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Economic Stimulus Package Poll

By Patrick on Feb 12, 2008 in Taxes

Yesterday, I wrote about the 2008 Economic Stimulus Package, who is eligible, how much they will receive, and a few other details.

To be honest, I’m not so sure I agree with this stimulus package. I don’t think it will solve our economy’s current problems. But since the focus of this blog is not on politics, and stimulus package is already a done deal… I’ll leave that part of it alone! All I will do is ask:

How do you plan on spending your “rebate?”

Just select your answer and view what others have selected. (Feed readers will have to click through to participate… sorry!)

Should the Current Economy Affect How Much You Tip?

View Results

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Feel free to leave comments about your plans, or even your opinion about the plan itself. As I mentioned, I don’t think it will solve our economic problems. But, I’m not an expert in politics or economics!

Consider this an open forum, just keep it civil. :)

For more information, check out the Economic Stimulus Package Frequently Asked Questions.

Update: The economic stimulus checks will be sent out a week early.

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  1. 27 Comment(s)

  2. By FFB on Feb 12, 2008 | Reply

    Like Eli Manning I’m going to DisneyWorld!! Actually, the money will be sent to savings and Roth IRA. I guess I won’t really being helping the economy out too much. Sorry everyone.

  3. By Patrick on Feb 12, 2008 | Reply

    FFB, I’m pretty much doing the same thing. :)

  4. By Frugal Dad on Feb 12, 2008 | Reply

    I’m going the unpatriotic route myself - adding a little to emergency fund and killing debt with the rest.

  5. By Beachgirl on Feb 12, 2008 | Reply

    I will save some and send some to pay down my student loan.

  6. By Leah S on Feb 12, 2008 | Reply

    I selected undecided. We might move this summer, and if we do, that money will go towards the expenses.

    If we don’t, the money can go towards debt. Or maybe get some wisdom teeth removed. Or if my husband insists on a vacation, it’ll cover that.

    But it won’t go towards buying STUFF. :)

  7. By Patrick on Feb 12, 2008 | Reply

    Frugal Dad, I think the best thing for everyone to do is what is best for their personal situation. And a solid emergency fund is something everyone needs. Good on you! :)

    Beachgirl, I don’t think you can ever go wrong with repaying debt. :)

    Leah S., Not buying STUFF is an awesome plan! All of your ideas are for a good purpose, so I don’t think you’ll go wrong. Thanks for sharing. :)

  8. By stngy1 on Feb 12, 2008 | Reply

    Whatever we get, the kids’ll get their “portion” (knowing them it’ll go towards savings) and ours will somehow be divided into savings, debt repayment, and SPEND. Hopfully in that order!

  9. By jarhead on Feb 12, 2008 | Reply

    Well it is going to depned I do have some debt I need to pay but I also have a baby on the way so it will probably be split between those two options.

  10. By Patrick on Feb 12, 2008 | Reply

    stngy1, It looks like you’ve got a lot of plans for your money. I hope it works out well for you!

    jarhead, I don’t have any children yet, but I know they are expensive! Maybe you can split the money? Put half toward debt, and half toward a baby fund?

    Thanks for the comments! :)

  11. By Caroline on Feb 13, 2008 | Reply

    Save it. They’re going to need it back someday, so I’ll hold on to it, gather some interest from it, and then return it after they realize that increasing our deficit and borrowing against our future is probably not the smartest thing we can do to improve our economy over the long run.

  12. By Patrick on Feb 13, 2008 | Reply

    Caroline, I agree. This “rebate” is basically a mortgage the government is making against our future. I will save the rebate, because I know that some day, the bill will come due. I don’t think social security taxes will be around in the same form in 30 years, so I plan on placing the money in retirement investments. 30 years of compound growth sounds very nice to me. :)

  13. By Becky@FamilyandFinances on Feb 13, 2008 | Reply

    I will be saving mine temporarily, but it will be spent on new vinyl siding for our house once we have enough saved up. We plan to live in our house for a long, long time, so hopefully it will be a good investment (vinyl siding lasts a lot longer than paint!).

  14. By Patrick on Feb 13, 2008 | Reply

    Becky, Home improvements like vinyl siding can both prtect your home and increase the value. I don’t think you can go wrong there!

  15. By Braunn on Feb 14, 2008 | Reply

    We’ve already received our tax refund and did some “mad money” spending with it (found a killer deal on Amazon for 50″ Samsung DLP just in time for the SuperBowl - it was an upgrade from a 27″ CRT). The majority though (if only barely) went to paying down the credit cards.

    Anything we receive this summer will continue to pay off the outstanding debt plan.

