Say No To A Second Stimulus Check

By Pinyo, on July 22, 2008

Before I start, I should say that the first economic stimulus check did come in handy. There were a couple of big bills that were piling up, and the stimulus check stopped me from digging into my margin account. However, I am not too thrill about the possibility of getting a second economic stimulus check.

Economic Stimulus Check
Photo by NickStarr via Flickr

Whenever I hear other people talk about another stimulus check, it reminds me of the Chinese proverb:

Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.

Why Another Stimulus Check Is A Bad Idea?

By handing out these checks, I think our government is just trying to keep us happy; instead of doing the right thing. Some of you may ask: what’s so bad about getting free money from the government? First, we should realize that there is no such thing as free money. That money has to come from somewhere. You may not see it immediately, but handing out money now could mean getting less somewhere else later (e.g., infrastructure, social programs, education, environment, etc.), or it could mean higher taxes down the road, or it could result in inflation.

Instead of handing out money to stimulate the economy, the government should be doing things that matter — teach us how to fish. Here are some ideas:

Cut unnecessary spendings here and especially abroad. I am not going to mention the various “We Are Right” problems, but it’s obvious we are spending money in the wrong places.
Take steps toward reducing the U.S. trade deficit. While we are spending our money on imports, other countries are buying up pieces of America (be sure to follow this link and you’ll be amazed). Perhaps we need to rethink the word PATRIOTISM.
Spend money on educating the American public on better money management and economic theories. To me, it’s mind boggling that money management classes are not offered in high school. Personally, I feel that money management is more vital than classes like art, language and literature, and a few others; especially considering that many students do not go on to college and would find money management skills a lot more useful that something like art.

Okay, enough with the politics and let’s focus on what we can do. As Pete from Bible Money Matters said, “Another stimulus check? Maybe, but why not just create your own?” Here, Pete offers 10 ways to create your own stimulus check. If you are looking at more ideas, here are 22 Money Maximizing Moves You Can Do Today and more than 40 resources and ideas on building alternative streams of income. Instead of waiting for another economic stimulus check, you can learn to manage your money better and make the most of what you already have, or simply earn more money — create your own economic stimulus check!

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Pinyo is the brain behind Moolanomy personal finance blog and a few other web sites. If you like this article, please subscribe for free daily email updates.

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88 Comments

FFB
July 22, 2008, 9:08

It’s insane that there’s talk of a second check already. It must be all politics with an election coming up. The Fed can’t even determine yet if the first checks had a big impact. Truth is we really don’t want a second check since that money comes out of taxes anyway. It just means we can look forward to paying more in the future!
Jason
July 22, 2008, 9:10

You make a great point regarding supposed “free money” from the “government.” We are the government! Taxpayers are footing the bill for these checks.

I predicted another stimulus check on my blog a few weeks ago, because I knew the first round of checks would not be enough to stimulate the economy. I figured most people would save it, or put it on debt balances, which it seems many of us did (myself included). Perhaps a second round would more likely be spent rather than saved, but I say let the markets correct themselves over time rather than artificially inflating spending.
Me
July 22, 2008, 9:21

kudos on thinking outside the box…great article!
Pete @ biblemoneymatters
July 22, 2008, 9:28

Thanks for linking my article Pinyo..

As mentioned above, there is no such thing as “free money” although for some people who are getting the rebates that don’t pay taxes, it may feel like it.

I can’t say that I would turn down the money if it was to come my way, but I also can’t say I’m for more of these stimulus checks. I’m not convinced they’re really doing anything except buying votes for the upcoming elections.

Let’s let the markets correct themselves like Jason says.
John Forman
July 22, 2008, 9:35

You want to see how much damage the last stimulus package may have done? Check out the charts here: Crude Oil Prices and the Economic Stimulus Package
David
July 22, 2008, 9:49

I could not agree more…like the first one was not bad enough! Now they want us to owe them for 2 checks? No thanks…
Patrick
July 22, 2008, 9:59

I think too many people expect the government to take care of them and give them money and other aid. That isn’t the way it works, nor should it be the way it works. I wasn’t a fan of the first stimulus check from the standpoint that it isn’t enough money to stimulate the economy – especially as we are mortgaging our future to get it now. A second check? That is even less attractive.
Ryan McLean
July 22, 2008, 10:20

Maybe they should put the money into better government health care, or international aid or something instead of giving it to the people who already paid their taxes anyway.

Or instead of giving out more cheques just get us to pay less taxes
Four Pillars
July 22, 2008, 10:24

Another factor is the cost of creating a second check. It would have been smarter to just increase the first stimulus check if that was necessary.

Mike
Michael
July 22, 2008, 10:29

This whole concept is so ridiculous.

I am not a big fan of socialist plans, but it makes more sense to me to make people work for the stimulus money.

What does more for America? Giving people $1200 to spend on a TV or vacation or spending that money hiring people to build a road or a school. At least the taxpayers get something out of the New Deal type scenario as opposed to just encouraging people to sit on their butt.
Curt
July 22, 2008, 10:31

We cannot say no to a second stimulus check because the Fed Reserve leaders are not elected officials. They can create ten stimulus checks if they want to, and congress is sure to go along with them in an election year.

