Obama Proposes $1000 Stimulus Check - Second Time a Charm?
By Patrick on Aug 1, 2008 in Personal Finance
I’ve written several times about the economic stimulus checks and even answered quite a few questions about it as well. One of the most common questions I have gotten recently is whether or not there will be a second economic stimulus check. Right now there is no definitive answer, but the Democratic party is leaning heavily on a 2nd stimulus check as part of their election campaign.
In June, Barack Obama proposed to spend $50 Billion on an emergency economic stimulus package to relieve pressures on the current economy. Not only have rising gas prices caused a lot of problems for the economy, but so have increases in food prices, home foreclosures, job cuts, and more. Obama’s proposal also includes tax relief for retirees, seniors, and the middle class, debt relief for students, extended unemployment benefits, and the establishment of a $10 billion foreclosure prevention fund.
How will the government pay for the proposed second stimulus check?
Obama proposes to place a “a windfall profits tax” to pay for the $1,000 emergency rebate checks to help consumers pay for $4 a gallon gas. The windfall profits tax would come from US oil companies, primarily Exxon Mobile.
Is Obama really Robin Hood? Robbing the rich to feed the poor?
It seems like Obama’s plan is to increase taxes on the oil companies because they were extremely profitable. But is that really fair? Yes, Exxon Mobil and other oil companies are obscenely profitable. Exxon posted a quarterly profit of $11.68 billion this quarter, which comes out to $1,485 per second. Insane! But that doesn’t mean the profits are going straight into a corporate bank account and sitting there. Exxon spent $7 billion dollars last quarter finding and producing more oil. I’m not defending big oil, but I think it’s too easy to make them a scapegoat.
Will a second stimulus check improve the economy?
Many Democrats were vocal opponents of the first economic stimulus check when it was announced. Now key leaders in the Democratic party, including Obama and Nancy Pelosi, are behind pushing an emergency stimulus package through. How much will it help? According to Barrack Obama, a second stimulus check will help people for 4 months.
“This rebate will be enough to offset the increased cost of gas for a working family over the next four months,” Obama said during a two-day campaign swing in Florida. “It will be enough to cover the entire increase in your heating bills. Or you could use the rebate for any of your other bills, or even to pay down your own debt.”
What happens after the 4 months are up? Will the economy have righted itself? Will a more permanent solution be in place? Is it really fair to require a company such as Exxon Mobil to subsidize the American lifestyle for 4 months?
Should the government support a second stimulus check?
By most accounts, the first stimulus check didn’t make a marked impact on the economy (in fact, many people still haven’t received their checks yet). The economy is still facing an uphill battle, much of which is caused by high oil prices and increasing costs for essentials such as food and housing. Personally, I don’t think a 2nd stimulus check is the answer. What do you think?
Read more detailed information about Obama’s Emergency Economic Stimulus Plan.
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44 Comment(s)
By David on Aug 1, 2008 | Reply
I don’t mind taxing the oil companies for things like police, fire, schools, etc, as they get billions in subsidies that I pay for already. Either take the subsidies away, or tax the crap out of them. But for a stimulus check? Dumbest idea since the first stimulus check.
By Braunn on Aug 1, 2008 | Reply
Is Exxon really the Sheriff of Nottingham? Robbing the poor (or middle-class) to feed themselves?
From: http://money.cnn.com/2008/07/31/news/companies/exxon_profits/?postversion=2008073110
Yes,
“Exxon spent $7 billion in the second quarter finding and producing more new oil, up 38% from last year. Still, oil and natural gas production from the company fell 8%.”
But, at the same time…
“The company returned $10.1 billion to shareholders in the form of dividends and stock buybacks”
When the executives of an oil company (or any other company for that matter) spend more on propping up their stock price (and, hence, the value of their options) than on product development, I don’t have much sympathy for them. Is it really fair to require the American taxpayer to subsidize their retirements through tax breaks?
I, for one, have no problem with the idea of repealing all the tax breaks for the oil companies. And I don’t necessarily think the “windfall profits tax”, as it’s currently being suggested, is a bad idea either. It’s not as if it’s going to break them, or even dissuade them. A tax, whatever the rate, is only a percantage of the profits…they still have every incentive earn as much profit as they can. I’d personally love to be making enough to be paying in the highest tax bracket! If I’m paying more in taxes, it’s because I also have more money in my pocket!