  16. By Adfecto on Feb 14, 2008 | Reply

    I think “reduce debt” and “its already spent” are the same thing. ;-)

    I think the readers here are not representative of the average American, of which there are two types. The first will use it to keep their head above water for one more month (utilities, minimum CC payments, etc) and the other group will hardly notice as they unconsciously let it go right out the window on a few more restaurant meals, an extra pair of shoes, and an extra tank or two of gas.

    Most of it will get spent one way or the other. Maybe 10% will save and 20% may pay down a little debt, but next week or next month when the will balance ’somehow’ creep back up.

    Business owners and investors will wind up with the only moderate-to-long term benefit of a propped up stock market and slightly smaller nosedive in home prices.

  17. By Patrick on Feb 14, 2008 | Reply

    Braunn, I’ve got a similar 27″ TV in my house, and I think I would like to upgrade it to a large flat screen TV as well. I’m not sure when it will happen though, because it would require us to get rid of our current furniture (a large oak TV stand). Getting rid of that is easier said than done!

  18. By Patrick on Feb 14, 2008 | Reply

    Afecto, I agree, the readers here aren’t representative of the general American public. I would venture that most readers are interested in improving their financial situation, so most people would either choose to reduce debt, or save/invest the money. But I thought it would be interesting to see a breakout of how many people vote for each choice.

    “I think “reduce debt” and “its already spent” are the same thing.” - touche. ;)

  19. By Cristy on Mar 12, 2008 | Reply

    They are supposed to stop taking out SS taxes from people’s employment checks within the next two years. If they go ahead and stop taking the SS taxes out, people will no longer be able to drawl SSI after so long because the money will not be there. The government is wanting people to start putting their money in a retirement fund. People will have a choice on how much would be put in it or if they even want to use it. It would be crazy for the younger population not to have a retirement plan, because as they are unable to work they will have nothing to live on

  20. By Steph on Mar 26, 2008 | Reply

    I am using the money to pay back taxes on my house so that I do not get a foreclosure. The mortgage company will not pay it and will set up an escrow only if I come up with ALL the money up front. Why would I do that when I can just pay it? Boy am I sick of living in Michigan.

  21. By carol atwood on Apr 25, 2008 | Reply

    my husband and i will be blowing it all!!!! probably in 1 day=)

  22. By Tom Huchko on Apr 27, 2008 | Reply

    Our 20 year old washing machine is going to get replaced. And, we are going to stay out of the big boxes and buy from a hometown dealer who has a completive price and great service. This will keep some of the money in the community. Everyone should spend at lease a small portion in his town or neighborhood.

  23. By Jack Fernandez on May 5, 2008 | Reply

    What we’re told will*eh-hum* stimulate the economy today(and in George’s likely frame of thought, earn him some ‘good-guy’ points)creates more work for the person who will have to clean up George’s mess. And on top of that to drop something like 45 Million for that nice letter telling us about this proposed(stupidity)package. How can people seemingly be not outraged about all this. Do people actually think a coupla’ extra dollars in thier pocket(which you better run out an blow becuase Georgie says so and we all know he’s soo smart)indicates a solution?!?! I’m truly worried about the future of we as a people/country. Can it be desputed that there now is concrete emperical evidence which proves we as Americans need to lose the ego and start pickin’ up more books?!?!!? The national average of intelligence around here is falling as(if not more)profoundly as our debt to foreign nations is climbing!! Sorry…. Had to vent.

  24. By msmith on May 8, 2008 | Reply

    My husband & I are going to be using it to pay bills. We live in western Nc & work is really really slow here. He does roofing & I am a stay at home mom to 2 small boys with 2 other children in school. It is very hard to make it and pay all of the bills as well. It would be really nice to spend it but every dime of ours will be spent catching up all of our bills.

  25. By mkeach on May 9, 2008 | Reply

    Paid the last of our credit card debt off… thank God. Just have to worry about mtg & utilities now & keep the credit in check!

  26. By jl on May 15, 2008 | Reply

    I thought this was an economy stimulus rebate!! If people owe back taxes, child support and college loans (I am sure there are many) and this check goes toward amount owed, how will this stimulate the economy?

  27. By craig on May 18, 2008 | Reply

    No stimulating from me…the state got mine.

  28. By kevin on Jun 2, 2008 | Reply

    Cars? paid off
    credit cards? paid off
    student loans? n/a
    college funding for kids? funded
    401k? fully funded
    IRA? fully funded
    emergency fund? 12 months in the bank
    Im going to the beach in Hawaii and laugh at the rest of you.

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