People need to know – “will I get another check?”
If the amount of search traffic coming to this blog is any indication, people NEED to know if there is going to be another stimulus check coming their way in the coming months. My guess is probably not. In the next year? Maybe.
Indications are from the Obama campaign that they would like to give us another stimulus check which is paid for by “windfall profits” from big oil. Other infrastructure improvements (including rebuilding roads, repairing bridges, and repairing schools) included in the plan don’t have a clear funding source, but somewhere taxes will probably have to be raised. The question is – on who? To download a copy of his “Emergency Economic Plan”, click the link below for the .pdf.
Stimulus Plan (48.14 KB)The McCain campaign on the other hand hasn’t committed to any type of a stimulus check, saying that it won’t solve the problems we’re facing:
“The problems facing this economy are pretty easy to identify, energy prices are high and rising. Writing checks doesn’t do anything to solve that problem.”
So don’t expect to see another check if McCain is elected. Tax cuts? Maybe.
5.2 Million Checks From First Rebate Still Not Claimed
The IRS announced last week that 5.2 Million Americans haven’t claimed their first stimulus check. These are generally people who have not yet filed their 2007 tax return, which is necessary to file before receiving a check. If you are one of those people, you have until October 15, 2008 to file the Form 1040A. Get your form at www.IRS.gov. You don’t want to miss out now do you? So go fill out your 1040A!
Roundup of Stimulus Check Links
Here is a roundup of the opinions and news I’ve been reading around the web in regards to another stimulus check:
- Do we need another stimulus check @ cashmoneylife.com
- Obama’s Emergency Economic Plan @ Politico.com
- Another Economic Stimulus Check Could Ultimately Hurt the Economy @ Frugaldad.com
- The check is NOT in the mail @ taxgirl.com
- Stimulus checks: Second time’s the charm @ thegearedinvestor.com
- A second check? Thanks but no thanks @ thatonecaveman.com
- Another Stimulus Check? Perhaps. @ bargaineering.com
- Get two checks? Don’t cash it unless you’re entitled @ marketwatch.com
- Say no to a second stimulus check @ moolanomy.com
- Did the check help? What about a second @ freefrombroke.com
- What are the experts saying about a second stimulus? @ mydd.com
- Is the second time around really the charm? @ bizchicksrule.com
- Views of a second stimulus bill @ gregmankiw.blogspot.com
- Are we getting another stimulus check? @ allbusiness.com
- Second round of checks coming up @ fivecentnickel.com
- Get a stimulus check every year @ blogs.moneycentral.msn.com
- How to spend your stimulus check wisely @ thinkyourwaytowealth.com
What is your opinion on a second stimulus check? Will it help or hurt the economy? Would you rather see tax cuts or a stimulus check?
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“Obama campaign that they would like to give us another stimulus check which is paid for by “windfall profits” from big oil.”
I love it! How is he going to pull that one off? Trying to force worldwide held companies to just give us their profits…doesn’t Obama realize that the big oil companies, if they did pay, would just increase their prices even further to offset the costs? I am getting tired of Obama’s idea’s on how he is going to take away money from “big oil”. It is just a ploy to get votes because a man in his position knows fully well that the more you tax big companies…the more the price increases for consumers.
Is there a great answer for any of this? Not that I have seen yet…I just want some answers that are good for the economy even if they aren’t good for votes.
Robb Sutton (198)s last blog post..Wrenching = Meditation
I personally don’t believe a second stimulus check would accomplish much other than mortgaging our future. Obama’s plan calls for a permanent tax cut that will send a “rebate” of $500 to singles and $1,000 to couples. He plans to pay for it with windfall taxes on oil companies that will be spread out over 5 years.
What I don’t understand is that if the tax cuts are permanent and it takes 5 years to pay for the first year’s rebates, how do you pay for the subsequent tax shortfalls year after year?
I read Obama’s plan and I am not impressed.
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Taxes are like water – they always flow downhill. Every tax you assess on business eventually finds its way into the price customer’s pay. By taxing these so-called “windfall profits” (which aren’t all that large in terms of percentage), Obama’s plan will cost us more individually than the check he would hope to use to buy our votes.
I didn’t think the first economic stimulus check was a good idea, and second one isn’t any better. Seriously? Throwing more money at a money problem? The other issue is that the stimulus checks just encourage us to perpetuate an economy based on consumerism and debt. Neither of these things is good for individuals (which is why, as a nation, our savings rate is so low).
