One thing that has been lost in all of this coverage, however, is the fact that the possibility of a second stimulus check has effectively been rendered impossible because of the $700 billion bailout.
Lost in all the coverage of the $700 Billion Bailout Package was news that Congress last last week shelved a bill that would have started the wheels turning on a 2nd Economic Stimulus Check this fall.
The biggest reason is that with Congress grappling with how to fund a $700 Billion financial rescue plan, no one had the time or stomach to find funding for another $50 Billion in Rebate Checks for Taxpayers.
It’s conceivable the plan could be resurrected before the end of the year, but the Bush Administration has expressed no support for a 2nd Stimulus at any point, and Democratic support appears to be waning due to the incredible cost of the financial bailout.
Doesn’t that Stink? Wall Street fails, so our hopes for another rebate check to help pay for gas and groceries goes out the window.
The bill that was blocked by Senate Republicans last week would have pushed $56 billion in government funds into the economy through infrastructure improvements, extended unemployment benefits and money for states struggling with their Medicaid bills. Some have suggested that this bill was a first step towards a possible second stimulus check which could have been proposed next year if Obama was elected. Republicans questioned the actual benefit of the new stimulus package:
Spending billions of taxpayer dollars on programs and projects that will do little, if anything, to stimulate the economy is simply not the way to dig out of our economic troubles,” said California Rep. Jerry Lewis, top Republican on the Appropriations Committee.
So don’t get your hopes up on getting a second stimulus check. In my opinion it’s a better to not depend on government to give you money, and instead look for ways to create your own increased income. Check out a few of my articles that can help you do just that:
- Create your own stimulus check
- A guide to making money using Cash Crate
- 5 ways to make some extra money
Mr. ToughMoneyLove says
We don’t need any more stimulus for consumers to spend for spending sake or borrow. We need businesses to have access to credit so they can operate, grow, and hire people. That’s what I am hoping for in the package being considered.
Mr. ToughMoneyLoves last blog post..Liquidity Conflict in the U.S. Economy – Spenders vs. Savers
I agree that we don’t need another stimulus check, and I’m glad another one won’t pass. I on the other hand am not so sure we need the bailout.. Short term solution to a long term problem that won’t really solve anything.
clyde grimm says
The government is going to give money away, and bailing out the big 3 is wrong , bailing out banks is wrong. We made these industries rich. Give the money back to american taxpayers.
THANK YOU WASHINGTON (EG. MR. CLINTON) FOR THE FAIR TRADE ACT…
i think that we need another stimulus check. There is alot of people that lost jobs and they need it and they have kids. You can go and apply for help and they still want help you. i have done tried to get some help and they told me that i still made to much on my unemployment. well that little check want pay all of the bills and get grocery. i have to do with out so my kids can have. thanks
clyde grimm says
melissa, the government wants you to sell all you have , run out of unemployment benefits and live on the street and then they’ll give you a bowl of soup.
clyde grimm says
I am getting really tired of hearing congress talk in circles about fixing the economy. Throwing money at to top, who american taxpayers have made rich, the banks and car dealers, is absolutlty the most stupidest thing we can do. If the United States is going to continue being free, all $700 billion, if any, should be put in the pockets of the american people ,who again will spend and the funds will end up at the top anyway. Forget bailout! forget $1200 stimulas checks! foget $15000 stimulas checks! the only way anything will work is to get the american people out of debt. If it wasnt to us, the big Three never would have have multi million $ annual incomes.. You can build a house from the top down. America needs a good foundation. By clearing our debt the banks get paid, we’ll feel better about buying new cars and the auto industry is back. Lets start at the bottom. yell it out. its the only way.
I think we should get another one. So many people have lost jobs and need money to pay their bills.I hope they give one out.
LAWRENCE COLLINS says
I recieve a social; security dissability check once a month. i wish i could work but physically i can not.any extra $$$ woils sure help as i am existing month to month.halfway thru the month i am broke waiting for my next SS payment. i’m sure many like me are out there.
If the government is going to bail out companies as rich as Ford, then they need to bail out everyone who has taken a pay cut or lost their job. How can they say that bailing them out will help when the consumer will not see a dime of it? The consumers are what drives the economy and if we don’t have the money to spend, it doesn’t matter how much money you give the rich guys. Are the politicians serious?
i would like to know if the ssi people are going to get the second stimlus checks and how much are we going to get too