus Plan.” This plan is fundamentally flawed. First, any stimulating effect will come too late. Proponents of the program say it would “immediately create 14,438 jobs for construction workers.” But the spending would be done over several years, so most of...

President Bush proposed, and Congress quickly passed, an economic stimulus package in the form of tax “rebates” that could total $150 billion dollars back in the pockets of most Americans. The president and Congress agreed that as much as $600 would be returned to individual Americans, or $1,200 per couple, and even more to households with children. The reason given for the rebates is that it will give the economy a needed shot in the arm and likely avoid or lessen a recession. Does any of this sound vaguely familiar? The president’s proposal should forever end the debate whether or...

Gov. Arnold Schwarzenegger has jetted up and down California in recent weeks trumpeting his own stimulus plan for the state's ailing economy. He has promised to create at least 12,500 new jobs by releasing nearly $750 million from public works bonds voters approved in 2006 for transportation, housing and flood-control projects. "People need jobs," Schwarzenegger said at a news conference last month announcing one of the largest chunks of new spending, nearly $400 million for public transit projects. "We are going to create those jobs and pump this money as quickly as possible back into the economy." An Associated Press...

HARRISBURG -- With a section of a Pittsburgh bridge dropping 8 inches and an Interstate 95 support pillar cracking in Philadelphia, Gov. Ed Rendell is turning up the heat under the Legislature to provide infrastructure repair funds more quickly. Mr. Rendell sent a letter to all 253 legislators yesterday urging quick passage of a $240 million "supplemental debt authorization." His program of borrowing would enable state officials to fast-track repairs on some of the state's 6,000 bridges classified as structurally deficient, along with fixing ailing highways, repairing "state-owned, high-hazard dams" and beginning flood mitigation projects. Also yesterday, Mr. Rendell called...

According to many expert economists, the economy of the United States is headed toward a recession or definitely a major slowdown. However, many Americans, based on their current personal finances, would affirm that America does have a recession already. But, in an effort to help the economy, President Bush and Congress have approved a $168 billion dollar economic stimulus package to help to jump start the economy. As a result, America’s sluggish economy would hopefully begin an upward trend once again. Each individual taxpayer would get a $600 rebate check and each couple would get a $1200 rebate check. The...

In her highly contested bid to win the Democratic party nomination for president of the USA, Hillary Clinton has announced her support for a stimulus package to be initiated as soon as she takes office. Details of the plan have not been entirely released, although a preliminary outline has been discussed in focus groups. "I have listened to the people of America," Mrs. Clinton said, "and I have heard about your struggles and hardships, and I plan to do something about it." The general outline of the plan is for a stimulus package to be sent to most American households....

WASHINGTON, March 20, 2008 – Military personnel serving in combat zones are eligible for an economic stimulus payment, an Internal Revenue Service spokesman said today during an “America Supports You Live” interview on BlogTalkRadio.com. While combat pay generally is nontaxable, servicemembers are permitted to count this pay on their 2007 or 2008 income tax returns if it helps their eligibility, Clay Sanford explained. “A military person who would not normally file a 2007 tax return because the 2007 income is not taxable, can file a 1040A with the IRS and receive the stimulus payment,” he said. Servicemembers should report...

Stimulus payment mailing schedule based on Social Security numbers The exact date you receive a stimulus check will depend largely on the last two digits of your Social Security number. More than 130 million stimulus payments will be sent out starting May 2, on a staggered schedule based on the last two digits of taxpayers' Social Security numbers, the Internal Revenue Service said Monday. On jointly filed returns, the mailing schedule will be based on the first Social Security number listed, the IRS said. For taxpayers who file by April 15 and get their tax refund deposited directly into a...

IR-2008-44, March 17, 2008 WASHINGTON — The Internal Revenue Service announced today that it will begin sending more than 130 million economic stimulus payments starting May 2. The initial round of weekly payments will be completed by early July. The IRS also announced the availability of a new online calculator on IRS.gov to help people determine the amount of their stimulus payments. Stimulus payments will be made by direct deposit to people who choose to receive their 2007 income tax refunds through direct deposit. All others will receive their economic stimulus payments in the form of a paper check. “To...