I would prefer that the proceeds of either or both initiatives go toward the advancement of alternative/renewable energy sources than to social programs or rebates, but I certainly won’t turn it down if they decide to send some more of my money back to me.
I do agree with you, however, in that I don’t believe a second stimulus check will have that great an impact on the economy overall. If the government wants to instill any kind of confidence in the economy or the markets, they’d be better off spending the funds prosecuting folks like Mozillo and Thain for outright fraud and deception.
~B
By momof5 on Aug 1, 2008 | Reply
“Is Obama really Robin Hood? Robbing the rich to feed the poor?”
Isn’t this the basis of the entire Democratic Party these days? Aren’t they all playing Robin Hood?
Our family is FAR from being in the top tax bracket. My thoughts are *not* based on feeling over taxed. Because of our family size and income, we probably qualify for government assistance. Instead of finding out, we make due with what is earned. The government needs to trim the fat from its “budget”, just as my family has, in order to contend with the price increases of food & fuel, etc.
I disagree with the notion that because a company, or even an individual, has been successful, means they need to give up a larger portion of their success to better the lives of those who haven’t. I’m all for programs that help people UP, not allow them to continue stagnating at the bottom.
On the other hand, I wish I could say that we are in the top bracket, because, as mentioned above, we would have more money in our pockets.
By Frugal Dad on Aug 1, 2008 | Reply
I don’t really like the idea of any politician calling for increased taxation of a private business for the purposes of wealth redistribution. So much for the “invisible hand.” We are hearing a lot about record profits from the oil companies, but their margins are lower than many other industries, such as pharmaceuticals. Why aren’t we taxing the heck out of them to pay for stimulus checks? It’s a slippery slope and I’d rather we avoid it a second time around.
By Curious Cat Economics Blog on Aug 2, 2008 | Reply
Stimulus checks were not the answer and are not the answer. If someone believes in using them, however, they must save the money when times are good to spend on them when they choose to. The current administration did not do that (running the largest deficits ever - the largest increases in taxes on the future). And Senator Obama has made no plans to run a surplus to pay for such spending. At least he did propose to fund his spending on stimulus checks.
By MoneyEnergy on Aug 2, 2008 | Reply
I hope Obama brings in some really good economic advisers - too bad it can’t be Ron Paul - I’m not sure what to think of this. My reaction is to think that Obama’s smarter than this move.
But regardless of where it comes from or how, I think a stimulus check is a bad idea: recall the parable about teaching a person to fish instead of just giving them more fish? That’s what this is about.
By Jarhead on Aug 2, 2008 | Reply
We should not have a windfall tax. Where would we draw the line? What needs to happen is a whole rewriting of the tax code across the board. Make it really really simple. Just a straight flat tax. No writeoffs, no loopholes, nothing just pay XX% of everything you make this would be for individuals as well as business.
By Patrick on Aug 2, 2008 | Reply
Braunn,
Great comment. I agree, with your assessment of big oil. But the overall situation is much more complicated than I can sum up in a brief blog post, though I think you did a very good job.
I think getting rid of some of the numerous tax breaks the oil companies enjoy would be a great place to start. Like you, I would much prefer using the funds for renewable energy or other programs that would have a more permanent impact compared to a goodwill gesture or attempt to buy votes (I don’t think $1,000 will make much of a difference on the economy, but it could influence votes).
By shadox on Aug 2, 2008 | Reply
Windfall tax! What a sad joke. In a capitalist society, why is it that some politicians claim the right to tell an honestly run business when they are making too much money?
Besides, who is it exactly that will be paying this windfall tax? Is it not folks like me and like you who own index funds that include Exxon stock? Is it not your pension fund investing in corporate America?
Enough with the populism. Enough with these so called stimulous plans.
The economy is having a bit of indigestion from the crazy housing bubble we just went through. Want recovery? How about stop sending people checks and start making some sound policy decisions?
By deepali on Aug 3, 2008 | Reply
I am by no means an expert on this, but wouldn’t it make sense to repeal credits, subsidies, etc that oil companies receive (where they really make their profit!), and use that for credits/rebates/whatever for energy efficiency/conservation measures? IE, a credit on using wind power, a subsidy for energystar appliances, etc.
The only government assistance I think oil companies should be getting should be for renewable resource and sustainability research.
