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Federal Rebate Checks

Discussion in 'Sports and News' started by Italian_Stallion, Jan 24, 2008.

  1. Italian_Stallion

    Italian_Stallion Active Member

    So, I take it the idea is that people get money from the government and spend it, thereby boosting the economy. But isn't it time for people to cut back and save as much as possible? Isn't that the prudent thing? Isn't spending every dime what got us into this mess in the first place?

    I'm confused. What happens if everyone puts their rebate money in the bank for a rainy day?

    I'll try to answer my own question with the only concept I can imagine. My best guess is that this is designed more as a bailout for the banking industry. The idea, I guess, is that people pay down their credit cards and other debt to keep the banking industry from collapsing.

    My understanding is that the cap per individual is $75,000. That seems a little high but I can deal with it. What I can't deal with is the doubling of that amount to $150,000 for couples. Shouldn't it be more like $100,000 for two-income families? I'm struggling, but I'm not exactly destitute. And my wife and I don't hit $75,000 combined. For us, a $1,200 check is the first step toward buying a house. Or perhaps it eliminates a little credit card debt.

    But, hey, if you make more than $100,000 a year and have some financial problem, can you really expect much empathy?

    Anyone who has a problem with welfare entitlements should be screaming like hell right now.

    Just some random thoughts. I'd love to hear what others think.
  2. Lugnuts

    Lugnuts Well-Known Member

    Great thread.

    So what is everybody planning on doing with their $880?
  3. sportschick

    sportschick Active Member

    I have credit card debt. My $880 will go toward that.
  4. pallister

    pallister Guest

    I have this trip I'm planning this summer so that money would be a big help. That, or pay off the vet.
  5. bydesign77

    bydesign77 Active Member

    I'm going to combine it with my Wheel winnings and get an XBox360 and Rock Band :)
  6. EStreetJoe

    EStreetJoe Well-Known Member

    Why should married couples be penalized like you want them to be?
    I earn in the mid-50s, my wife earns in the low 50s.
    Under your system, if each of us was single we'd qualify but because we're married we don't.
    It makes perfect sense to double whatever the single income limit is for couples. Couples have more expenses than single people (eating for two, higher rent or a mortgage because the living space is bigger, multiple cars, etc.) and factor in the fact that couples might have children which is even a bigger expense.
    Do you want a system where singles have one income limit, couples with no kids have another limit and couples with children have another limit? That system would suck too as it would penalize single parents.
    The way they're doing it - one amount for singles and double that amount for couples is the fairest way they can do it.
  7. Is it going to be that much? I'll buy a new battery for my Mac, but the rest of that money is going to any debt I have, especially some unpaid hospital bills. I'm not going to use it to stimulate the economy.
  8. EStreetJoe

    EStreetJoe Well-Known Member

    But to answer the question, the rebate is going into the bank
  9. EStreetJoe

    EStreetJoe Well-Known Member

    $880? Who's reporting that figure?
    CNN says $600 for individuals, $1200 for couples
  10. Chi City 81

    Chi City 81 Guest

    I'm putting the money in the bank, as well.
  11. Ace

    Ace Well-Known Member

    Oral Roberts is getting mine.
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