Ron Paul was right, the Fed Reserve is the biggest taxer in the entire world, by continuing to increase the money supply – they are inflating away our debt. If they increase the money supply by 3 trillion dollars in the next few years, our national debt of 9 trillion will be reduced in value by 30%, while everyone invested in dollars or dollar based assets will lose 30% of their purchasing power.

–Got gold?
Jeff
July 22, 2008, 10:48

I don’t know what your problem is. I think that the government has a DUTY to ensure that I can afford the new iPhone, without it there would be no way for me to be cool.
chris
July 22, 2008, 10:58

Didn’t like the first one and certainly don’t like the idea of the second one. What I find odd in this economy, is the lack of talk about what we, as a country, are PRODUCING! It is all about consumer economy. What of substance do we produce for others to consume. Heck, other countries are consuming ours, by buying it up. Soon, almost all of what we have of value, including our land, will be owned by other countries. Welcome to the “melting pot.”
hank
July 22, 2008, 11:49

Oh, I agree that we shouldn’t be giving out the $ and spending it elsewhere as we’re already pretty deep in depth, but I wrote an article earlier this month that might have some legitimacy here. It basically finds that the it may be a little bit of bait to catch a bigger fish for them as you need to fill out a 1040A or EZ form to be eligible – is it worth it though? Might be…

We spent roughly 150 billion dollars on stimulus checks this year. That’s a lot of money yea? Well, considering that there are amount taxpayers are skipping out on paying is over 400 billion dollars, it may be worth it to the government to send out 1 check, but I’m not sure about this second – even at 300 billion you’re ahead if you can catch most of the cunning criminals, but like in Vegas, I’d quit while I was ahead!
The Happy Rock
July 22, 2008, 12:07

Pinyo,

I haven’t totally thought through the ramifications, but I would love to see the government spend stuff like bailout money on education. Not education that forces and opinion, but education that helps create dialogue about ideas that move us forward. Education that empowers the citizens to take control, not the government. Ultimately government should be trying to work themselves out of a job in a sense.

Not obviously in the age of rampant aggressive political divisiveness it becomes tougher, but that is another thing that needs positive dialogue.
No Debt Plan
July 22, 2008, 12:20

I agree with you about the 2nd check. I disagree on some points of “teaching us to fish”.

Yes, we should stop spending billions abroad. I’m with you there.

I disagree on the imports. Trade deficits essentially mean that other countries are willing to sell us goods for really cheap. Think flat screen TVs, Toyotas, etc. We could make them here, but the price would be higher.

I think a massive upgrade in our infrastructure is needed as seen by some of the unfortunate bridge collapses in the past year. Start up a new “New Deal” to hire Americans to do this work and stimulate the economy that way through the trickle down effect.
Rosemary
July 22, 2008, 12:34

This is not free money from the government!! And it is not a present. This is an ADVANCE on your income tax for next year. The income tax schedules will be adjusted for these stimulus checks. It’s really just a loan from the government.
Mrs. Micah
July 22, 2008, 13:22

One wonders when they’d stop. If the first one didn’t work…yeah.

Speaking of spending abroad…the US gave $2 billion to Israel last year. I know there are trillions at play here, but that seems like one place where they could cut costs. As I understand it, Israel gets more US dollars than any other country. I’m not entirely sure why the US gives away money it doesn’t have to other people anyway, but I expect they could cut a lot of that out.

And NASA. I’m sorry, but even if one could classify foreign spending as important to national security, a lot of NASA just isn’t necessary. It’s nice, it’s pretty awesome, but if the country doesn’t have enough money for things on our own planet, I think we should fix those first. If there’s a surplus, no deficit, and key public things like schools, roads, whatnot are taken care of…then let’s talk about space again.
Michael
July 22, 2008, 14:37

Good one Jeff. They will probably offer stimulus check cashing at the Apple Stores.
Peter Calloway
July 22, 2008, 14:44

You are a hypocrite. I figured that out in your first sentence. You can’t say that it’s ridiculous we may be getting a second stimulus check, buuuuuuttttt, the first one was pretty handy, I had some bills piling up. That’s absolutely ridiculous, for obvious reasons.
The Happy Rock
July 22, 2008, 14:49

@Rosemary – I didn’t find any support for this money actually being a rebate when I researched it a while back. It really seemed like free money.