I also don’t like the idea of giving people $1000 to spend on whatever. High prices serve a purpose - you’re going to have to learn how to conserve. Not a bad lesson to learn, IMHO.
By KLCtheBookWorm on Aug 3, 2008 | Reply
Stop the tax breaks the oil companies get and we shouldn’t need a windfall tax for more income to the government.
But a second stimulus check is a bad idea. What about spending that money on something like the New Deal programs? Our bridges and other infrastructure need repairs or upgrades, why not create work programs to build and have people earn more money?
By Patrick on Aug 3, 2008 | Reply
Shadox,
I agree - a windfall tax is not the answer. Unfortunately, too many people want to point fingers at the easy target.
I would much prefer reducing the tax breaks and using the money to create jobs and other programs that will help the economy on a more permanent basis.
As for the current economic situation, I think we will get out of it. It just might take awhile. But our culture is largely one of instant gratification, which is a substantial part of why the economy is hurting.
By Dividend Growth Investor on Aug 4, 2008 | Reply
I also disagree that Exxon Mobil should pay a windfall tax. Sure the company returns billions to investors each year. But most of you forget that 52% of XOM stock is owned by institutions and mutual funds, which means that almost anyone who holds a large cap US domestic mutual fund or an etf is an investor in this company.
As for a $1000 stimulus check from Obama, i think that his would be another great way to further stimulate the economy. But how many tax breaks can we really get? Let’s pay the deficit first, shall we?
By Erik on Aug 4, 2008 | Reply
It’s not the answer now, and it wasn’t the answer in may.
Lowering taxes stimulates the economy. People dedicated to getting out of debt and saving more money stimulates the economy. Why? Because they are in a better financial situation, and they’ll have more disposable income to spend or invest someday.
By Dot on Aug 4, 2008 | Reply
As I sit here and read all of the folks that disagree with a second stimulus payment, I have but one question. Did any of you that dont seem to need that extra kickback, refuse the check, or donate it to charity? I know I benefited from it greatly. I dont live on public assistance, work my tail off to support 3 kids and the extra cash flow helped me pay some bills. Besides, if the United States can help other countries because thats our motto, why cant help each other? What ever happened to help our fellow man..some of you act like taxing a company thats already well beyond rich is such a bad thing. Why not have them give back to its own?
By Dan on Aug 5, 2008 | Reply
Sounds like election posturing to me. Obama is doing two things (whether intentional or not):
1. Promoting class warfare: Those mean “Big Oil” companies are making just too much darn money at the expense of the average citizen. In reality, it’s far more complicated than that. But scapegoats are often created to garner a suffering public’s support.
2. Bribing the voters: I’m gonna give every family a 1000 bucks!! Now vote for me!
By SHIRLEY GARY on Aug 12, 2008 | Reply
TODAY I READ WHAT PEOPLE ARE SAYING ABOUT THE SECON STIMLULUS CHECK AND WAS NOT UNDERSTANDING SO MANY DIFFERENT VIEWS BUT NOT FOR THE PEOPLE BUT FOR THEMSELVES. EVERY ONE HAS A VIEW AND A SAY YET ITS THERE SITUATION THEY ARE RESPONDING TO. WHY NOT HELP THE PEOPLE A SECOND CHECK IS SOMETHING TO HELP SOME PEOPLE WHO CAN,T AFFORD THE HIGH GAS AND FOOD AND MEDICAL WHY NOT GIVE A SECOND CHECK DON,T WE AS AMERICANS DESERVE A SECOND CHECK AS THE PEOPLE WHO ARE RAISING ARE GAS AND FOOD AND MEDICAL.
By SHIRLEY GARY on Aug 12, 2008 | Reply
I,M GLAD THAT THERE IS A PERSON LIKE YOU WHO UNDERSTANDS. SO MANY ARE NEGATIVE TO THIS. ARE THEY THE ONES WHO ARE RAISING ARE GAS AND FOOD AND MEDICAL? WE PAY ARE TAXES AND WE HAVE TO LIVE WITH THE INCREASE OF GAS,FOOD AND MEDICAL SO LET THE PEOPLE HAVE A SECOND CHECK.
