Politics
Is the 2008 Tax Stimulus Too Late?
By Jason Cunningham
Feb 2, 2008 - 7:40:43 AM

Many Americans began the New Year with anything but a smile on their face. Long before the Christmas Holiday, fellow citizens were crying about the lack of money in their bank accounts because of various reasons. Now in 2008, The President and Congress are ready to give Americans a tax break. However, is it too late for any of this money to reach the retail stores, as opposed to the bill collectors that are currently hounding many of us?

If you walk down the street, you can see a lot more frustration on the faces of many Americans than a year ago. It is so bad, that if you did a scientific survey, the results probably would be worse than you would expect. At the present moment, it is tough to leave your current employer and find a higher paying job, or to get a decent raise on your current job. You can blame the current phenomenon on many different reasons including higher gas prices, the tightening of credit requirements for home, car and personal loans, inflationary prices passed onto the consumer when shopping in other retail store outlets, and the lack of consumer confidence and corporate profits.

In 2008, many Americans will be receiving a tax rebate because of the Bush Administration’s Stimulus Package. The majority of single people that pay taxes will receive a tax rebate of $600.00, families that file together can expect $1,200.00, and those with children are likely to get an additional $300.00. While most people will gladly take this money, did the President and Congress act too late? Well, in the mind of some financial analysts and economists, there is no doubt that President Bush and his advisors wanted the tax rebates to encourage consumer spending, which would further help corporate profits. However, it appears certain that the majority of this rebate money will be used to pay past due bills and lessen credit debts (cars, mortgages, and student loans).

Maybe the Bush Administration will think of other creative ways to stimulate our ailing economy? Hopefully, they can come up with a plan soon. We will be happy to get those rebate tax checks, but do not expect us to buy new televisions and computers, as we did in 2001. Some of our bills need to be paid!