This post by Consumerist.com made me chuckle this morning, hearing that most people are planning to spend their prebate to pay off bills instead of dumping the money back into the economy.
I've heard more than one friend threaten to take their found money and make a donation in that exact amount to the Democratic Party, but putting the money in savings or paying off credit card bills has also been a big winner.
While I doubt that it's keeping anyone in Washington up at night, I get a small degree of satisfaction in knowing that such a short-term fix isn't going as well as planned.
Who says Americans aren't fiscally responsible with their personal finances?
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Each time that I think I'm going to abandon the Republican Party for being socially backwards, the Democrats make a personal affront to me on the economic end that reaffirms why I vote the way I do. Under the original Republican plan, my wife and I would have qualified for the "prebate" since it would have gone to everyone regardless of how much they made. However, the Democrats insisted on income limits that ended up applying to our household, which meant we got nothing. Granted, it wasn't like this was a big amount and I know the average American these days doesn't have much sympathy for those in the higher tax brackets, but if the goal was to spur the economy, then it would have been the very people who were disqualified for the prebate that would have been most likely to use the money for discretionary spending (which is what the government wanted) as opposed to others that are more worried about paying off bills. That made this into little more than a "feel good that Congress is doing something" action as opposed to a real economic stimulus.
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