I addressed the question here with quotes from the IRS – what is the stimulus payment?
MoneyEnergy
July 22, 2008, 15:05

I definitely agree with you, Pinyo. There are many reasons why it’s not a good idea. If the gov’t really wanted to help certain sectors of the society they can do it with a fair-tax system. This truly is a lot of PR and a “band-aid” kind of solution to US economic woes. Unfortunately the next president won’t be able to make quick fixes either, because the problems run so deep. But hopefully he will get the ship pointed in the right direction again.
RED
July 22, 2008, 15:22

Where did you get the information about getting a second check? I have never heard about it… I watch the news, and read newspapers and what not.. is there a secret society of stimulus check payments?
David
July 22, 2008, 15:29

Yes Red, it is a secret society with doors into the Treasury!
grumpy
July 22, 2008, 16:02

My economy is running on fumes, and could use all the stimulus it can get.
SavingDiva
July 22, 2008, 16:46

My first stimulus check went into my emergency fund…if I get a second one, I think it will go to the same place. I think a second check is a bad idea too…
grumpy
July 22, 2008, 16:51

My first stimulus check never arrived, I just got a computer generated letter.
fathersez
July 22, 2008, 23:52

The Malaysian Government is also doing something like this. Wonder who taught whom?

They raised fuel prices by 41%, then started doling out all kinds of other subsidies in the name of wanting to reduce the burden.

I think the only thing they have created is lots of talk about their ill planing and tons and tons of paperwork.
Pinyo
July 23, 2008, 0:03

Thank you everyone for your comments!

@Pete — I wouldn’t turn down the money either if it happens. I just don’t think it’s the right solution.

@John — That’s interesting stuff. I agree…more money in circulation = inflation.

@Michael — I like that idea. God bless FDR. Here’s the link in case anyone is not familiar: http://en.wikipedia.org/wiki/New_Deal

@Hank — That’s an interesting concept, do you have any link?

@THR — Great idea.

@No Debt Plan — Thanks for sharing your viewpoint. I am not going to argue the trade deficits issue because even experts can’t agree on the consequences. I just don’t like the fact that we are buying cheap plastic toys and they are sweeping up American companies, etc.

@Peter Calloway — Thanks…just because I find it handy, doesn’t mean I have to like it. I could easily afford to pay those bills without the stimulus check.

@RED — A couple of news from Google news search: http://news.google.com/news?q=.....8;ct=title
hank
July 23, 2008, 0:14

Indeed – here be the link to the fascination – http://myinvestingblog.com/200.....criminals/
Double Journey
July 23, 2008, 3:25

Totally agree the government shouldn’t be handing out another stimulus checks. I may be biased though, as I didn’t get one in the first place
Sam
July 23, 2008, 3:57

Actually, I believe stimulus check should be avoided like plaque.

If you work for somebody just like me, think about this: if every American said, “Thanks but I won’t need it” to your president’s stimulus check and refused to cash them, the worth of the dollars in your pocket right now, in terms of their purchasing power would go up by a factor greater than the face value (e.g $600) of the stimulus check. In other words, if you didn’t use these checks, you’d be the better-off for it.

The rationale being that America does not have a hard-money economy; it’s a debt-based fiat currency economy. All the funds in distribution in America has been borrowed and then re-lent. So borrowing more funds (e.g $168Billion for the stimulus package) and then re-lending it, as Bush is doing, only adds to the debt load and debases the value of the currency outstanding (against a backdrop of stagnant wages and minuscule interest rates for savers).

If an American was planning to spend $30K this year on foodstuffs, garments, home, health and various other expenses and they were hoping to pay some of that cost thanks to Bush’s stimulus check comprehend that by simply adding another $168 billion of debt (the cost of the stimulus package) on top of America’s current multi-trillion debt load will continue the trend of debasing the purchasing power of your money and, therefore, increase the price of goods and services by more than the $600 ‘gift’ (without a commensurate rise in wages or increase in interest paid on savings).

This is why America’s debt troubles won’t go away. Every dollar spent adds debt and spawns more fiat currency issuance which has the effect of decreasing the purchasing power of the U.S. dollars in your pocket. Bush tries to make up the difference by borrowing even more; borrowing 340 million a day to fund the war and close to 3 billion a day to cover U.S. operating expenses, not to mention Wall Street borrowing over $30 billion a day to keep their scheme going. All this borrowing keeps alive the vicious financial spiral trending lower towards permanent currency debasement and possible sovereignty loss
Brad
July 23, 2008, 10:12

I agree that the market needs to correct itself. We all just need to realize that the economy goes through cycles of being awesome and being not so awesome. Right now – not so awesome. But if we all just relax about it and keep our heads on straight, everything will go back to being awesome sometime soon.

I think that the government should take all the stimulus checks that they are thinking about giving us and use them to pay down some of our national debt. I would like to see that happen at least.
Ruth
July 23, 2008, 12:09

Are We getting a second stim check? I have heard both — yes and no.
Chris
July 23, 2008, 22:33

From the page: “You may not see it immediately, but handing out money now could mean getting less somewhere else later (e.g., infrastructure, social programs, education, environment, etc.), or it could mean higher taxes down the road, or it could result in inflation.”

It does mean higher taxes, it does result in inflation… there is no “could” about it. Any time they are not refunding a surplus of money, they are spending your future dollars. Not only does it force the issue of higher taxes in the future than what we would have been paying otherwise, it devalues your money in the present.