By Patrick on Aug 12, 2008 | Reply
Shirley,
Thank you for taking the time to comment on my website. I understand your point of view, and I appreciate those who need additional income to combat rising energy and fuel costs. However, this is a temporary measure and will cost the government and future taxpayers more money in the long run. Basically, this is equivalent to the country living on credit cards to finance the life we want, not the life we need.
You can read more about why I believe a second economic stimulus is a bad idea.
By Mary on Aug 21, 2008 | Reply
I think it is a good idea to send out another stimulus check to the American people. In this time of need, we really need some help somewhere.I also think that the oil companies have made enough money off people. It is time they share the wealth a little bit. I hope they are taxed and taxed and taxed again. They are ridiculously rich and they need to realize that they have had huge profits and they need to give everyone a break, and if it means for them to be taxed, then do it. Because due to the high gas prices everything is becoming more costly, and their is only so much you can give up to pay for gas and groceries. If you cant pay alot of your bills because you are having to spend a fortune in gas and heating and groceries, then it is time for someone to help, and I think that if someone would help bring down the costs of oil then other high costs would start to lower.
By Patrick on Aug 26, 2008 | Reply
Mary: Thanks for your comment. I understand the idea that extra money would be helpful to a lot of people, but I don’t think taxing a large company simply because they make a lot of money is the right way to go about it.
Based on Obama’s plan, which I outlined in this article: Do We Need Another Stimulus Check?, the math doesn’t make sense. Obama plans to make permanent tax cuts, but under his plan it will take 5 years to pay for the first year’s worth of cuts. If it takes 5 years to pay for the first year of tax cuts, how will future years be paid?
In this article, Reader Comment: We Need a Second Stimulus Check, I went on to discuss how additional taxes on oil companies will hurt everyone, including consumers at all levels (and not just of oil, but products containing petroleum, and items that require shipping). In addition, this would hurt anyone that holds stock in the oil companies - which is just about everyone in the US that own a mutual fund or 401(k) plan, including many state and government pension plans.
I respect your opinion, but I think this plan is a short sided view by Obama’s campaign and is designed to get votes - not help people.
By Dot on Sep 3, 2008 | Reply
How can we even begin to worry about the future, when we cant even properly afford the present? We are not in the old days where its a normal easy thing to save money for college, vactions, and retirement. We are of the days where its a daily struggle to pay the normal bills. So if Obama sees a better option for now, I think we must go for it, and deal with the future as it comes.
By Karen on Sep 3, 2008 | Reply
So many different views. Now has anyone asked themselves why the government would choose to that particular time of year to send this check out? Do you think the government really wants to be responsible for people dying? Hence Obama saying for 4 months just enough to get through the winter months.
Chances are alot of these checks will go directly to heat. You can save on gas and food pretty easily. Whether you car pool take a bus or find other transportation. We can purchase second hand clothes, we can clip coupons. What we can not do is build a bon fire in our homes.
Lets tax the electric companies, the oil companies, the gas companies. They have all jumped on the ban wagon of getting rich off people. The economy will stabilize they can keep the same prices and they will just help us to get through a rough patch which many face.
The small businesses have suffered for centuries with taxes just making it (or not) did we give them tax cuts? I do not believe so.
Forgive me but if we are taxed out of the woohoo what makes them untouchable?
Maybe as a country we should stop trying to save everyone else and forgiving debt for them. Cash in and get what is ours. We have more of our tax dollars being sent to aid and rebuild other countries as ours crumble.
Why are we bailing out these mortgage companies? Only the strong should survive let them sell off like lots of homeowners are forced to do. Why not give them 2 choices while the country is in crisis all mortgage companies could drop the interest rates to 6 percent for a couple of years. Those with excellent credit down to 3 percent.Let them take the hit. That in itself would give many folks a break to stimulate the economy. Why deal with all the foreclosures and the cost that goes with it? Sometimes I think a little common sense would go a long way. If they choose not to go with that idea and bomb then so be it. Welcome to the small business world.
Just had to vent a bit!
By Rick on Sep 10, 2008 | Reply
I am not much of an economist but I think that taxing the oil companies in order to help the middle and lower class taxpayers is what we need. I believe that, especially this time of year, that $1,000 would be very welcome in most households.
By Kristina on Sep 11, 2008 | Reply
I don’t understand why people think that getting a second check is a bad idea. My family is suffering because of the gas prices and it is only going to get worse with the cold months approaching and electric bills going through the roof. A second check would help with the bills and did anyone remember that Christmas is right around the corner and this check would help families put presents under the tree for their children. I am all for this check and the sooner the better.
