Part of the Bay Area News Group

The check is in the mail.

By Josh Richman
Thursday, January 24th, 2008 at 2:08 pm in President Bush, U.S. House.

Or, rather, it will be soon. From the Washington Post:

House leaders and the administration reached agreement today on a roughly $145 billion economic stimulus package that would quickly send payments to poor and middle-class workers while offering businesses one-time incentives to invest in new equipment and write off tax losses.
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Under the plan, as many as 117 million people would get rebate checks. Individual income tax filers would receive up to $600, working couples would get up to $1,200, and those with children would get an additional $300 per child.
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(Treasury Secretary Henry M.) Paulson said later that “if all works well,” he expects the rebates to begin flowing in May. He said the aim is to start sending the checks within 60 days of enactment of the stimulus package, with most recipients receiving their checks in less than 10 weeks.

The idea is that taxpayers receiving this manna from Washington will quickly turn around and spend it, goosing the moribund economy. But I’ve heard a lot of analysts say the rebates are unlikely to have much impact, as most people will either stow the money away in their savings accounts or use it to pay down existing debts.

As for me, I’m proud to be an American and all, but my rebate probably will go toward my Visa bill — I’ve already been doing PLENTY to support the economy, perhaps too much.

What about you: spend or save?

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