This is what economics teaches us. Take gas prices for example. When the announcement was made for the first economic stimulus check back in January, the average price of gas in the US was about $3/gallon. By the time people started receiving their stimuli in May and June, gas was at $4/gallon. Keep in mind that there are no adjustments on the supply side in that time period. OPEC made no announcements about cutting production, which means that the price increase is on the demand side. And it can be very closely linked to the so-called economic stimulus package.

For almost the entire previous YEAR, gas prices were hovering around $3. But as soon as we knew that people were going to have billions of dollars flowing back into their hands (and through the economy), gas prices went up by 33%. That means that your dollar buys less gas now than it did before the stimulus check announcement. This is called currency devaluation. This is called inflation.

And thanks to the even larger deficit that we now have because of it, taxes will be higher in the future than they would have been without the stimulus check.
grumpy
July 24, 2008, 21:30

Sorry Sam, but I work for minimum wage and my economy needs all the stimulus it can get!
deepali
July 25, 2008, 11:34

I agree – I’d rather see the money spent towards building infrastructure and creating jobs. How about two birds with one stone? Create tax incentives to promote renewable energy, thereby increasing jobs in that sector, and providing alternates to high gas prices….

And I have to disagree with Mrs. Micah about NASA! If ever there was a misunderstood agency. lol.
Shadox
July 27, 2008, 14:46

The real problem with all this “economic stimulous” is that it is money that the government doesn’t have. Essentially, we are borrowing money from other nations – to the tune of $60B per month – and we are spending this money rather than investing it. We are simply robbing our future selves.

That is what passes for economic policy in Washington these days.
DiegoAndresJAY
July 28, 2008, 0:24

I feel that if they are going to try and stimulate the economy again, that they should just offer a reduction in taxes as opposed to spending $42M just to notify us when we will eventually get the check (much less the money it actually cost to print the checks and send them as well).
Veva
July 29, 2008, 4:54

Economic Stimulus check? It is now July 29th and my husband and I are still waiting for ours. No letter came like everyone received and no check either. Yes we filed a 2007 income tax so I am trying to figure out what the problem is. Calling the IRS number is a recording that prompts you to go to one thing after another and then hangs up on you after saying “thank you for calling the IRS.” So do I want to see another check? I’d like to see the first one get to me first and then I’ll decide. The way I look at it, its just another lie told by the worst president this country has ever had.
Amanda
August 3, 2008, 9:30

I’m a single mother who works a full time job, goes to college full time. I receive Zero financial support from my ex husband. I also receive Zero support from the State, because i believe in working hard to obtain what i need. The whole “teach them to fish” theory is an insult to me. I make 7.50 and hour which is a dollar above minimum wage, which leaves me with roughly $250 a check. Gas is 50 a week, childcare is 100 a week, rent is 650 a month, not to mention food, clothes, and utilities, and god forbid i should ever get sick, a doctors’ visit is 73 dollars. So for those of us who bust our butts every week, having a little extra something was nice for a change. How do you teach a person to fish in a dry lake????
Pinyo
August 3, 2008, 10:57

Despite your struggle, I think you are on the right path. Many people would resolve to do nothing about it, but you are working full-time and goes to college full-time — it’s an amazing feat, especially with a child. I am sure that once you obtain your degree, things will improve.

I believe in working hard for what I need and want too. But there’s nothing wrong with seeking for and taking advantage of supports that are available to you. If you find that money is tight, then you should do whatever it takes to get help that is available to you and your child. If you feel that it’s not right somehow, you can always pay it forward when you are in a better position to do so.

Lastly, how would I teach a person to fish in a dry lake? Easy, go look for another lake. What’s the point of staring at the dry lake and lament that there’s no fish. Take it upon yourself and go find a solution!
Mark
September 5, 2008, 2:48

You are crazy….. I understand where you are coming from about the economy stimilus checks coming out of something else in the future i.e raising the tax rates…….but Money Management is more important than LANGUAGE ?…ok whenever i got my stimulus check I paid bills that i needed to pay and then when I got paycheck i went shopping it boosted our economy a tremendous amount believe me. I second check will do the same.
Felica
September 15, 2008, 13:30

I believe that a 2nd check would really help out all the single parents that are trying to make it with all the high gas prices and the food cost going up. So the main people who don’t want the the check are the people who got money and doing good and don’t have to struggle every day. People that don’t want it should just give it back and let someone who needs it have it!
Pinyo
September 16, 2008, 0:06

@Mark — Perhaps the core English classes are the exception, but I really don’t see the point of taking some of the language classes — i.e., Advanced Spanish — in high school. At least money management is universally useful, when comparing it to other classes. Remember that many students never go on to college, so I feel that certain life skill classes should take precedence over some of the existing classes.

As for stimulating our economy, I am not sure where you got the info, but it didn’t do much to help our economy. Sure, it was a nice relieve for many Americans, but it was a very short-lived relieve.

@Felicia — I understand that there are many people who found their check helpful — I did too. But our government could do so much more than just handing out money and hoping that it’ll fix our economic problems.

