I got my stimulus check yesterday.
I really didn't expect to get that amount of money. Seemed like too much for me.
Not that I'm complaining about getting more money than I thought I would. It'll pay for all my car insurance for rest of the year and I'll be able to pay off my credit card before I get paid rather than waiting for my paycheck and I'll be able to send a little extra to the last of my student loans (that's right, I'm doing the un-American thing and paying bills rather than SPENDING the money, suck on it President Junior), but...
Well, see, I'll probably be paying it all back next year. Hell, everyone in the U S of A will probably be paying back their stimulus next year, except for those people who don't get one, I guess. I know that the president and his people are hoping that everyone who gets a check will go out and buy a Blu-ray or an X-Box or something to give the economy a bump which will, supposedly, get people excited and then will start buying over-priced homes again.
I'm not a believer, though. Sure, the Laffer Curve makes sense to me, but... I don't think it has anything to do with what I'm writing.
Actually, I don't understand economics very well. Will this help bump the economy out of the slide to recession? Not sure, but my gut says no. Will people use this money to pay down debt or save? Probably not. A lot of people who got a refund this year are going to be wondering why they owe money next year, though, and be pissed about it. I'm already pissed about it.
8 comments:
Maybe you'll find it amusing that I will be spending the bulk of mine In Canada.
I find the spending habits of Americans (and Canadians) quite funny actually. Everyone is in debt over their heads and yet... if extra money comes in they go out and spend it rather than paying their debts down.
Then they bitch at the govenment debt, even though they are displaying the exact same spending habits.
Good for you for going against the current.
I have to disagree with Jazz in that most of the people I know are spending their checks on bills/debt. Perhaps I know smarter than usual people, but I take exception to the sweeping generalization that "normal" Americans spend frivolously. Stereotypes like that are not helpful.
The local paper did a mini survey and the majority of the people questioned said they were going to pay bills or buy groceries with their "extra" money.
Are people actually smartening up?
Geewits -- I do. It means that, in this instance, you're being even more un-American than I am. HA!
Jazz -- I like to try and believe that most people are going to use this money to pay down their debt because of the whole sub-prime mortgage problem, but I don't don't have a lot of faith in it.
And I really like the way you point out how people hate governments being in debt while they fall into more personal debt. I never thought of it like that.
Heels -- Maybe you know more practical people. Everyone I've overheard here at work are spending their money on relatively frivolous things:
One guy bought a Wii a month before he got his check. One guy is buying a PlayStation. One guy bought rims. A lady bought a new sewing machine. My supervisor's family is using theirs to pay for part of a $2000 smoker and have it shipped from North Carolina.
All of them complain about the debt they're in and only one has a mortgage. I hope the rest of the people here are going to put the money to better use and are ready to have to pay it back next year.
The Mooooooo -- I'm not surprised most people would say that they're going to pay bills, but what will actually happen when they get that check in their hands?
I bet one person we know is spending his in China! Hee!
Is the Banking Monkey going to China?
Just for a trip, right? He's not going over there to live and teach again, is he?
Just for 2 weeks, starting Tuesday!
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