So today's the day -- those "economic stimulus" tax refunds should start arriving in some bank accounts.
My reaction? Whoopee.
Now don't get me wrong -- it's GREAT that we will have a little extra $$ this month. But we aren't going to spend it. Our extra refund is going right into the bank and it's gonna sit there, only to be used when the ol' checking account gets a little low and we need to make a transfer.
I'm rather certain that is NOT what the government had in mind when it came up with this tax refund idea.
You know, this is being hailed as a way to jump start our ever-failing economy. But really, with gas prices going up daily and food prices nearing record highs...how many people are REALLY going to use their money to buy a big screen TV or a new pair of designer shoes?
It used to cost me about $85 a week for groceries. Now, it's at least $110-$115. I actually am giddy on those weeks when my bill is $90 or less. Gas...well that used to be somewhat reasonable too. I had 60 cents off per gallon at Giant Eagle yesterday and it still cost me $38 to fill up my car.
With prices like that, there is no way that I can justify using this stimulus check on luxury items or dinners out on the town. We have to save it -- it's just that simple.
They said today that this is the worst economic forecast in 30 years. Well that's just freakin' great. And the boneheads in D.C. actually believe this little checks are going to help? Doubtful.
If the government really wants to fix the economy, how about finding a way to fix the gas prices first and foremost. I just really want someone to explain to me (1) why it's going to cost me $4 a gallon to fill up and (2) why it's OK for the gas companies to keep making BILLIONS while the rest of us are pinching every penny we have to get by.
Every single day there is more depressing news about the economy. I just wonder how long this can go on before we no longer have a middle class and things start getting rationed? [For the record: Sam's Club and Costco have already put a limit on the amount of 20 pound bags of rice you can buy at one time --- there is a 4 bag limit per person. Yeah, that's right. A ration on food. Scary.]
And so, with all those happy thoughts....what are your plans for your stimulus check?
This whole thing just scares me. The government really needs to figure things out.
ReplyDeleteWe are most likely using some of it to put some more electrical outlets in our basement. We have two outlets which is not nearly enough. We didn't want to spend money for this, but it is something we really need for our basement...our outlets currently look like fire hazards now.
The rest will just go into savings. I could not even justify spending that on a TV or clothes or fun things b/c we really need that money for the basics. We didn't get a refund b/c I was unemployed, so this money will just be nice to have in our savings account.
Most of it will just go into the bank, but I am going to buy Ms. Bee some new clothes.
ReplyDeleteGas and food prices are what's hurting the economy. An extra little bit of money might just buy people a little more time on their bills right now... not give them an excuse to buy something extra.
Jon Stewart said it perfectly. He was discussing how when President Bush announced these checks, he said that he wanted the checks to help people get ahead in mortgages, spent to boost the economy, etc. $400 to $600 is supposed to help with mortgages? Ummm... hello?
ReplyDeleteT&I were talking about this a bit this evening and he made a good point. This money is coming out of thin air. They are making this money for the main purpose that we will spend it.
ReplyDeleteWell many people are hurting and may not spend it the way the government would like and if the money doesn't go back in the economy could this hurt us more? I am not saying we should spend it, but it makes you think. If we are putting ourselves further in debt to try to get our selves out of a recession...how does that work?!?! Couldn't we be taking a risk with that, that could potentially hurt us more?
K. yeah, the check will pay for one month mortgage and some gas...way to get a head! ;)
We're saving it. I wish we were doing something fun with it, but financial peace of mind is actually quite enjoyable at this stage in my life.
ReplyDeleteI am going to put it towards a laptop. I figure that is an investment of sorts but also a purchase and something I have been wanting.
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