As far as giving back my check…no way! That’s my money they are handing out. If they are giving it away, I want my fair share too.
teresa
September 18, 2008, 17:09

I really did enjoy the rebate check and it helped me out a lot. Im looking forward to another check because christmas is coming and that money will help. I work hard everyday 40hrs a wk if someone wants to help let them help quit being so ungrateful because the problems of the world we [americans] cannot fix it so except the money and be happy lose the pride folks. I need the money , I want the money . For the rich folks if you dont want the money donate to a good cause . Some family in the school system is always in need or your church,or your community think about it money is always needed one way or the other. For example if you live near the coast the hurricane victims. This world is in a bad way we all need MONEY.
Pinyo
September 19, 2008, 8:20

@Teresa – I work past midnight almost every night so that I have extra money. It’s not about being rich or poor, thankful or ungrateful — it’s about the reality and consequences that the economic stimulus creates.
teresa
September 20, 2008, 22:02

@pinyo, weather we get a check or not the economy is still gonna be what it is .getting a check or not I honestly don’t think things are gonna change. The economy is what it is with or without the checks.
teresa
September 20, 2008, 22:19

To all the people that is against the checks be against it I don’t know about politices and i dont get into it but all i do know that the world is in a bad way I say i hope we get the money I dont know if it’s for better or worse but I do know it will pay off a bill or two .
anon
September 24, 2008, 23:27

You should REALLY try to keep up on economic issues if you plan on making a “valid” contribution to economic opinion. The stimulus checks did exactly what they were intended to do, stimulate. A second check would also do just that since the economy is essentially no better off than it was.

On the note of the US importing too much; with the dollar value declining, the US has actually made a significant amount of profit from our exports. If you read the Wall Street Journal, you’d see many big US companies have had record numbers of exports over the last quarter.
Pinyo
September 25, 2008, 7:57

@anon — Really? I guess you don’t know what’s going on right now. The economic stimulus package was a bandage, not a fix. Yes, when you throw a bucket of water on raging fire, it appears to be doing something but when the steam is gone the fire is still there. The economic stimulus didn’t fix any problem. A second check would still be a bucket of water that can’t put out fire. You can’t fix a chronic problem with a one-time solution. Trust me, if it’d worked, we would be hearing more news about it.

Secondly, yes we are doing a terrific job of exporting alright. We exported jobs, companies, technologies, etc. AND we traded them for cheap plastic toys that poisoned our children. Well done.
David
September 25, 2008, 14:37

Anon – since you know it all, why be anonymous? If I knew everything I would be so proud I would shout it from the rooftops!

Seriously – A second stimulus checks will not stimulate anything but an election cycle. Most people, and there are polls to back it up, sent their stimulus check to their debt, stimulating absolutely nothing. And the second check will be spent on the same thing – credit card debt, medical bills, school expenses. Giving more money to people will not do a thing to help the economy, as no one will shop with it. They will either pay off debt or put it in savings. Times are tough – you think they are going to go buy an Xbox with it? And Pinyo is right – we are very good at exporting!
Smarts
September 26, 2008, 0:52

A second stimulus is a distribution of wealth. It will benefit the poor and middle classes at the upper classes expense. A smart move for 90% of Americans.
Pinyo
September 26, 2008, 7:41

@Smarts — I don’t know if the government borrowed the money (i.e., issued more bonds and sell it to investors and other countries) or simply printed more money BUT they did not take it from the upper class that I know for sure.

If it’s borrowed money, we will be paying with our future tax dollars. If it’s printed money, our money will be devalued. Either way, we are or will be paying for it.
teresa
September 26, 2008, 16:09

@pinyo, since you are SO SMART about how we should be stimulated please make yourself known. The checks may be a bad idea but it also will be a good idea. If we did get money you will cash yours too, who wouldn’t.
Pinyo
September 26, 2008, 16:22

@Teresa — There’s no need to make this personal. This is an open forums and we should all be able to express our opinions and thoughts without turning it into an attack.

Would I cash the check if they issue another one? Absolutely yes. As I said before, they are giving away our future money whether they do it by borrowing or printing money. Therefore, I am simply cashing my own money. If I don’t do it, then I am simply throwing away money that is mine in the first place.

Again, the point is: (1) stimulus check is a band-aid NOT a solution, (2) any money you get now will hurt you down the road — nothing is free.
Denise
October 6, 2008, 9:26

I think just like the others that a second stimulus check would be bad for the government and us because it would just give us the power to go out and blow it away but also in the same sense it might give us a sense of pride because even though somehow we have to pay it back it can help us with the rising cost of energy now and other things and me well I’m a middle class person on disability and right now I use all the help I can get.
NRCHICK
October 6, 2008, 15:16

Just to let you all know the “economic stimulus checks” we will be getting every year. It was a bill that was passed so we will be gitting a second, third, and forth……. So get use to it…
well they call me the breeze
October 9, 2008, 19:52

Dude your crazy us poor people down south need the money to buy our folks christmas presents
Sunshine
October 15, 2008, 11:36

Great Point!

