Last week, Congress passed a $700 billion bailout of the financial industry. By most accounts this isn’t fixing our economy, but is merely shoring up its losses. If a recent Harris Poll is any indication, the economic stimulus plan enacted earlier this year, in the form of $300 rebate checks, has had a similar effect. It found that two-thirds of economic stimulus checks were put toward credit card payments and savings. Although it’s too early to tell if the original stimulus plan has had much of an effect on the economy, some have suggested we send out a second round of rebate checks.
Do you think this would have a positive effect on the economy, or will it merely offset the rising cost of commodities like fuel and food while we sink even deeper into debt? What are your thoughts in the wake of our government’s record setting bailout?
--Cody
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As an individual, I always love having extra cash, who doesn't? But as a member of a larger society on the verge of meltdown...I don't see how fattening up my savings account is going to do much for the greater good, not when there are people desperate for jobs and others who can't afford to feed their kids. Put the money where it's needed!
Hi Sarah. It is a bit of a conundrum when you think about it that way. Keep in mind that this post was for the stimulus checks everyone received in 2008. The stimulus bill that Obama just signed is much bigger, and a large part is focused on job creation. Hopefully the money will get to where it's needed most. Thanks for your comment!
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