Economic Stimulus Plan Awaits President's Signature

[OHMEGA]

The president's $168 billion stimulus package, which will put $600 tax rebates in the pockets of average Americans, including New Yorkers, is on the fast track to being approved.

President George W. Bush says he'll sign the bill, which was approved by the House last night after the Senate signed off earlier in the day.

Bush says the bill will help jump-start the economy by spurring investment and motivating Americans to spend money.

The House expanded the list of rebate check recipients so that 20 million seniors and a quarter million disabled veterans will get checks worth $300.

Though the package spends more money than he wanted, Bush called it robust and broadbased, and said it's proof Democrats and Republicans can work together.

The House Minority Leader says the issue was important enough for lawmakers to put aside their differences.

"There were no winners or losers in this, except the American people, who had an opportunity to see us rise above whatever differences we might have had, work together to do something important, on what is the number one issue in the country and that is concern about are slowing economy," said Minority Leader Senator Mitch McConnell.

Anyone earning more than $3,000 can expect to get a rebate. The rebates will total $600 for individuals making up to $75,000 a year, and $1,200 for couples making under $150,000 a year.

Those who earn too little to pay taxes, including some senior citizens or disabled veterans, would get rebates of 300 dollars.

The checks could be in the mail by early May.

[MC Twinkie]

Am I the only one that thinks this rebate thing is a bad idea? I love free money as much as the next guy, but when we just print money doesn't that make the value of the dollar go down? So really this is going to kill foreign exchange rates IMO.

How many people are going to blow their check on imported goods, aka, flat screen TVs, audio & video equipment... I'm thinking many. Seems to me like a trap for the democrats if they end up taking office.

Oh well, free money!!!

[david austin]

Originally Posted by clay donkey

but when we just print money doesn't that make the value of the dollar go down? So really this is going to kill foreign exchange rates IMO.

no

[MC Twinkie]

Yeah I'm pretty sure it is. Lets pretend..

You own a bar. Johny walks into your bar. Johny's goal is to have fun. (Now here is the interesting part) Your goal is get all of johny's money. Now johny is going to consume a certain range of drinks maybe 5-10. Less than 5 and he wont get drunk, more than 10 he will puke. So what price are the drinks? drink price = john's money / # of drinks he will drink.

Here is the magic, It doesn't matter how many drinks johny drinks or if he buys chicks drinks because, if john's amount of money goes up, then the price of drinks goes up, and if the price of drinks goes up then your dollar is buying you less.

It doesn't matter if you own a bar or what, because almost every business uses this type of stratagy.

[Import]

three words to the president......












.....SIGN IT ALREADY!

[david austin]

Originally Posted by clay donkey

Yeah I'm pretty sure it is. Lets pretend..

lol... ok

in a macro sense... yes you cant just print infinite money.

in this case... it will have absolutely no effect on forex rates because it has nothing to do with that.

all this does is roll an extra 150 bil onto the budget... they arent printing money. its just being cut from the receipts from the 08 filings.

FY07 budget was around 2.4 trillion. do the math.

now if you want to talk interest rates and the feds cuts over the last few months... then you have a forex issue.

[OHMEGA]

psst, they destroy monies too.

[Hustle Wimmins]

Originally Posted by clay donkey

Am I the only one that thinks this rebate thing is a bad idea? I love free money as much as the next guy, but when we just print money doesn't that make the value of the dollar go down? So really this is going to kill foreign exchange rates IMO.

They are not just printing money here. They aren't just conjuring it out of nowhere. This money is already in the Federal banking system waiting to be spent on other things. They just reappropriated it for this use. Or what Mr. Austin said.

[matt]

so what do you get if you aren't in those boundaries? nothing?? im getting fucked by gwb again!