Efforts by the Federal Reserve to restore order to financial markets are about to enter a new and potentially dangerous phase. The Fed is expected to cut US interest rates by 75 basis points to 2.25 per cent, following its recent, more aggressive policy moves to improve liquidity conditions. There re-mains a clear possibility that interest rates will only be reduced by 50 basis points as policymakers attempt to evaluate the impact of their earlier efforts to restore confidence to financial markets. Joachim Fels of Morgan Stanley says the Fed is about to enter a new phase in the easing...

I played with this site using married filing jointly, form 1040 and using incomes of $2000, $3000, $35000, $74000 and 124000. The results varied from 0 (at $2000) to $300 or $600. Must one have children to receive the $1200 promised in the IRS TV ads?

Tuesday's powerful market rally underscored the relief felt after the Fed unveiled its new $200 billion Term Securities Lending Facility. The name may sound ungainly, but it will let the central bank make short-term loans to those who need it most — lenders with lots of impaired mortgage-backed securities on their balance sheets, a result of the housing market's yearlong collapse. Those impaired securities have made it, at times, impossible for banks to get funds on the open market. Who would make a loan to a bank with an unknown amount of damaged collateral on its books? That's why this...

Congresswoman Ginny Brown-Waite may do a good job representing constituents on policy matters, but she does a lousy job minimizing the damage caused by putting her foot in her mouth. The Hernando County Republican recently offended Puerto Ricans when explaining her reluctant support for President Bush's economic stimulus package. "The bill," Brown-Waite said, "sends hundreds of millions of dollars to people who do not pay federal income taxes, including residents of Puerto Rico and territories like Guam. I do not believe American taxpayer funds should be sent to foreign citizens who do not pay taxes." Brown-Waite needs to brush up...

WASHINGTON — President Bush dismissed concerns Thursday that the economy is headed into a recession and remained confident that an economic stimulus package will help the nation amid a lingering mortgage and credit crunch. "I don't think we're headed to recession, but no question, we're in a slowdown," Bush told reporters at a White House press conference. Some economists say the country is nearing a recession, but Bush expressed his support for the economic stimulus package that Congress recently passed and he signed into law last month. "We've acted robustly," he said. The package will deliver rebates ranging from $300...

Why are Republicans in Congress trying to help Barack Obama? Republicans allowed a bill that carries his name to pass the Senate Foreign Relations Committee by voice vote without any hearings, which means there was no roll-call vote so we can't hold any member accountable. The Obama bill passed out of Committee with the cooperation of the ranking Republican, Sen. Richard Lugar, who never saw a U.N. enhancement bill he didn't like. Obama's costly, dangerous, and altogether bad bill is called the Global Poverty Act. It would commit U.S. taxpayers to spend .7 percent of our Gross Domestic Product on...

WASHINGTON (Reuters) - U.S. President George W. Bush believes it is too early to decide whether a second economic stimulus package is needed to ward off a recession but would not rule it out, governors who met with him said on Monday. After a $152 billion package was signed into law earlier this month, U.S. governors during a White House meeting pressed Bush to back another stimulus plan that would include funding for roads, bridges and other infrastructure projects. They argued that such a program would address unemployment and put the economy on a more sustainable path of growth. "We...

The federal government came back from the drawing board yesterday after trying to find new solutions to the looming economic recession. The government is now proposing a new stimulus package in which America will print enough new money to give $1,000 to every citizen. This should increase consumer spending which will help the current economic climate much like the economic improvements from increased government spending. Although, this new stimulus plan will solve the capital availability problem and portions of the economic slowdown, there is still much more that needs to be done to improve the economy. The federal government is...

WASHINGTON - President Bush on Wednesday signed a multibillion-dollar economic rescue package on Wednesday that means $300 to $1,200 rebates for many American households. Bush called the measure "a booster shot for our economy" to stave off a recession. Several dozen members of Congress, including House Speaker Nancy Pelosi, stood on the stage behind Bush as he signed the bill. Rebates are to go out beginning in May to taxpayers and low-income people, including seniors living off of Social Security and veterans who depend on disability checks. Businesses would get tax breaks for investing in new plants and equipment. Most...