NO more checks! What do you think the people did back in great depression? The groverment back then just didn’t hand over checks to everyone. Everyone had to live though the era. Some I think we need to. Everything will correct itself when it decides to. Things happen for a reason.
teresa
October 15, 2008, 19:37

I WANT A CHECK
Troy
October 20, 2008, 17:23

without the checks some people have nothing to rely upon except a handout and if that handout is from their future they usually see it as an investment to their homes. IE a tv, computer , new furniture, etc…. it does stimulate the economy a little at a time.but as for saying no to a second one , i will gladly take my fair share as the government does every week from my check.

as for those against it how about this i propose that we , as in We The People, demand that all that have more than enough to live upon get a excise tax put upon then that takes 50% of savings and stocks every year and divides it among the rest of the US equally , those that are below the poverty level, ya know 35% of america , this is sure to root out all the ones that maintain employment here as far as earning a hefty wage, that they will think twice before asking for 200 million dollar wages over a period of time . that way will surely stimulate the economy .but that would also conflict with our current taxation without representation since the ones that have the monies will surely splurge to have it cut out in any senate hearings. oh and why do i have to give up my second when i work so hard for the money? to hell with the dry pond , its a dry ocean as we have eaten all the fish and are out for the jelly fish.
Pinyo
October 20, 2008, 18:23

@Troy — You’re proposal would encourage people to be lazy and spend everything that they possible could so that they’ll be eligible for the government hand out. This is not the kind of society I would want to live in.
Troy
October 20, 2008, 20:52

@pinyo…… spoken by some one in the upper middle class that really has no idea what the working poor go through . this is exactly the what a poor person sees should happen with our society today ….as the poor get poorer and the rich get richer why?? because of the working poor paying more and more taxes while the rich get bigger and better tax breaks everyday. there is no end to this 232 year old debt and it gets worse with inflation when i came into this world our debt was around 500 billion and in that time we have seen it come and go past the 1 trillion dollar mark.. this is why jobs go overseas because our working poor require more to live on and most of that time its 2-4 jobs per household to keep the bills paid and to live somewhat above water. i worry that these elected officials that have never had any clue to what poverty is or will ever know it . this second check could help and inspire persons into trying to keep their homes alongside of the failure of the housing market and bank failures… the check will still be good 90 days from date of issue and look there are small fees for cashing it …. ya know for those that dont have the credit to open accounts there fore they will spend it and hopefully spend it wisely. as for you good sir that proposal is one that the socialist used to explain why there was a future with communism rather than capitalism. it doesnt work and the hiearchy has not changed in thousands of years and its still broken. sorry really sad but really true
Lynne
October 20, 2008, 23:25

I have two opinions leading to the sole subjective of this article, sans (meaning ‘not including’) the person that wrote it:

1. This article talks about us managing our money. If the government would have managed their money correctly, however, we would not be in this mess, and therefore, they have no room to talk on that issue. Money management classes? Please! Why would I want to take a class from someone that can’t manage money him/her self?

2. The world, mainly the U.S., is already in debt so far that it doesn’t matter who gets the next batch of money, and where it goes. I think, personally, it should go to child care, health care, and education, but we will never see it being used to improve the world, only to make people fight, and according to our oh-so-knowledgable government (note my sarcasm), the war must go on. Looking at the big picture, to say the least, money is the most worthless object in the world, but it is the largest means for survival. Every cent counts to us, and therefore, any money that the government can provide to us is worth it, even if it means paying it back within the next year or so in taxes.

Therefore, shouldn’t the money go to the people, not the banks? The story is that if everyone in the United States recieved $250,000, it wouldn’t put us out of debt, but the banks would get their payback, and the economy would be able to recover comfortably.

Make sense?
mark
October 22, 2008, 22:41

can someone explain somthing to me we still have troops at war fighting blowing up countries and then we are taking u.s. money and rebuilding what we blew up isnt that costing billions i dont under stand that. lets bring our troops home a keep are money in the u.s.
Marsadie
October 24, 2008, 1:29

I don’t believe a second stimulus check will do any good for our economy. It is yet another bandaid method that should be avoided.
Troy
October 24, 2008, 23:46

then those all infavor for the buyout should have said no to their senatorial reps that is one big bandaid for the NYSE to pay off the multimillionaire ceos
Make Friends, Earn Money
October 31, 2008, 16:09

taking on more debt to deal with difficulties in the economy is never a good idea, especially when a world recession is about to hit.
sue
November 2, 2008, 0:03

I think some people can use a second check that does not have much money and dont make much throw the year we can use one.
Jeff Rose
November 4, 2008, 13:26

@ Pinyo-

You right sir to “Just Say No” to the another Stimulus check. This entire decade has seen policymakers too focused on short term fixes than addressing the long run health of the US economy. Stimulus checks began back in 2001 and each one thereafter has been to “jump start” the economy. The last time I checked the most recent stimulus check did not “jump start” anything. I think I filled up two gas tanks and the rest will go towards paying off the 700 billion bailout plan.