By chante on Oct 16, 2008 | Reply
If the Exxon is not tax then who should be tax to help the lower and middle class families.
Should the lower and middle class families be tax more money so they can pay for the stimulus check.
Everyone saying the second check is bad was waiting for the mail man just like the other poor families. Being a mother working hard every day I will love to receive another check so I may catch up on bills and buy my children things that they need. A $1000.00 is not a lot but to a family in need it can greatly help.
I didn’t hear on the news about anyone giving the first stimulus check back, because they felt it wasn’t a good idea. The American people help build schools over seas in other countries. The American people help feed the families that are hungry in other counties but now when The America people is hungry we can’t, don’t want to feel our own; that is stupid. Some might thing Obama is trying to win votes he don’t have to he’s running Against dumb and dumbest. I believe Obama is trying to find away to help the American people and get us out the mess that PRESIDENT BUSH got us in. I know I would greatly appreciate another check.If times keep getting harder the more jobs American people will lose the more houses will be forclosed on the more homeless and hungry people there will be in American. And I know as a mother and a goodhearted child of GOD there is no way I could look in a childs face and see that child go hungry because I don’t think taxing a gas station is right. How do you think the people who own the gas station is living. I bet their not living check to check. But After you lose your job let’s see if you’ll not at the mailbox everyday looking for the second stimulus check,Obama would be the greatest person you knew after you reiceve that check and mow your lights are not getting turn off. I also agree that the money should be used to start more jobs that would be perament but why don’t the government raise min. wage to aleast 10.00 if not more it is impossible to pay rent and eat off of whatr min. wage is. But befor you all say the stimulus check is not a good idea put yourself in the shoes of a child when your mother say theres nothing to eat today you have to wait until tomorrow morning when you go to school to eat. If you have ever been hungry and couldn’t get food fast enough and your stomach hurt so bad you would have pain well a child feel 100 times worst and a child dont understand he can’t eat because we don’t want to take money from a person company who has so much.
Before you down the check please think about not only yourself but children.
By Sandra on Oct 20, 2008 | Reply
I think that another stimulus check would help out alot. The first stimulus check was ok but, this time it would be nice if this one can pay off all my debt!! sooooo, help the needy and not the greedy.
By Qwnbee on Oct 21, 2008 | Reply
I think a second stimulus check would be a good idea. I understand both point of views, but right now people are having real hard times, with high gas prices, rising food cost, high housing cost, ect. A $1000 can help alot of tax-paying Americans.
There are alot of “hard-working” people that are struggling to keep food on the table, a roof over their heads, and put gas in the car just to get to work. I know single mothers working 2 jobs trying to make ends meet. Its also a shame when there is a 2 parent household, both parents working 2 jobs, and still struggling to make ends meet.
We are always having fund raisers and providing govenment aide to outside countries… Now is time to help our own.
By working mother of 2 on Oct 22, 2008 | Reply
Hello all I dont see why almost everyone is against the 2nd stimulus check. I have 1 job and i get the most hours i can get. I almost need a second job just so i can get thsere thing. I dont even make enough to pay my rent or my lights on time. My fiance is on unemployment and he doesnt clear much. So christmas is going to be hard if we even have one. I could use the 2nd stimulus check. And as for the oil companies they have millions and millions if not billions of dollars. So i think obama should make them pay higher taxes.
thanxz, mother of 2
By paul on Oct 22, 2008 | Reply
I think if the government can bail out wallstreet, why not send each american another stimulus check.
By sue on Nov 1, 2008 | Reply
I was just wondering if there is going to be a second check coming out to the public stimulus.
By Diana on Nov 2, 2008 | Reply
I hope Obama gets in and I can’t wait to get that second stimulus in the mail! I am a mother of two and I work full-time. Everything costs more now a days and the rich fat cats at Exxon/Mobile are the least of my concerns and shouldn’t be of anyone else’s either. Do you think they give a crap about you and taking your money at the pump? I think not.
By Patrick on Nov 2, 2008 | Reply
Sue: There has not been an official decision yet on another stimulus check.
