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Thread: Another Economic Stimulus Check?

  1. #1

    Question Another Economic Stimulus Check?

    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.


  2. #2


    Your son still would have gotten a partial check last year for $300. And the tax rebate program from last year is for returns from 07 and 08. If you only qualified for a small amount last year and this year you could get a larger amount, you will recieve the difference between the two.

  3. #3


    Thanks for the info, newguy. I'll have to check into that. I've done my own taxes for many years and I know for '07 the tax law was very specific about people who filed but were claimed as a dependent by someone else. They were not eligible for any portion of the rebate for that tax year. I hope he can get something back via his '08 return, plus he'll be eligible for the new rebate. Have to do some additional reading up on this...


  4. #4


    Eh, I hope not. I mean, I'm not going to lie, I liked getting a check for ~$315 last year. But the whole point was that we were supposed to go blow it on something nice. Well, at the time I didn't have much cash on hand and so it mainly went to paying down a credit card and buying food.

    My financial situation this year is significantly improved, however, I still don't see myself going out and indiscriminately blowing it on something. Although, it would be a nice excuse to get a new laptop like I've been wanting for a while .

    The real problem is that it costs a f*ckton, and really doesn't accomplish much. Like last time.. they sent out letters to everyone who was getting a check just to say it was on the way. Talk about a waste of money! Even just mailing the checks will be quite expensive. And I think the people who need the money most are going to use it for bare essentials like paying credit cards, and for the people who don't need it it'll just be a little extra cash which won't make much difference.

    A few hundred clams of our money back is a nice treat, but c'mon, all and all it's still a drop in the bucket.

  5. #5


    I filed as a dependent last year, and still recieved the $300 rebate. I dunno, there were special tax laws applying to me though with a lot of my pay from my time on active duty.

  6. #6


    I assume those of us still living with parents without jobs will not receive anything?

  7. #7


    If you don't have a job, then why would you receive something? . I mean, in that case you didn't pay any income taxes in the first place.

  8. #8


    If you are still claimed as a dependent on a parents return, regardless of if you live with them or made money or owe taxes, you will not see a penny of this refund.

    Actually, it as far as just having a job, or a tangent to that, actually having enough of an income to owe taxes, you might still be able get money depending on the exact terms of the refund, there has been talk about making it so you can actually get the money even if you qualify for an exemption from any personal income taxes.

  9. #9


    Seriously think about this, what would be a good way to stimulate the economy, spend money right? Do you know who spends a shit ton of money? Stupid teenagers that is who. So give us money, and we'll fix this fast as hell, unlike either smart, (Save the money,) or poor, (Use the money to pay for needs,) or the rich (do nothing with the money.)

    The chances of a teen blowing the money on stuff is much greater than any adult. This is why the government is fail, they can't think in simple terms. Always over-thinking.

  10. #10


    I really don't believe sending checks out like this helps anyone. It's not enough to put a dent in your debt, and not much to save. People just blow it on something they want. So yeah, it gives your GDP a little bump, but it has no long term value.

    You want to help the economy? Buy the mortgages of the people on the edge of foreclosure, give them an interest rate they can afford, reduce their principal if it's hugely over market value, and let them stay solvent. Then make the banks pay the difference over the next couple decades. Sure some of them scammed the banks, but the banks like loansharks scammed a lot of them too.

    I do agree with Obama's make-work projects, because much of America's infrastructure is getting pretty old. Upgrading it will pay dividends eventually, and it'll keep people employed and solvent.

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