Personally, I think another short-term stimulus will just leave the US further deeper in debt with no incentive to work, save or invest. Ultimately, it will boil down to us having to pay higher taxes in the future.

@ Troy. I might be considered to be in the upper middle class, but it wasn’t something that was given to me. I’ve worked two jobs while in high school and college, joined the national guard to pay for college and support, and the only thing I inherited was my father’s debt. I’ve seen people down on their luck, bust their butt to barely scrape by, but they do. They do what they need to do to survive. And they do it without a government handout. And I see the others that sit back and say, “Whoa is me. Life never gave me a break.” Giving them another stimulus check is the equivalent of applying a bandage when a tourniquet is needed.
sarah
November 7, 2008, 17:01

You have lost your mind, really middle class like myself need the extra money right now i have lost my job and struggling to raise my daughter. You might need it because you have a good job and making a good living. Middle class needs a boost and especially around christmas time when our kids are hoping to find something underneath the christmas tree and we can’t even afford to purchase anything for them, we need it, it will boost the econmy.
GeminiGem
November 7, 2008, 18:03

As of today, I doubt there will be a second check. The elections are over… This was all politics. I am waiting to hear more talk about it. I bet we will not hear about a second check anymore.
Carol
November 8, 2008, 10:55

I’ve retired and handicapped and I certainly could use a few extra bucks as well as hundreds who would like to get thru Christmas a bit easier. But with what it costs for these checks, I think I would rather see the money go to help out some struggling businesses to keep more people working.

$300 will not change my life but jobs for others will help them. We need to think of others during these hard times.
MIKE
November 9, 2008, 7:33

YES YES YES, BIG GOVT. AT WORK FOR ME,, WE ARE ALREADY IN DEBT WHAT DIFFERENCE DOES IT MAKE, THEY ALREADY OWE US THE BAIL OUT MONEY,, GIVE ME MINE ANY WAY THEY CAN GET IT UP. THEY WOULD HAVE NO MERCY ON ME IF I OWED THEM MONEY,, SO GIVE IT TO ME,, YEAH YEAH ,, GIVE IT TO ME,, GIVE ME THAT MONEY MONEY MONEY
Pinyo
November 9, 2008, 11:00

@Carol — Thank you. I think you said the most self-less thing in this entire thread of discussions: “$300 will not change my life but jobs for others will help them. We need to think of others during these hard times.”
cassandra pike
November 10, 2008, 12:45

i think anyone who not thrilled about a second check has money, is ok in the life.. but for people who live paycheck to paycheck not knowing if there gas or electric will still be on when they come home from work ,, we all pay taxes my state taxes are paid,, but the roads are never fixed my city need lot of work where does that money go to.? now i am needed to spend $900 dollars to get it repaired again..some of us struggle we are thankful to know that we are reciving a check in the mail ..if you dont want the check donate it to other things familys who dont have christmas cause they dont have the money, or foster homes in america not accross seas. so many people donate across seas but our children and familys in america need help.so i think that we should recive another check maybe i will be able to make my my bills that month or my children will have a nice dinner..think about that when you say $300 WONT change my life cause for some people it makes a big change
USA CITIZEN
November 10, 2008, 15:21

everybody knows that the goverment put us in the situation we are in by going to war for what? to kill our soldiers and to put us futher in the hole…if they would think about what the U.S.A. and what is going to affect our ecomony….the check is a good thing for the people that have lost there job,or going to lose there job because of who??the goverment..they are always thinking of what is going to help the career and not us…well in my mine because it is like what some others have said we will pay for it even if they dont give it to…look at the gas prices why are they so high because the goverment is in the gas company back pocket…so no matter you look at it send the checks to us, and stop giving it to the people we go to war with, because i am tried of rebuilding up country or nations that we go to war with give that money to the poor or social security so the young generation has something to fall back on when they old. U.S.A. is me and anybody that makes the life here! HEY GOVERMENT LETS THINK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Jerry
November 10, 2008, 17:09

No one should think that they are getting “free” money. There’s no such thing. Many people will think that a second one is a good idea. The money will give them some insurance during these precarious times. We will pay for it down the road. And, it will most definitely lead to higher taxes.
Amanda
November 11, 2008, 15:40

HI, I was a working mother before I was laid off and finding a job well just say I have put in over 100 applications and not one response. Trust me I want to work and need to work to make ends meet but to tell you the truth there is no one hiring right now. So to say NO to a 2nd check would be crazy. Yes, it want change the world. But there is a lot of people out of work right now. Trying to make ends meet. And this 2nd check if it could help me keep a roof over my kids head and to keep them warm for one more month. It may not sound like a lot to some people. But it is alot to me. I say YES to the 2nd check. And god bless to all my fellow Americans. And when the time comes that they decide to replace the money they send to us we will take it day by day. But right now all we can do for most is take it day by day. To everyone keep the faith.
KB
November 14, 2008, 15:00

Instead of the gov’t giving more money to the American people that they don’t have to give in the first place, why don’t they just let the people keep the money they do make. The Fair Tax plan would eliminate the IRS and it would let everybody keep ALL of their paycheck. Imagine not paying income tax ever again. If you don’t know about Fair Tax, educate yourself.
Travis
November 21, 2008, 21:43

We have alot of “American” who are all about gimme gimme… its amazing, if you relly think about it. Our grand parents and great grandparents and great great grandparents had it harder still and yet they survived the great depression by paying cash for what they needed… notice the word NEEDED and not “wanted” If we all lived in the means we are paid. We as all americans would have a much better enconimy.