By Ginger on Nov 6, 2008 | Reply
A stimulus check would help. But I hope they do their homework before sending them out. When I received the first one I thought would recive the $600 since I’m 72 years old, divorced and still working as an elected official on call 24 hours, my salary is $1,000 a month and my health insurance is provided by the city. I don’t use my Medicare as my primary insurance, it is used as my secondary insurance. When my check came it was for $300. Don’t get me wrong every little bit helps, but when you pay someone $600 that sat in jail for a year and a half, I don’t think thats fair. When you pay someone $600 that works the same as you, but draws more SS and her husband’s retirement check, I don’t think thats fair. Give the stimlulus check to those that need it.
Thank you,
Ginger
By Patrick on Nov 6, 2008 | Reply
Ginger: The stimulus checks are based on taxable income, not on need. Though I understand your viewpoint. I’m not sure if we will see another stimulus check or not, but there is a decent chance that we will. I will be sure to write about it if we do.
By Ciara on Nov 7, 2008 | Reply
I’m all for receiving a 2nd stimulus check. I’m only 21 and for real I really don’t understand all this tax talk but I do know that $1000 in my pocket would be right on point.
I can say that if the oil companies are making close to $1500 a second they should want to give us working people a piece of that money once a year anyway just to thank us for letting them scam us.
By David on Nov 7, 2008 | Reply
When will they start sending out the next round of stimulus checks? If any one knows, would you post this info. Thanks
By Patrick on Nov 7, 2008 | Reply
David, the government hasn’t passed a second stimulus check at this time. If one is passed, I will be sure to write about it.
By Anne on Nov 9, 2008 | Reply
I recently wrote to CNN to check into this matter.
There was a whole group of people left out of the distrabution of the stimulus checks. Every child the age of 17 on last years taxes.
Not only were they left out of that, they are no longer a qualified child on their parents taxes.
This is a large group !!!!!!!
How unfair to not include every senior in the country in this. Just when expenses are high in their senior year, to preparing for their college. They are penalized.
Where is justace?
By momof6 on Nov 14, 2008 | Reply
I strongly agree. We are a working family with six sons and our money is very tight. I used the stimulas check to pay some of my bills.
I think it would be a great idea
By Ginny on Nov 14, 2008 | Reply
I would love to have another stimulus check. I know it won’t help forever, but the thought of keeping our heads above water for now would be nice.
But, if I owned a successful company and was the one made to pay for everyones check I probably wouldn’t like it a whole lot-that is if I was selfish and greedy.
There is only so much money a person needs, and being a successful company deserves the right to have a bit of the high life and frills-no doubt. It’s just that the average joes out there in the real world need it a lot more than those gas folks.
By joanne on Nov 15, 2008 | Reply
i think a second stimilus check is a great idea,it might not help us that much,but it will help!
By SANDY on Nov 15, 2008 | Reply
I HOPE WE GET ANOTHER STIMULAS’S PAYMENT. I HAVE DAUGHTER WHO IS 19 YRS OLD WHO IS IN COLLEGE AND I’M SINGLE MOM AND WORKING TRYING TO PAY BILLS AND TRYING TO HELP PAY FOR HER RENT AND HELP HER WITH HER GAS AND FOOD BECAUSE SHE CAN’T WORK OTHER WISE SHE WOULDN’T GET A GRANT TO HELP HER WITH HER SCHOOLING BUT I GET TO CLAIM HER UNTIL SHE IS 25? BUT DON’T GET CREDIT OR STIMULA’S CHECK FOR HER AND SHE TRAVE 4HOURS 1 WAY TO GO TO COLLEGE.I DON’T HOW I’M GOING TO HAVE CHRISTMAS PAYING ALL OF MY AND HER BILLS. THIS VERY HARD TO DO. I WISH I COULD TELL HER TO QUIT SCHOOL BECAUSE I CAN;T DO THIS ANYMORE THIS IS JUST TO HARD FOR ME.
By Military Wife on Nov 18, 2008 | Reply
I am all for the second stimulus check. I am a military spouse and also a mother of three and we are just making it but with Christmas just around the corner it is going to be hard. We have one income in our house and it is hard even being in the miitary. We can all use that extra money at this time of year when everything is high priced and no matter what you do for work everyone can find good use for that check no matter if they disagree with it or not. If you disagree with the check and what Obama does he is just trying to boost our economy and help needing families in a real time of need.