Also, thanks for mentioning my post on AllBusiness
It’s an election year. We’re going to hear a lot of interesting things. Do we need a second check? Like Patrick said above it would only mortgage our future. If it were a plan to pump up the economy such as extended unemployment or work programs then I can see that helping but the money still has to come from somewhere. I’m not sure big oil will be so happy to give up their profits.
Why stop with “big oil” companies, Mr. Obama? Let’s just tax every company with profits over an amount we aren’t comfortable with and use that to transfer wealth to private citizens. After all, those “record profits” are only increasing shareholder value for the millions of people who own stock inside mutual funds and retirement accounts around the country. This is a slippery slope which leads directly to the kind of socialistic environment that has collapsed many economies around the world.
Frugal Dads last blog post..How to Go Broke Being Frugal
Boy do I hope not, the first one was ridiculous enough!
And FD, while I agree in principle about taxing every company and handing it out, it’s not like our capitalist system has been a rousing success of late…
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If the government really had to spend the money, I think it would have been wiser to offer more tax credits for alternative energy investment and energy efficient home improvements.
how good are checks? Especially when you do nothing for them
This is how I earn my living. Receiving checks for doing barely anything
I really hope we don’t get more. Isn’t that wierd, I am wishing to not recive money. I know it’s our tax money, but we will have to pay the taxes anyway and it will go somewhere regardless, so why not in my bank.
I guess we need to keep looking and working for better ideas..
http://spillingbuckets.blogspot.com/2008/08/4-things-that-we-can-do-to-fix-our.html
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I don’t believe a second stimulus check will do any good for our economy. It is yet another bandaid method that should be avoided.
I think a second stimulus package would help the economy if it is sent out before Christmas. Personally I would be likely to spend at least most of it on Christmas presents and only a small portion to catch up on some bills. However if it arrives after the first of the year, I am more likely to spend most on bills, and put a large portion in savings.
i feel the same way you do i feel that a second check would be helping the economy and also helping thousands of families all over the country in a big way . but then you got all those rich snobby people out there going against this how about they give some of there money to us and then see how it feels to struggle
I couldent have said it better myself!!!
ME EITHER<they just took my social security checks away, so i’ll be homeless soon.
Well for those of us who are struggeling, and raising our kids, while working very hard and still buy food and cannot get any help because we are told we make too much money, even though the there is hardley enough money to buy food, A second stimulous check would be a blessing. And I think Obama Is going to be a fantastic President!!!
I’m with Dorthy! I know alot of hard working single moms and regular families that could use this second check. I really hope we get it…but hope if it does happen it wont be like last time. We all thought it would be 600 for adults and 300 per child. But in fact it was 300 for myself and 300 for my daughter. Then my 77 yr old disabled dad that I help take care of got a big ol 0…Just another lie from Bush. I will be glad when Jan. 20th gets here!
I think it would be really great if we received a stimulus check this year as well so that families like mine can catch up on those late bills because it gets really hard to be able to afford lots of stuff specially after having a baby so i just wanted to know are we really getting a stimulus check does anyone know for sure?
@Rene’ – I understand how you feel, however, have to remember that Bush wanted to get it done before he left office… Only Congress (yes our own senators) would have to pass it. So a lie hmm maybe… just remember your daughter will be paying for this mistake…
but anyway, now that the “bill” has passed they go there way and our taxes will be going on in the next several years. So that they can blame it on the previous Pres saying if we didn’t it would have been worse, and that the ones who were against it were the repubs so cry to them thing…. oh yeah we will be looking forward to that. Oh yes, the better road will sure help me and my family have a better life, better job, and create a better job for me… oh wait it has been changed to saving the jobs now oh yeah, what a crock…saving the jobs now… hmmm oh boy oh boy what more lines can they come up with… I guess we will only wait and see…
I am tired of waiting, of watching prices soar while jobs disappear and everyone works for peanuts, while the few have every thing and done nothing because they just take take take from the working class. It is time for us as americans to stop waiting for someone to fix the problem and do something about the problem ourselfs. start walking, stop supporting oil companies and all the other big profit organizations. Tobacco is another one. stop smoking for a year or two. stop driving for 3 months. I know, it sounds crazy right? try it for a week, and watch the results. Why do you think gas came back down in the first place? It is time we as people do something, anything. The government isn’t doing nothing and the president is a puppet. they all lie, and we all suffer for it. Pull together, everyone talk about it and then do something.