Earlier some one put this in, I totally agree.

Try reading the book “Financial Peace” by Dave Ramesy… he is a very conservative financial advisor who lays out step by step the process of getting ones finances under control.

http://www.daveramsey.com/

Im 31 and my wife and 2 children, we have paid off almost $15,000.00 in 3 years because we lived by paying cash ONLY and no more of this gimmie crap. I work 2 full time jobs to make it happen. Yes, I know I will hit flack from the “Single moms and dads” However, Dave has Plans for you as well. Read the book. If no read, you can not give me real flack. Just like if you do not vote, you can NOT complain on the presidency
brian
November 25, 2008, 13:21

What about the millions out of work? A second stimulus check could jump start them with a new job. With all the job losses in America it’s no wonder we have to have a second check. You people act like you have lots of money. If that’s the case, you are the problem.

If no one spends money how is it supposed to help the economy. If all those millions of people were working and paying taxes would we be in this crisis now. Blame the economy on big businesses that send their money oversea. It’s not just our government.

People deserve a chance to get back in to the swing of things. If it was hurting you that bad wouldn’t you think the government has to step in before another country does and we owe even trillions more and lose even more jobs. Just a thought.
Jobean
December 30, 2008, 11:50

I dont get some people! I am a single mother of two. I recieved $900 on my first check. With rent being a low $500 and electric being almost $200, I’m still waiting to be able to afford to help “stimulate” our economy. I dont get how the government can spend soooooo much on others and then walk around the homeless that live right outside the WhiteHouse. The first stimulus check was really a slap in the face cosidering most people couldnt even afford to pay rent with it, let alone shop for pleasure items. I dont quite understand all the laws and economics of it, but I can see the wrong in bailing out companies that caused their own downfall. What was up with giving banks all that money to help homeowners when banks are the biggest part of the problem. Did they REALLY think banks were going to just all of a sudden give a crap about the consumer? NO! The government, once again, gave money to the “BIGWIGS” EXPECTING THEM TO DO RIGHT ON THEIR OWN. Why does the government give to the people that messed us up in the first place? I really need that second check IF we get it. I agree with the others on here. If you dont agree with getting it, when it comes send it back or donate it! That sure would help the economy! I dont think it should be given to everyone anyway. Why give money to people who have an income above a certain mark?
Jobean
December 30, 2008, 12:05

another thing…How are people supposed to get a job when credit history, workman’s comp cases, medication history, renters history, and other non-important things are looked at before companies will hire now? Plus companies don’t have to hire you if you smoke or are overweight. Yeah, it’s so easy to get a job these days. HA!! Some people don’t think about that! We all are not looking for a handout, but dang, can’t we get a break somewhere! My trusting someone to co-sign for them has NOTHING to do with my being able to take orders at Burger King or give shots at a doc office. My eviction due to reduction of hrs or car breaking down has NOTHING to do with a job 10 years later.

OK, I’m done. Not so easy to say no to a check now?
travis
January 18, 2009, 20:18

Jobean, i know you are so stretched thin… however, have you really looked how the stimulus check will get paid for? Not to mention You great almighty Congress person Pelosi, already trying to get rid, yes, get rid of the tax relief that has been in the past 8 years. Therefore, Your, yes, YOUR taxes are going UP do to the great almighty Democrats.
concerned citizen
February 5, 2009, 16:16

Didn’t Obama slap the hands of the Wall Street companies for spending money when we are in an economic crisis? Tell me this, other than thanking all of his constituents, how is giving more money to Hollywood a good idea…DOES NO ONE SEE THE RIDICULOUSNESS OF THIS? Can you think of any group that needs our money LESS?? This is just one example, but a blaring one, at that… If we are all in this together, how about we shave off 10% of all money given to EVERYONE except for education and the military… We cannot stimulate the economy by giving money to these pork programs. Fixing roads is a temporary job, not a career… I simply cannot believe how ANYONE would vote for this. I IMPLORE you , please write to your government officials and stop this lunacy!!
Travis
February 10, 2009, 15:01

The last person sure said it. Thank you Concerned Citizen, however, now that the “bill” has passed they go there way and our taxes will be going on in the next several years. So that they can blame it on the previous Pres saying if we didn’t it would have been worse, and that the ones who were against it were the repubs so cry to them thing…. oh yeah we will be looking forward to that. Oh yes, the better road will sure help me and my family have a better life, better job, and create a better job for me… oh wait it has been changed to saving the jobs now oh yeah, what a crock…saving the jobs now… hmmm oh boy oh boy what more lines can they come up with… I guess we will only wait and see…

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