How to spend your $600 check from the feds?

[beren]

I guess this is our government's answer to the economic downturn:

U.S. taxpayers would get checks of several hundred dollars from the federal government under a plan to stimulate the economy, congressional and Bush administration officials said Thursday.

"Tens of millions Americans will have a check in the mail," House Speaker Nancy Pelosi, D-California, said at a Capitol Hill news conference. "It is there to strengthen the middle class, to create jobs and to turn this economy around."

Sources on Capitol Hill and at the Treasury Department said the plan would send checks of $600 to individuals and $1,200 to couples who paid income tax and who filed jointly.

People who did not pay federal income taxes but who had earned income of more than $3,000 would get checks of $300 per individual or $600 per couple.

A Democratic aide and Republican aide said there will be an additional amount per child, which could be in the neighborhood of $300.

Those who earn up to $75,000 individually or up to $150,000 as a couple will be eligible for the payments, said Republican and Democratic sources familiar with the tentative deal.

CNN

I'm not sure how this will help our economy. Is the theory that we will all go out and spend this money, thus stimulating our economy? Personally I'm squirreling that money away and saving it for a rainy day (which will be coming pretty soon if the economy keeps tanking).

How will you use your "stimulus" refund? Do you think this can actually help the economy?

[lucille]

Originally Posted by beren

I guess this is our government's answer to the economic downturn:



I'm not sure how this will help our economy. Is the theory that we will all go out and spend this money, thus stimulating our economy? Personally I'm squirreling that money away and saving it for a rainy day (which will be coming pretty soon if the economy keeps tanking).

How will you use your "stimulus" refund? Do you think this can actually help the economy?

If this years tax refund doesn't wipe out our tax debt it will go to that. If we actually see it in hand it will go to car repairs and replacing appliances that need it or paying down more debt.

[72Tiger]

I am in need of a new refrigerator soon, so it will porobably get spent on that.

[rstlne]

I won't be getting a rebate check because of the $75K income limit. However, if I did get one, I'd buy a half-ounce gold coin just to make a point about the inflationary nature of the stimulus package.

[Anthony Marrone]

If and when we receive $600 (I'll believe it when I see it) I'm going to take the fiancee on a nice romantic getaway. While we're there we'll probably lament that we should have thrown some of the $$$ into our honeymoon savings fund.

[Gootsy]

600 dollars worth of lottery tickets YEAH BABY!

If I were an Americam, anyways. So you all should take trips up to Canada and spend the money here lolololol show Bush who's boss

[stardanced]

I'll probably take about $100 and stimulate the economy by buying some new clothes that I need (business attire mostly). The rest I'll dump into my IRA or high-yield savings account. I don't have any debt, but my savings and IRA are both much lower than I'd like them to be, so saving is the best solution for me.

[Xin Lu]

Haha, if it happens I am saving the money, too. The hubby and I pay wayyyy too much money to various taxes and this will not be a significant rebate at all. Though the hubby has been looking at some sound systems and he might spend his rebate.

[khorrell]

We're talking about replacing some drafty old windows, so I guess maybe I would be just the person they're targeting. Chances are, those windows wouldn't get replaced just then without this "stimulus."

[jkuo13]

I guess I won't be helping out the economy with my $600 by buying anything, though I will admit I have been keeping my eyes peeled for a good deal on a new digital camera. In the end, I'll probably just put the money into a mutual fund. I thought about just letting it sit in a high yield savings account, but they just aren't so high yield anymore (at least the ones I'm aware of).