Democrats Plan Housing-Related Stimulus By SARAH LUECK February 15, 2008 WASHINGTON -- A tax break for home builders and higher caps on state mortgage-revenue bonds are among the proposals Senate Democrats plan to take up this month to address the troubled housing market. With one economic-stimulus bill now signed into law, top Democrats said they intend to turn to a second package focused on housing-related issues -- a potent political issue this election year. It is unclear how far the bill might get, although it may at least provide fodder for political finger-pointing. Despite the bipartisan aura that sped passage...

WASHINGTON — President Bush signed legislation today to send $300 to $1,200 rebate checks to millions of Americans as a "booster shot" for the economy. Rebates are to go out beginning in May to taxpayers and low-income people, including seniors living off of Social Security and veterans who depend on disability checks. Businesses would get tax breaks for investing in new plants and equipment. "I know a lot of Americans are concerned about our economic future," Bush said. "Our overall economy has grown for six straight years, but that growth has clearly slowed." Several dozen members of Congress, including House...

IRS: File your tax return or no stimulus check Wed Feb 13, 2008 4:56pm EST WASHINGTON (Reuters) - Americans eligible for tax rebates of $300 to $1,200 under the new fiscal stimulus act will not receive their payments until they file a 2007 income tax return, even if they make too little to owe any taxes, the Internal Revenue Service said on Wednesday. The tax returns will be used to determine eligibility for the rebate payments, said IRS acting commissioner Linda Stiff. Stiff said the IRS anticipates that some 10 million to 20 million additional returns will be filed by...

The hottest buzzword of the day is "economic stimulus." Virtually every politician and pundit agrees the government must act quickly to forestall a recession by increasing consumer spending. President Bush and the Democratic leadership in the House quickly got together on a $150 billion package that also includes tax incentives for business investment. The Republican and Democratic presidential contenders back "stimulus" too. (Ron Paul is the exception.) Any government program that wins the support of the political class and media commentators makes me suspicious. The economy does seem to be slowing, and there was a net loss of jobs in...

Stimulus Packages: 1929 to 2008 By Thomas E. Brewton  The current Republican and Democratic economic stimulus plan is the latest version of a much tried and repeatedly untrue liberal-progressive panacea.Stimulus packages first surfaced in this country under President Herbert Hoover as a product of the liberal-progressive-socialist doctrine of the early 20th century. They failed miserably throughout the Depression and haven't worked anytime since then. The bottom line is that stimulus packages don't do the intended job of jump-starting the economy. (See "Why Tax Rebates Are Delusional.") Instead they work against righting misallocation of economic resources and add to inflationary pressures that...

If it wasn't painfully obvious already, it became quite clear this week that Harry Reid prefers playing partisan politics to passing substantive legislation. The majority leader on Thursday used the proposed economic stimulus package to try to embarrass vulnerable Senate Republicans, in the process delaying potential refund checks to millions of Americans. In the end, Sen. Reid was forced into a humiliating retreat, but not before he relished plenty of time in front of the microphones portraying the opposition as hostile to old folks and disabled veterans. This bad beltway theater began after House leaders and the Bush administration each...

So much for "postpartisan" Beltway harmony. Remocrats and Depublicans were supposed to be making beautiful music together on economic "stimulus," but Senate Democrats apparently didn't get the song sheet. They spent most of this week assailing Republicans for refusing to spend even more than House Democrats want to spend -- solely with a goal of picking up more Senate seats next year. President Bush and Speaker Nancy Pelosi first agreed on $146 billion in tax rebates, including for people who don't pay income taxes; then Mr. Bush consented to billions more in checks for seniors. But Senate Majority Leader Harry...

Stimulus Package: Proponents of a stimulus package argue that putting money in the hands of consumers will boost the economy. Why not just lower taxes and leave the money in consumers’ hands in the first place? Politicians who favor tax increases and argue against tax cuts, then turn around and argue for a stimulus package are worse than hypocrites. Politicians are trying to buy our votes with our own money. The stimulus package is immoral and outrageous. We have a MASSIVE national debt. We have outrageous deficit spending. Taxes are high. Interest rates are artificially low. Average household debt is...

