President Bush announced on Friday that the tax rebates will start reaching consumer accounts via direct deposit on Monday.
In early March Bush said:
…when the money reaches the American people, we expect they will use it to boost consumer spending, and that will spur job creation, as well.
Things changed quite a bit in the seven weeks since then. Gas prices went way up, thousands more homes wer lost to forclosures, thousands more people lost their jobs, and some food items become scarce, so food prices went up.
Bush’s message on Friday was quite a bit less optimistic:
“The money’s going to help Americans offset the high prices we’re seeing at the gas pump and the grocery store and it will also give our economy a boost to help us pull out of this economic slowdown.”
Retailers don’t want you to save that money for a rainy day, they want you to spend it now.
Sears Holdings Corp., which owns Sears and Kmart, and the Kroger Co., Fry’s parent, this week announced national campaigns that will allow shoppers to exchange their stimulus checks for store gift cards worth the amount plus an additional 10 percent.
“The average family of four spends between $105 and $235 per week on food purchased at a store and prepared at home,” Jon Flora, president of Fry’s, said in a statement Wednesday.
“We are excited about the opportunity to touch the lives of millions of families across the state by helping them extend their household budgets.”
Kim Picciola, a financial analyst for Morningstar, said, “We might see other retailers try to do something similar.”
Sears Holdings Corp., which owns Sears and Kmart, and the Kroger Co., Fry’s parent, this week announced national campaigns that will allow shoppers to exchange their stimulus checks for store gift cards worth the amount plus an additional 10 percent.
“The average family of four spends between $105 and $235 per week on food purchased at a store and prepared at home,” Jon Flora, president of Fry’s, said in a statement Wednesday.
“We are excited about the opportunity to touch the lives of millions of families across the state by helping them extend their household budgets.”
Kim Picciola, a financial analyst for Morningstar, said, “We might see other retailers try to do something similar.”
Let’s all just spend our way out of this mess. Go buy yourself some junk and put it on your kids’ federal credit card.
During the Christine Gregoire 2008 campagn launch today at the Westin, Jenny Durkan (Gregoire confidant and legal advisor) offered some advice to us on this subject. She suggested we follow GW’s advise and use the money loaned to us by the next generation (my editorial) to do something valuable for the country……..split the money to Gregoire for Governor and (your choice here) for President.
I suggest you do this now:
http://www.chrisgregoire.com/
133 votes people – that’s all that stood between us and an f’n used car salesman governor (watch the video on the page)
By the way, here’s what I think: Bill Richardson would make a great vice presidential running mate (for man or woman)
I’m personally very lacking in confidence regarding the economy of the next 9 months. Seeing as how I’m currently unemployed, just bought a house, and just had a child, I’ll be putting this money into a savings account.