From what little I've heard about the details of Obama's economic recovery package, it sounds like every taxpayer will receive $500. Has anyone heard whether it will be contingent on adjusted gross income like the last one, with the $500 reducing down to $0 as income level increases over a certain amount? I pretty much missed out on the last one because I had just come off a year where I was receiving severance from my employer, a full time salary from another, plus pension income. As a result, my stimulus check was a whopping $56.
My son also missed the last one because he was still claimed as a dependent on my income. This year he's on his own, so he'll benefit from the next one if and when it comes.
I believe Obama is trying to help jumpstart the economy, partly with this new rebate, but I'm very skeptical the checks sent out will do much more than the last ones did. Maybe a slight uptick and little more. It's certainly not enough toconvince me to rush out and buy (go into debt for) a new car that will take 5 years or more to pay off. Too many people, and more added by the month, are still on too shaky ground to do anything with the money except hang onto it for perceived rockier times ahead, or pay off some of their existing creditors to get them off their back.
What would I do with my check? Dunno, to be honest. Probably some will go in the savings account and some in my checking for any *needs* that might come along. It's definitely not going to get blown on stuff I really don't need. My work is based on contracts now, so the more I can sock away the better off I'll be when there's no contract work available which can happen quite unexpectedly.