$168 Billion Stimulus Plan Clears CongressNYTimes.com Friday February 8, 12:37 am ET By DAVID M. HERSZENHORN and DAVID STOUT WASHINGTON — Congress overwhelmingly approved a $168 billion economic stimulus program on Thursday, sending it to President Bush for his signature so that millions of Americans can look forward to government checks in the mail. The House gave its final approval to the package on Thursday night by a vote of 380 to 34. The House was able to act because a stalemate in the Senate was broken a few hours earlier after Democrats agreed to add only payments for senior...

WASHINGTON (AP) -- Congress, facing the prospect of an election-year recession, passed an emergency plan Thursday that rushes rebates of $600 to $1,200 to most taxpayers and $300 checks to disabled veterans, the elderly and other low-income people. President Bush indicated he would sign the measure. House passage by a 380-34 vote came a few hours after Senate leaders ended a drawn-out stalemate over the bill. The plan, which adds $168 billion to the deficit over two years, is intended to provide cash for people to spend and tax relief for businesses to make new investments -- boosts for an...

The fate of $600-$1,200 rebate checks for more than 100 million Americans is in limbo after Senate Republicans blocked a bid by Democrats to add $44 billion in help for the elderly, disabled veterans, the unemployed and businesses to the House-passed economic aid package. GOP senators banded together Wednesday to thwart the $205 billion plan, leaving Democrats with a difficult choice either to quickly accept a House bill they have said is inadequate or risk being blamed for delaying a measure designed as a swift shot in the arm for the lagging economy. The tally was 58-41 to end debate...

WASHINGTON - Senate Democrats, under pressure from party colleagues in the House, agreed Thursday to an economic rescue package that would add checks for Social Security retirees and disabled veterans but leave out extended jobless benefits and additional business subsidies. The package would rush tax rebates of $500 for individuals and $1,000 for couples to most taxpayers and grant business tax cuts to revive the economy. Leaders in both parties and in both chambers of Congress had agreed by Wednesday night on the idea that 20 million seniors whose sole or main income is Social Security and 250,000 veterans living...

WASHINGTON - The fate of $600-$1,200 rebate checks for more than 100 million Americans is in limbo after Senate Republicans blocked a bid by Democrats to add $44 billion in help for the elderly, disabled veterans, the unemployed and businesses to the House-passed economic aid package. GOP senators banded together Wednesday to thwart the $205 billion plan, leaving Democrats with a difficult choice either to quickly accept a House bill they have said is inadequate or risk being blamed for delaying a measure designed as a swift shot in the arm for the lagging economy.

A day after the biggest primary night of the election season, Sens. Hillary Rodham Clinton (D-N.Y.) and Barack Obama (D-Ill.) had a brief but warm interaction on the Senate floor during a cliffhanger vote over a Democratic economic stimulus package. The two largely avoided eye contact during the vote, even as they stood feet away from each other and huddled with senators who have endorsed their respective campaigns. At one point during the vote, Clinton supporter Dianne Feinstein (D-Calif.) and the New York Democrat appeared to be having a serious discussion when in came liberal icon Sen. Edward Kennedy (D-Mass.),...

WASHINGTON - Republican presidential candidate John McCain skipped a difficult Senate vote Wednesday on whether to make 20 million seniors and 250,000 disabled veterans eligible for rebate checks as part of a proposed economic stimulus package. The Arizona senator's decision to miss the vote appeared to come at the last minute, after his plane had landed at Dulles International Airport outside Washington just before the proceedings opened on the Senate floor. Asked Wednesday morning to comment on the pending vote, McCain talked about the need to pass a stimulus measure quickly. Later, on his plane, he said he was not...

WASHINGTON, (AP) -- Senate Republicans blocked a move by Democrats on Wednesday to add more than $40 billion in checks for the elderly, disabled veterans and the unemployed to a bill to stimulate the economy. The 48-41 vote fell just short of the 60 required to break a GOP filibuster and bring the Senate version of the stimulus bill closer to a final vote.